Commerce Minister Reports 27.9% Growth in Hail Business Sector.

HAIL: Minister of Commerce Majid Al-Kassabi met today with business leaders and investors in the Hail Region to discuss their proposals and challenges for developing their various sectors. The meeting took place during his visit to the Hail Region, with the participation of leaders from the commerce sector. According to Saudi Press Agency, the minister of commerce emphasized that the Hail Region possesses unique qualities, a rich heritage, and geographic diversity, urging the business community and the people of the region to invest in Hail's competitive advantages, building on its geographical location and promising sectors such as transportation, logistics, mining, tourism, agriculture, nature, and heritage. He noted the 27.9% growth in commercial registrations in the Hail Region over the past five years, reaching more than 33,000 commercial records. He reviewed the promising sectors in the region that have witnessed growth in registrations ranging between 59% and 148% in several sectors, including transp ortation, services, administrative activities, and residential construction. Al-Kassabi drew attention to the growth of commercial registrations in the Kingdom, which exceeded 1.54 million by the end of October, and the growth of the Kingdom's goods and services trade, which exceeded SAR2.5 trillion in 2023. He also highlighted the growth of e-commerce, which accounted for 8% of total trade in the Kingdom in 2022, and is expected to reach revenues of SAR260 billion by 2025. He said that the commerce system has reviewed and developed more than 110 regulations over the past eight years, including the new companies' law, the e-commerce law, the commercial franchise law and its executive regulations, and a consumer protection system is in its final stages. He also noted that market regulations have been developed to protect consumers, monitor prices, combat fraud and concealment, and launch a consumer complaint center and a recall center. The "Imtithal" inspection system and a system for monitoring inventory an d commodity prices have also been launched. He indicated that inspection teams in the Hail Region conducted more than 34,500 inspection visits during the year and addressed more than 19,700 commercial complaints. Chairman of the board of directors of the Chamber of Commerce and Industry in Hail Region, Hani bin Abdulaziz Al-Khulaifi, highlighted the importance of strengthening partnerships with investors and providing support to achieve sustainable growth in the region, in line with the chamber's role in achieving these goals.