Saudi Arabia’s Al-Jouf Province Sees Significant Growth in Commercial Activity
Riyadh, Saudi Arabia – The Al-Jouf province in Saudi Arabia has witnessed a remarkable 15 percent year-on-year growth in commercial activity in 2024. This significant increase is attributed to the successful implementation of regional economic initiatives aimed at promoting development and growth across all regions of the Kingdom.
According to a study released by the Vision Realization Office in Al-Jouf, the region has also seen a substantial rise in the growth rate of new commercial registrations, reaching an impressive 98 percent. This achievement is in line with the objectives outlined in Saudi Vision 2030, which aims to foster private economic activity and promote development across all regions of the Kingdom.
The Al-Jouf region has been actively engaged in promoting innovative investments through unique and pioneering projects that are not only beneficial for the local economy but also contribute to the country’s overall growth. The region’s strategic location serves as a vital gateway to the Kingdom, connecting it with Jordan and facilitating trade through the Al-Haditha land port.
Key Findings from the Study
The study conducted by the Vision Realization Office highlights several key findings that demonstrate the remarkable progress made in commercial activity across the Al-Jouf region. Some of these key points include:
- Increased Growth Rate: The growth rate of new commercial registrations in the region has reached an impressive 98 percent, a testament to the effectiveness of regional economic initiatives.
- Support for Existing Undertakings: Support for existing undertakings with liquidity is estimated at SR22.05 million ($5.88 million), demonstrating the commitment to nurturing established businesses and fostering growth.
- Rise in Women-Funded Projects: The share of women-funded projects has reached approximately 52 percent, a clear indicator of the empowerment of Saudi females and their increasing participation in the economy.
- Growth of Small and Medium-Sized Enterprises (SMEs): SMEs have recorded a 33 percent growth in 2024 compared to 2023, underscoring the region’s focus on promoting entrepreneurship and supporting local businesses.
The Role of Prince Faisal bin Nawaf bin Abdulaziz
The significant progress made in commercial activity across the Al-Jouf region is largely attributed to the efforts and commitment of its governor, Prince Faisal bin Nawaf bin Abdulaziz. As a key champion of regional economic initiatives, Prince Faisal has played a pivotal role in translating the generous directives into reality, serving the interests of citizens.
Under his leadership, the region has witnessed a significant increase in the growth rate of new commercial registrations and has seen substantial support for existing undertakings with liquidity. The governor’s commitment to harnessing all resources to overcome challenges and finding appropriate solutions has been instrumental in driving progress across the region.
Challenges Overcome by Prince Faisal
Prince Faisal has also played a crucial role in monitoring the implementation of projects that serve the Al-Jouf region, its governorates, and centers. His efforts have not only ensured that these projects are completed within set goals but also prevented any failures.
In an earlier statement, Prince Faisal highlighted the fertile investment landscape offered by the Al-Jouf province due to its abundant renewable energy and robust food supply. He emphasized that the region offers many investment opportunities and competitive advantages, making it an attractive destination for potential investors.
Conclusion
The remarkable growth in commercial activity across the Al-Jouf region is a testament to the effectiveness of regional economic initiatives aimed at promoting development and growth across all regions of the Kingdom. The significant increase in the growth rate of new commercial registrations and support for existing undertakings with liquidity are clear indicators of the region’s commitment to nurturing entrepreneurship and fostering local businesses.
The role of Prince Faisal bin Nawaf bin Abdulaziz as a champion of regional economic initiatives has been instrumental in driving progress across the Al-Jouf region. His efforts have not only ensured that projects are completed within set goals but also prevented any failures, creating a fertile investment landscape for both domestic and foreign investors.
As Saudi Vision 2030 continues to shape the Kingdom’s economic landscape, the Al-Jouf province remains an exemplary model of what can be achieved through concerted effort and commitment to promoting development and growth.