Ministry adds two new business activities to drive growth

The Ministry of Trade, Commerce, and Industry has introduced two new business activities related to company formation, operations, and retail, as reported by Al Jarida newspaper.
The ministry stated that it is now possible to obtain a license for the establishment of companies or participation in them with others to conduct business within the sectors of financial activities, insurance, and related services, as well as for the retailing of vehicle batteries under the general trade and services sector.

The decision to add these activities was made after reviewing the Commercial Law, its amendments, and the Companies Law, along with the ministerial decision on the standardization of statistical data classification of economic activities used by government entities, based on the fourth revision recommended by the United Nations Statistics Division.

The decision also aligns with agreements made within the Gulf Cooperation Council (GCC) framework and the minutes of the Committee on Classification of Commercial, Professional, and Craft Activities, including those of the meeting held on May 15, which added new activities and approved the formation of the Committee on Classification of Commercial, Professional, and Craft Activities.

Article 1 of the Ministerial Decision on the Addition of Commercial Activities states that two commercial activities shall be added to the list of commercial activities, in accordance with the limits set by the Unified Guide to the Classification of Commercial Activities in the Gulf Cooperation Council for the Arab States of the Gulf.