Business Expansion in Saudi Market Reflected in Issuance of More than 1.4 Million Commercial Registers

The Saudi Business Center facilitates the procedures for starting, conducting, and terminating economic businesses, as well as providing all related services. (Asharq Al-Awsat)
The Saudi Business Center facilitates the procedures for starting, conducting, and terminating economic businesses, as well as providing all related services. (Asharq Al-Awsat)
TT

Business Expansion in Saudi Market Reflected in Issuance of More than 1.4 Million Commercial Registers

The Saudi Business Center facilitates the procedures for starting, conducting, and terminating economic businesses, as well as providing all related services. (Asharq Al-Awsat)
The Saudi Business Center facilitates the procedures for starting, conducting, and terminating economic businesses, as well as providing all related services. (Asharq Al-Awsat)

The number of existing commercial registrations in Saudi Arabia now exceeds 1.4 million after it achieved a 59 percent jump during the first quarter of 2024 by about 104,000 records, compared to 65,300 records in the same period last year.
Women accounted for 44 percent of the new commercial registers, which clearly indicates the expansion of women’s access to the labor market.
According to a recent report issued by the Ministry of Commerce, a copy of which was obtained by Asharq Al-Awsat, three regions topped the list in terms of the number of registers issued in the first three months of 2024, namely: Riyadh (39,800 records), Makkah (19,800), and the Eastern Province region (15,200).
The report also revealed that institutions dominate the volume of commercial registers in the Kingdom, with a number exceeding 1.159 million.
The report discussed the extent of development in the promising sectors in Vision 2030, and highlighted the growth of commercial registers in the technical sectors that deal with application development, electronic games, and delivery services via electronic platforms, in addition to activities related to the entertainment and tourism sectors, and the business incubators and accelerators.
The volume of existing e-commerce registers grew by 17 percent at the end of the first quarter of 2024, with 38,800 registers, according to the report, which highlighted the importance of strengthening the e-commerce business system as one of the goals of the National Transformation Program.
The report pointed to an increase in existing registers for the electronic games development sector, which reached around 4,300 during the first quarter of 2024, compared to 2,700 during the same period last year, which means an increase of 59 percent.
As for research and development in biotechnology sciences, the report says that the number of registers during the first three months of this year exceeded one thousand, compared to 594 records in the same period last year.

 

 



Oman's Asyad Group Plans to Sell at Least 20% of Shipping Unit Via IPO

Asyad Group plans to sell shares in its shipping subsidiary through an initial public offering. Photo: Oman News Agency
Asyad Group plans to sell shares in its shipping subsidiary through an initial public offering. Photo: Oman News Agency
TT

Oman's Asyad Group Plans to Sell at Least 20% of Shipping Unit Via IPO

Asyad Group plans to sell shares in its shipping subsidiary through an initial public offering. Photo: Oman News Agency
Asyad Group plans to sell shares in its shipping subsidiary through an initial public offering. Photo: Oman News Agency

Oman's state-owned logistics firm Asyad Group plans to sell shares in its shipping subsidiary through an initial public offering, it said on Wednesday, as part of the country's privatization drive.

The group, owned by Oman's sovereign wealth fund, plans to sell a stake of at least 20% in Asyad Shipping Co and float it on the Muscat stock exchange, it said in document detailing its intention to float.

"The intended listing would provide investors with the opportunity to invest in one of the world's largest diversified maritime shipping companies and a key player in the Omani economy," the company said.

Asyad Shipping focuses on transporting liquefied natural gas (LNG), crude oil and other products. It lists energy firms BP and Shell as well as trading firm Trafigura among its customers and partners.

The offering will be made in two tranches, with 75% made to eligible investors in Oman and qualified institutional and other foreign investors. Of the 75% tranche, 30% of shares have been earmarked for anchor investors, the firm said.

The remaining 25% will be sold to retail investors in Oman.

The subscription period is expected to start next month, after the company has received regulatory approval.

Asyad Shipping plans to pay dividends semi-annually, beginning in September 2025 for the first six months of this year.

Oman Investment Bank, EFG Hermes, JP Morgan and Jefferies are acting as joint global coordinators. Sohar International is acting as joint global coordinator and as issue manager.
Credit Agricole and Societe Generale are joint bookrunners.