Recent statistics issued by the Ministry of Commerce and Industry disclosed that the number of licensed commercial establishments in the Kingdom of Saudi Arabia had reached 543,000 at the end of 1423H. The number of companies has increased to 11,662, with a total capital exceeding SR171.4 billion.
The Ministry has been keen to establish more hotels and furnished residential units across the Kingdom in order to promote domestic tourism, which is considered one of the key sectors for boosting the national economy.
In 1423H, the Ministry issued 861 hotel licenses, for total capacity of 142,000 rooms. The number of licenses for furnished residential units issued up to 1423H stood at 1,063. The Kingdom’s various cities boast 22,749 furnished residential units.
In addition to supervising markets, the Ministry is responsible for implementing rules and regulations for commerce and development.
Source: SPA
