Saudi Gazette report

JAZAN — The Commerce Ministry (MOC) revealed that the commercial records in the Jazan region have recorded a growth of 52% in the past 5 years, reaching more than 55,000 records.

This was announced by Undersecretary of MOC for Business Abdulsalam Al-Manea during his participation in the opening session of Jazan Investment Forum.

Jazan is considered the 7th largest region in Saudi Arabia in terms of the number of commercial registrations, Al-Manea said, adding that there are many promising sectors that have contributed to the increase of commercial and investment projects in the region.

Al-Manea pointed to the role of the commercial system in the legislation process, saying more than 70 laws were enacted with the sector's active participation..

He also praised the role of the new corporate system in stimulating the commercial and investment environment in light of the possibilities and ease of establishing business entities.

Four new systems are expected to be issued to enhance confidence in the commercial environment, which are the consumer protection system, the commercial registry system, the trade names system, and the commercial transactions system, Al-Manea revealed.

He added that there are incentives and capabilities for small and medium enterprises (SMEs) in the Jazan region, such as the Kafala financing guarantee program for SMEs, which provided more than SR417 million in loans.

Many establishments and entrepreneurs have benefited from the services of Small and Medium Enterprises General Authority (Monsha'at), represented by commercial franchise services, and other services provided to enable entrepreneurship in the Jazan region.