RIYADH: Commercial records in Saudi Arabia’s Qassim region have surged by 14.5 percent over the past six years, reflecting a vibrant increase in economic activity, according to a top official.
Saudi Arabia’s Commerce Minister Majid Al-Qasabi highlighted that the total number of commercial records in the region reached 77,900 by the end of August, up from 68,000 at the end of 2018. This growth, reported by the Saudi Press Agency, underscores the region’s expanding business environment and the government's commitment to enhancing commercial sectors.
The announcement was made during a recent meeting at the Qassim Chamber, attended by ministers, business leaders, and entrepreneurs. The gathering addressed various challenges and opportunities facing the local business community and is part of the Ministry of Commerce’s broader initiative to engage with stakeholders and support key sector development across the Kingdom.
Qassim’s economic progress aligns with Saudi Arabia’s Vision 2030 objectives, which aim to diversify the national economy and reduce reliance on oil revenues. The commercial sector, especially in regions like Qassim, plays a crucial role in this transformation. Significant advances have been observed across various industries, with sectors such as light transport, logistics, and petrochemical construction showing growth rates between 67 percent and 96 percent.
The Qassim region is also prominent in Saudi Arabia’s agricultural sector, particularly in date production. Al-Qasabi emphasized the strategic importance of the Buraidah Dates Festival, noting that the region produces one-third of the country’s dates. He advocated for the festival's institutionalization and enhanced marketing, stressing the need for research and development in the date industry and stronger collaboration between farmers, marketers, and the National Center for Palms and Dates.
Al-Qasabi discussed the government’s recent reforms aimed at empowering Chambers of Commerce. The new system for chambers is designed to improve governance and create a more attractive investment environment, allowing sectors with comparative advantages to thrive.
The minister also provided an update on the Ministry of Commerce’s efforts to improve the business landscape in Saudi Arabia. Over 110 regulations have been reviewed and updated, including those on e-commerce, franchises, and company law. The National Competitiveness Center has completed 820 reforms in collaboration with 60 government entities and the private sector to enhance the business environment.
In support of small and medium enterprises, Al-Qasabi highlighted the critical role of the General Authority for SMEs, which focuses on financing, entrepreneurship, innovation, and market access. He encouraged SMEs and entrepreneurs to seize upcoming opportunities, such as the Biban 24 Forum, scheduled to be held in Riyadh in November.
