Riyadh - Sharikat Mubasher: The number of new commercial registrations issued in Saudi Arabia during the fourth quarter (Q4) of 2024 reached over 160,000, driven by robust and consistent public investments across the Kingdom’s booming private sector, according to a recent report by the Small and Medium Enterprises General Authority (Monsha’at).

The ‘SME Monitor Quarterly Report Q4 2024’ report revealed that the total number of commercial registrations in the Kingdom surpassed 1.6 million in Q4-24, showing a 67% quarter-on-quarter (QoQ) increase and marking a 4.4% growth in real gross domestic product (GDP).

Riyadh region captured the largest share with nearly 63,000 commercial registrations, accounting for 39% of total registrations, followed by Makkah and the Eastern Province which obtained 27,700 and 25,682 registrations, respectively.

Additionally, the e-commerce commercial registrations rose by 10% in Q4-24, bringing the total number of e-commerce companies in Saudi Arabia to 40,953.

This surge reflects the pivotal role of the Saudi small and medium-sized enterprises (SME) sector in advancing sustainability in several key sectors, backed by Vision 2030’s efforts to transform the economy and empower the private sector.