Saudi Arabia’s Commercial Records Up by 60% in 2024

The Ministry of Commerce announced a 60% increase in records in 2024, reaching 521,969 compared to 368,038 in 2023. These records include enterprises from a variety of industries.

With the total number standing at around 1,606,169, this increase in commercial records reflects the Kingdom’s efforts towards economic diversification, aiming to boost the private sector’s share of GDP from 40% to 65% by 2030. The New Companies Law, which introduced reforms to facilitate business function in Saudi Arabia in early 2023, was a key driving factor behind this increase.