Saudi Arabia’s tourism and hospitality sectors are at the forefront of the Kingdom’s booming business landscape, according to the Ministry of Commerce’s latest quarterly bulletin for Q4 2023. The report, published by the Saudi Press Agency, highlights a flourishing commercial registration activity, marking the Kingdom’s strides in diversifying its economy.
The resorts activity within the hospitality sector showcased a substantial 51% annual upswing, culminating in 3,377,000 commercial records by the end of Q4 2023. Makkah, a focal point of the sector, claimed 40.4% of this expansion with 1,364,000 records. In a similar vein, boutique hotels, a niche within the tourism sector, experienced a remarkable 74.4% surge, with commercial records amounting to 1,911,000. Once again, Makkah was at the center of this growth, contributing 45.2% or 863,000 records.
The technology sector is not far behind, reflecting the country’s digital transformation. Software publishing registered a 28.8% increase over the previous year, reaching 4,009,000 records. The burgeoning demand for cloud computing services was also apparent, with an impressive 40.5% annual growth in registrations, equating to 1,759,000 records by the end of Q4 2023.
…boutique hotels, a niche within the tourism sector, experienced a remarkable 74.4% surge
The land transport of goods sector has witnessed an impressive 21.2% year-on-year growth, with commercial records hitting 33,447,000, an increase of 5,841,000 over the same period in 2022. This sector’s growth signals a robust logistics and transport framework supporting the broader economic expansion.
Moreover, the manufacturing and creative industries are also making significant strides. The manufacturing of medical instruments and equipment saw a 28.3% rise, reaching 1,322,000 commercial records. Visual arts activities lead the creative sector with a striking 103.5% growth, reflecting a vibrant and expanding arts scene in the Kingdom.
The data also reveals a burgeoning interest in marine recreation, with marine clubs registering a 49.1% increase in commercial records by Q4 2023.
In summary, the diverse and promising sectors within Saudi Arabia’s business domain are propelling the country towards an increasingly diversified economy, with the tourism and hospitality sectors leading the charge in this robust and expanding business environment.
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Photos courtesy of STA
