135 thousand new commercial registrations in the third quarter of this year
The report revealed that the number of commercial records issued in the third quarter of this year reached 135,909 commercial records, in all regions of the Kingdom.
The report showed a noticeable increase in the number of commercial registrations in the third quarter of 2024, which is a major indicator of the entrepreneurship scene in the Kingdom.
Growth of the entrepreneurship sector
The sector witnessed a growth of 62% year-on-year, while the percentage of existing commercial registrations owned by women stands at 46.8%, and 40% of existing commercial registrations owned by young people.
The report indicated that more than 25,000 establishments and entrepreneurs benefited in the third quarter of 2024 from the professional and commercial support services provided by “Monshaat,” and the Kingdom’s venture investment financing system continued to lead the Middle East and North Africa region during the first three quarters of 2024. 1.9 billion riyals were invested in emerging companies based in the Kingdom, and 104 deals were concluded in the first nine months of this year.
The report addressed the publishing sector in the Kingdom, which includes more than 500 local publishing houses, and indicated that since the launch of the Literature, Publishing and Translation Authority in 2020 AD, the publishing industry in the Kingdom has witnessed unprecedented growth through a number of main indicators, such as: the increase in the number of publishing houses. , and the growth in the number of visitors who attended book fairs locally.
2000 publishing house
The number of visitors to book fairs locally exceeded 2.2 million visitors in 2023, an increase of 22% compared to 2022, in addition to what the Riyadh International Book Fair achieved by attracting works from more than 30 countries and 2,000 publishing houses, which helped attract more than a million visitors. Achieving book sales worth 28 million riyals in 2024.
The report highlighted the main initiatives launched by the Authority to enable small and medium enterprises and entrepreneurs to become literary agents, form literary partnerships with local literary ecosystem entities and cafés, learn and adopt best practices from international publishing houses, in addition to developing publishing skills in print and digital publishing.
5 business accelerators
The CEO of the Literature, Publishing and Translation Authority, Dr. Muhammad Hassan Alwan, said: “The Authority launched five business accelerators that benefited more than 100 small and medium enterprises, and the average growth in their revenues reached approximately 20%.”
He added: “The Authority created 115 new and permanent job opportunities, which was achieved by signing 54 partnerships with entities in the government and private sectors to facilitate the work of small and medium enterprises in the three sectors. The Authority also cooperated with the Ministry of Investment to attract regional and international publishing houses to the Saudi market, with the aim of Enriching literary production in the Kingdom, and attracting diverse experiences that enhance professionalism and raise the level of competitiveness in general.”
The report includes a special section on global developments in the field of publishing for small and medium enterprises. These developments include new business models that serve more than a billion e-book users around the world, as a result of the growth in digital publishing, such as audiobooks, direct sales to the consumer, and self-publishing, which small and medium enterprises can Take advantage of it.
It is noteworthy that the “Monsha’at Monitor” report comes within a series of quarterly reports issued by “Monsha’at”, during which it reviews the latest developments in the entrepreneurship environment and the latest numbers and statistics, in addition to a series of specialized reports issued periodically by “Monsha’at” on topics of interest to entrepreneurs in the Kingdom, with the aim of providing a reference. Trusted information and numbers for entrepreneurs, investors and interested parties.
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