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Saudi Companies Witness Remarkable Growth in Q3 2018

Saudi Companies Witness Remarkable Growth in Q3 2018
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Saudi Companies Witness Remarkable Growth in Q3 2018

Saudi Companies Witness Remarkable Growth in Q3 2018

The Saudi Ministry of Commerce and Investment revealed a steady increase in the number of companies and establishments during the third quarter of 2018, compared to the same period in 2017 and 2016.

This coincided with MCI endeavor and efforts, in cooperation with the concerned government authorities, to ease the starting up of businesses and facilitate the relevant procedures.

The number of current establishments during the third quarter of 2018 grew by more than 35%. The number of firms reached 945,600 compared to 824,700 during the same period in 2017, while in 2016 the number was 701,300 for the same period.

The number of listed companies increased by 23% during the third quarter of 2018, to reach 148,000 compared to 133,600 for the same period in 2017, while the number was 121,000 during 2016.

The number of limited liability companies increased by 25% during the third quarter of 2018 to reach 108,400 companies, compared to 96,700 companies during the same period of 2017, while in 2016 the number was around 87,000.

The rate of Closed Shareholding Companies increased by 15% during the third quarter of 2018 to reach 1,400 companies, compared to 1,330 companies during the same period of 2017, while in 2016 the number was 1,222.

The ratio of issuing the Commercial Registrations for ten economic sectors increased between 8.2 to 16.9% during the third quarter of 2018, compared to the same quarter of 2017.

These sectors included wholesale and retail trading, commercial services, construction and building, contracting, industry, transportation, storage and refrigeration, social and personal services, agriculture, fishing and forestry, electricity generation and water, mining, petrol, business and financial services, and other miscellaneous services.

The General Authority for Statistics recently issued results of the Index of Industrial Production during the second quarter of 2018.

The results indicated an increase of 4.17% in the industrial production index during the second quarter of 2018, compared to the first quarter of the same year. The index registered 137.87 points during the second quarter of 2018.

As for the industrial production index activities, the mining and quarrying indicator rose by 1.89%, while the manufacturing production increased by 5.07%. The production of the electricity and gas supply registered an increase with 83.46% when compared to the first quarter of 2018.

The results also showed an increase of 5.84% in all industrial activities compared to the second quarter of 2017. The growth in mining and quarrying production reached 1.95%, while the manufacturing production growth registered 16.44%. However, the production of electricity and gas supply decreased by 0.30%.

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FAO Aims for Key Outcomes at COP16 in Saudi Arabia

Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
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FAO Aims for Key Outcomes at COP16 in Saudi Arabia

Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)

Dr. Abdul Hakim Elwaer, Assistant Director-General of the Food and Agriculture Organization (FAO), stated that the organization will take an active role at COP16, the UN conference on combating desertification, scheduled to take place in Saudi Arabia in early December.

In remarks to Asharq Al-Awsat, he expressed confidence that the conference—the first of its kind in the Middle East—would produce significant outcomes.

Elwaer’s comments came during a roundtable organized by FAO’s regional office in Cairo, attended by a select group of media representatives. The session focused on FAO’s participation in the upcoming conference and the importance of the Rio Trio —the integrated framework of the three major UN conventions addressing climate change, biodiversity conservation, and desertification.

Fida Haddad, FAO’s Program Officer for Land Rehabilitation and Climate Change, highlighted the interconnectedness of the three conventions and noted that COP16 would place a strong emphasis on land and water rehabilitation and their sustainable management.

Haddad pointed out that approximately 90% of the Middle East is affected by arid conditions. Despite this, local communities and Arab governments have made notable progress in addressing desertification and drought. She also announced that, for the first time, FAO has successfully placed food systems on the COP16 agenda, enabling discussions on how land rehabilitation can enhance food supply chains and systems.

Elwaer underscored FAO’s central role in achieving the second Sustainable Development Goal (SDG): eradicating hunger. He emphasized that FAO actively engages in the UN conventions on climate change, biodiversity, and desertification, which collectively contribute to this mission.

FAO’s focus, according to Elwaer, is on transforming food and agricultural systems to become more inclusive, efficient, and sustainable, aiming for better production, nutrition, and livelihoods. He highlighted the organization’s success in integrating these priorities into the agendas of the three conventions and collaborating with host countries on joint initiatives.

He further noted that Saudi Arabia’s hosting of COP16 is particularly significant for the region, which faces pressing challenges such as water scarcity, desertification, and food insecurity. The conference presents an opportunity for Middle Eastern nations to highlight these issues, explore solutions, and ensure their inclusion in global environmental discussions, not only at this event but in future COP sessions, he underlined.

Elwaer emphasized the growing global attention on desertification, as it is now impacting regions previously unaffected, such as southern Europe and parts of Latin America. These areas are witnessing alarming declines in arable land and forests, prompting them to seek lessons from the Arab world, which has developed resilience strategies to combat desertification over centuries.

FAO will have a strong presence at COP16, with two dedicated pavilions—one in the Blue Zone for official delegations and another in the Green Zone to engage civil society and conference participants, he said.

He added that in collaboration with Saudi Arabia and the UN, FAO will lead coordination on Food Day and Governance Day, scheduled for December 5 and 6, respectively. The organization will also participate in other specialized sessions throughout the conference.