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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)
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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.

 

 

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Saudi Economy Poised for Strong Non-Oil Momentum in 2026

A general view of the Saudi capital Riyadh. (SPA)
A general view of the Saudi capital Riyadh. (SPA)
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Saudi Economy Poised for Strong Non-Oil Momentum in 2026

A general view of the Saudi capital Riyadh. (SPA)
A general view of the Saudi capital Riyadh. (SPA)

Saudi Arabia enters 2026 amid an accelerating transformation driven by Vision 2030 targets, even as global economic growth slows to about 3.1% and global inflation eases to roughly 3.7%, according to IMF estimates.

With geopolitical tensions and protectionist policies heightening global uncertainty, the Kingdom is betting on robust domestic demand and a broader non-oil base to secure more sustainable growth and reduce exposure to oil-market volatility.

Finance Ministry projections point to real GDP growth of 4.6% in 2026, led by non-oil activities as the main engine of expansion. This momentum reflects the rapid development of promising sectors, from tourism and entertainment to industry, transport and logistics, which have lifted their contribution to output. In 2024, non-oil activities reached a record SAR 2.6 trillion ($693 billion), growing 6%.

Continued growth

Alongside growth, a structural shift is evident on two fronts. First, digital transformation is accelerating: electronic payments accounted for 79% of individual transactions in 2024, e-commerce sales surged 64.3% by end-August 2025, and point-of-sale sales rose 6.1%. Second, the private sector and investment are playing a larger role. The purchasing managers’ index stood at a robust 60.2 points in October 2025, signaling stronger demand, output and hiring.

On macro stability, the 2026 budget statement forecasts inflation at 2%, supported by “flexible and balanced” fiscal policies focused on spending efficiency, service quality and the continued rollout of priority megaprojects.

Net foreign direct investment inflows reached SAR 46.5 billion ($12.4 billion) in the first half of 2025, up 29.2%, underscoring sustained confidence in the business environment.

Expansion of promising activities

Economic indicators in 2025 extended the strong results of 2024. From the start of 2025 through the third quarter, real GDP grew 4.1% year on year, driven by a 4.7% expansion in non-oil activities.

Quarterly growth in non-oil sectors reached 4.9% in Q1 and 4.6% in Q2, with wholesale and retail trade, restaurants and hotels up 6.6%; finance, insurance and business services up 5%; and construction up 3.8%. Preliminary estimates show non-oil growth of 4.5% in Q3.

Oil activities grew 3.9% over the same period, reflecting market developments linked to a gradual phase-out of an additional voluntary cut of 2.2 million barrels per day from April to September 2025.

Government activities expanded 1.9%, supported by faster execution of projects with lasting economic impact.

On the demand side, real private final consumption rose 3.5% in the first half of 2025, buoyed by localization programs and an improving labor market. Non-government fixed capital formation increased 4.6%, driven by a 5.2% rise in non-oil investment.

Labor market, tourism and trade

Labor market indicators improved further: overall unemployment fell to 3.2% in Q2 2025, while Saudi unemployment declined to 6.8%. Female participation reached 34.5%, and the number of Saudis employed in the private sector rose by 144,100 year on year to around 2.5 million.

Tourism played a pivotal role. Saudi Arabia ranked first globally in growth of international tourism receipts in Q1 2025 versus Q1 2019, and third in international arrivals, with a 102% increase, supporting the goal of welcoming 150 million visitors annually by 2030.

Average inflation from early 2025 through October hovered near 2%, with the full-year average expected around 2.3%. The goods trade balance posted a surplus of SAR 162 billion ($43.2 billion) through Q3 2025, aided by 17.7% growth in non-oil exports.

Imports rose 10.4%, largely intermediate and capital goods. The travel account recorded a surplus of SAR 32.2 billion in the first half.

Finance, markets and fiscal policy

Banking assets exceeded SAR 4.9 trillion by September 2025, with credit above SAR 3.2 trillion. Corporate lending climbed 19%, non-performing loans fell below 1.2%, and capital adequacy exceeded 19.6%. Equity markets saw 14 listings by end-September, rising institutional participation, and increased foreign ownership.

Preliminary estimates put the 2025 budget deficit at SAR 245 billion (5.3% of GDP), reflecting a flexible fiscal stance supporting transformation. Public debt stood near SAR 1.47 trillion by Q3, with reserves maintained at about SAR 390 billion.

Business

Türkiye Inflation Falls to 30.9% in December from 44% a Year Earlier

A street vendor sells traditional Turkish bagel "Simit" at Karakoy square, in Istanbul, on December 27, 2025. (Photo by Yasin AKGUL / AFP)
A street vendor sells traditional Turkish bagel "Simit" at Karakoy square, in Istanbul, on December 27, 2025. (Photo by Yasin AKGUL / AFP)
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Türkiye Inflation Falls to 30.9% in December from 44% a Year Earlier

A street vendor sells traditional Turkish bagel "Simit" at Karakoy square, in Istanbul, on December 27, 2025. (Photo by Yasin AKGUL / AFP)
A street vendor sells traditional Turkish bagel "Simit" at Karakoy square, in Istanbul, on December 27, 2025. (Photo by Yasin AKGUL / AFP)

Türkiye's annual inflation slowed in December to 30.9 percent, a fourth straight month of declines and well below the 44.4 percent posted a year earlier, official figures showed Monday.

The 12-month annual average for 2025 as a whole stood at 34.9 percent, down from 58.5 percent in 2024, Türkiye's TUIK statistics agency said.

The figure was in line with expectations of Türkiye's central bank, which had forecast year-end inflation of around 31-33 percent.

In May 2024, inflation stood at 75 percent before starting to fall, with the figure now at its lowest level since November 2021.

Türkiye has experienced double-digit inflation since 2019, making life increasingly more expensive for millions of people, after President Recep Tayyip Erdogan ordered interest rate cuts in a bid to spur growth.

Over the past year, consumer prices rose notably in education with an increase of 66 percent, housing (49.5 percent), food (28.3 percent) and healthcare costs (30.1 percent), TUIK figures showed.

The official figures are disputed by ENAG, a group of independent economists that publishes its own data every month, with the organization saying year-on-year inflation stood at 56.14 percent in December.

They said that month-on-month, prices had risen by 2.11 percent in December from November.

Last month, Türkiye's central bank cut its benchmark interest rate to 38 percent from 39.5 percent as annual inflation slows.

But it warned that despite showing signs of improvement, inflation expectations and pricing behavior "continue to pose risks to the disinflation process.”

Business

Saudi Arabia Balances Expansionary Spending, Financial Stability in Its 2026 Borrowing Plan

The Saudi capital, Riyadh (AFP) 
The Saudi capital, Riyadh (AFP) 
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Saudi Arabia Balances Expansionary Spending, Financial Stability in Its 2026 Borrowing Plan

The Saudi capital, Riyadh (AFP) 
The Saudi capital, Riyadh (AFP) 

Saudi Arabia has unveiled its annual borrowing plan for 2026, a move that underscores the growing maturity of its fiscal policy and its ability to align ambitious expansion under Vision 2030 with long-term financial stability.

The plan seeks to strike a careful balance between financing large-scale development projects and preserving strong credit fundamentals, supported by recent upgrades from international rating agencies that have boosted confidence in the Saudi economy.

According to the official statement issued by the National Debt Management Center at the Ministry of Finance, the Kingdom’s total financing needs for 2026 are estimated at SAR 217 billion ($57.9 billion). This amount will cover an expected budget deficit of SAR 165 billion ($44 billion), in addition to SAR 52 billion ($13.9 billion) in debt principal repayments.

Compared with the 2025 borrowing plan, which projected financing needs of SAR 139 billion ($37.1 billion), the 2026 target represents a 56 percent increase. This sharp rise reflects an accelerated pace of capital spending on major development projects. Despite the higher nominal deficit, the plan points to improved macroeconomic management, with the deficit-to-GDP ratio expected to decline to 3.3 percent in 2026 from 5.3 percent in 2025.

The improvement is driven by strong anticipated growth in nominal GDP, projected to rise in 2026. This expansion reduces the relative burden of the deficit and reinforces fiscal sustainability, indicating that government spending is generating economic growth at a pace exceeding borrowing.

The National Debt Management Center has already secured SAR 61 billion ($16.3 billion) of the 2026 financing needs in advance during 2025, enhancing the government’s flexibility in navigating global market volatility.

By the end of 2025, the debt portfolio reflects a cautious risk-management approach: 87 percent of debt carries fixed interest rates, shielding public finances from global rate fluctuations. The average maturity stands at nine years, with an average funding cost of 3.79 percent.

Looking ahead, the 2026 strategy is built on diversified funding sources. Local debt issuance, mainly riyal-denominated sukuk, is expected to account for 25–35 percent of financing. International markets, particularly US dollar-denominated instruments, will provide 20–30 percent. The largest share — up to 50 percent — will come from private markets, including syndicated loans and export credit agency facilities.

The plan forecasts real GDP growth of 4.6 percent in 2026, driven by non-oil activities and private-sector leadership. It also highlights proactive measures taken in 2025, including $16 billion in early debt buybacks and the issuance of euro-denominated green bonds, expanding Saudi Arabia’s investor base and strengthening its sustainable finance credentials.