‎Madinah Chamber: 103,370 economic licenses issued until Q1 2024

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Madinah Chamber of Commerce and Industry stated that the total number of economic licenses issued until the end of Q1 2024 reached 103,370, a rise of 0.7% quarter-on-quarter (QoQ) and 10.8% year-on-year (YoY).

A total of 18 sectors recorded varying increase rates in the three-month period, while the financial activities and the healthcare sectors declined during Q1 2024, the chamber stated in a recent report covering 20 sectors.

Among the 20 sectors, the mining sector ranked first, with a rise of 27.4%, followed by the contracting sector (21.9%), then tourism as well as transportation and storage sectors with 15.3% and 14%, respectively. The service activities sector also recorded a rise of 12.1%.

Change in Economic Activities in Madinah

Period

Number of Activities

Change

Q1 2023

96295

—

Q2 2023

96778

+0.5%

Q3 2023

102358

+5.8%

Q4 2023

102676

+0.3%

Q1 2024

103365

+0.7%

The wholesale and retail trade sector led with nearly 37,120 sub-activities, representing 36% of the total activities, followed by the contracting sector with around 26,530 sub-activities, or 26% of the total.

Economic Activities of Top 10 Sectors in Madinah in Q1 2024

Sector

Q1 2023

Q4 2023

Q1 2024

Wholesale and Retail Trade

35134

37301

37117

Contracting

21763

26045

26534

Restaurants and Catering

8568

9232

9447

Service Activities

5753

6390

6450

Manufacturing

5633

5962

6001

Vehicle Maintenance

3890

4339

4291

Real Estate

2651

2741

2758

Tourism

2322

2653

2677

Transportation and Storage

1975

2194

2252

Professional Activities

1578

1614

1616

Other

13091

4205

4222

Total

102358

102676

103365

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