Latest news with #MajedAl-Qasabi
Leaders
06-07-2025
- Business
- Leaders
Saudi Arabia's Business Boom: Over 80,000 New Licenses in Q2
Saudi Arabia's business sector experienced remarkable acceleration last quarter as official data confirms over 80,000 new commercial registrations issued nationwide during Q2 2025. Consequently, the total number of active businesses across the Kingdom now approaches 1.72 million. High-growth industries like artificial intelligence, blockchain, and big data analytics drove the surge. Additionally, sectors such as financial services, insurance, gaming, and entertainment contributed significantly, as per the Ministry of Commerce's quarterly Business Sector Bulletin. Furthermore, the increase in business activity highlights Saudi Arabia's efforts to diversify its economy under Vision 2030. Sweeping reforms aim to boost the private sector and reduce oil reliance with the National Transformation Program focuses on infrastructure, digitalization, and regulatory improvements to attract investments and spur entrepreneurship nationwide. Regulatory Reforms and Market Transparency Minister of Commerce Majed Al-Qasabi explained that the rectification is part of broader measures aimed at combating commercial concealment, a key challenge hindering local economic growth. The ministry has recently worked on rectifying the status of commercial registrations and updating their data to ensure compliance with regulations and to enhance market transparency. The second quarter also saw the implementation of the newly approved Commercial Register Law and Trade Names Law. These reforms have eliminated the need for separate subsidiary registrations by allowing businesses to operate under a single commercial record across the nation, regardless of their geographic location. The changes aim to simplify licensing, reduce administrative burdens, and improve the overall ease of doing business in the Kingdom. Riyadh accounted for the largest share of new registrations during the quarter with 28,181 licenses. Makkah followed with 14,498, while the Eastern Province recorded 12,985 new licenses. Qassim and Asir also saw significant activity, with 4,920 and 3,875 new commercial records, respectively. Asir, in particular, has been gaining prominence as an investment destination. Women Entrepreneurs Lead the Charge Women's participation in the commercial sector continued to rise, with female entrepreneurs accounting for 49% of newly issued commercial records. Limited liability companies (LLCs) remained the dominant form of business structure, with 10,954 LLCs registered during the quarter. Partnerships and joint stock companies also showed solid activity, further diversifying the business landscape. Several sectors experienced strong year-on-year growth. Registrations related to cloud data storage and analytics increased by 48%, reaching 5,894 records, with Riyadh leading the way at 3,775. Activities related to artificial intelligence increased by 34%, resulting in 14,409 new records, of which 8,909 were registered in the capital. The franchise sector expanded significantly as well, with activity up 64% compared to the same period last year, totaling 2,863 new registrations, driven largely by the food and beverage, retail, and services segments. Foreign Investment on the Rise Investor interest from abroad also surged, with registrations by foreign and GCC investors rising by 38% in the second quarter to more than 70,000 new records. Foreign nationals made 38,640 registrations and 31,488 made by regional Gulf investors. The majority of this investment was directed toward non-residential construction and building development, signaling sustained demand in real estate and infrastructure. Moreover, the ministry also reported 39,366 active commercial records in e-commerce by the end of the second quarter, underscoring the Kingdom's rapid digitalization. Meanwhile, gaming, leisure, and entertainment activities continued to gain traction, with a growing number of licenses issued in these sectors. Short link : Post Views: 7
India.com
30-06-2025
- Business
- India.com
Bad news for two Asian countries as Saudi Arabia imposes final anti-dumping duties on imports of..., not India, Pakistan
New Delhi: Dr. Majed Al-Qasabi, the Saudi Minister of Commerce and Chairman of the Board of Directors of the General Authority of Foreign Trade (GAFT), has issued an order to impose final anti-dumping duties on imports of longitudinally welded circular cross-section pipes of stainless steel, originating or exported from China and Taiwan. What does the decision say? The news about the decision to impose the final duties was published in Umm Al-Qura newspaper, the official gazette, on June 29. It further says that the final duties will be applied to imports of this product for a period of five years starting Monday, June 30, 2025. The minister also directed the Zakat, Tax, and Customs Authority to impose and collect final anti-dumping duties on the product in question at rates ranging from 6.5 percent to 27.3 percent, according to the table included in this decision that contains details of the duties. What is the aim of this decision? The decision to levy the final anti-dumping duties has come in agreement with the Law of Trade Remedies in International Trade, which aims to protect the local industry from unfair trade practices in the Saudi market. Moreover, this decision is based on the final results of an investigation that was initiated on May 2, 2024, following a complaint filed by the local industry, in accordance with the regulations of the Law of Trade Remedies in International Trade. The objective of the law is to protect the domestic industry from the damage caused by dumped and subsidized imports, prevent a surge in imports, and protect the Kingdom's exports that are subject to trade-remedy measures.
Saudi Gazette
29-06-2025
- Business
- Saudi Gazette
Saudi Arabia imposes final anti-dumping duties on imports of steel pipes from China and Taiwan
Saudi Gazette report RIYADH — Saudi Minister of Commerce and Chairman of the Board of Directors of the General Authority of Foreign Trade (GAFT) Dr. Majed Al-Qasabi issued a decision to impose final anti-dumping duties on imports of longitudinally welded circular cross-section pipes of stainless steel, originating or exported from China and Taiwan. The decision to impose the final duties was published in Umm Al-Qura newspaper, the official gazette, on June 29. The final duties will be applied to imports of this product for a period of five years starting June 30, 2025. The minister also directed the Zakat, Tax, and Customs Authority to impose and collect final anti-dumping duties on the product in question at rates ranging from 6.5 percent to 27.3 percent, according to the table included in this decision that contains details of the duties. The decision to impose the final anti-dumping duties comes in accordance with the Law of Trade Remedies in International Trade, which aims to protect the local industry from unfair trade practices in the Saudi market. This decision is based on the final results of an investigation that began on May 2, 2024, following a complaint filed by the local industry, in accordance with the regulations of the Law of Trade Remedies in International Trade. The objective of the law is to protect the domestic industry from the damage caused by dumped and subsidized imports, prevent a surge in imports, and protect the Kingdom's exports that are subject to trade-remedy measures.
Trade Arabia
15-04-2025
- Business
- Trade Arabia
KSA will create one million jobs in tourism, culture by 2030
The vital sectors of tourism, culture, sports, and creative industries will create one million jobs in Saudi Arabia by 2030, according to Minister of Commerce Majed Al-Qasabi. Attending a panel discussion at the Human Capability Initiative Conference in Riyadh, he said that the creative economy would support creating more than 80,000 jobs, with strong growth expected in the sectors of film, design, fashion, and digital arts, a report in Saudi Gazette said. "Saudi Arabia has moved from ambition to action, and with Expo 2030 and the 2034 World Cup approaching, we need future skills that will enable our youth to move forward," he said. Al-Qasabi said the digital economy will record robust growth, with its contribution to the gross domestic product (GDP) will jump from 4.4 per cent to 19 per cent by 2030 while the value of the healthcare sector is expected to reach SR250 billion ($66 billion) by that time. The minister emphasised that 65 per cent of Saudis are under the age of 35, which means that investing in lifelong education is no longer an option, but has become essential. "Saudi Arabia is working to develop skills and assess gaps in workforce capabilities and future needs. Future skills have been integrated into training and educational institutions, in addition to utilising artificial intelligence and technology, bringing expertise to the Kingdom, and sending students abroad to achieve future goals," he added.
Zawya
15-04-2025
- Business
- Zawya
Tourism, culture, and sports will generate 1mln jobs by 2030: Saudi minister
RIYADH — Minister of Commerce Majed Al-Qasabi said that the vital Saudi sectors of tourism, culture, sports, and creative industries will create one million jobs by 2030. Attending a panel discussion at the Human Capability Initiative Conference in Riyadh on Monday, he said that the creative economy would support creating more than 80,000 jobs, with strong growth expected in the sectors of film, design, fashion, and digital arts. "Saudi Arabia has moved from ambition to action, and with Expo 2030 and the 2034 World Cup approaching, we need future skills that will enable our youth to move forward," he said. Al-Qasabi said the digital economy will record robust growth, with its contribution to the gross domestic product (GDP) will jump from 4.4 percent to 19 percent by 2030 while the value of the healthcare sector is expected to reach SR250 billion by that time. The minister emphasized that 65 percent of Saudis are under the age of 35, which means that investing in lifelong education is no longer an option, but has become essential. "Saudi Arabia is working to develop skills and assess gaps in workforce capabilities and future needs. Future skills have been integrated into training and educational institutions, in addition to utilizing artificial intelligence and technology, bringing expertise to the Kingdom, and sending students abroad to achieve future goals," he added. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
