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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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