Riyadh – Sharikat Mubasher: Commercial registrations for foreign companies witnessed a 23% growth in 2024, reaching 59,328 compared to 47,989 active registrations in 2023.

According to the Ministry of Commerce’s business sector bulletin for Q4 2024, five sectors led the list of commercial activities for foreign companies. These sectors include construction, manufacturing, scientific, technical, and vocational activities, administrative and support services, and accommodation and food services.

On the other hand, commercial registrations of Gulf companies rose by 39%, reaching 21,176 registrations by December, compared to 15,203 registrations at the end of 2023.

The key sectors for Gulf companies’ registrations included construction, wholesale and retail trade, manufacturing, transportation and logistics services, and accommodation and food services.

It is worth noting that three main factors contributed to the growth of both foreign and Gulf companies' registrations in 2024: the issuance of the new Companies Law and its executive regulations that simplify business practices, the ability to establish companies in as little as 30 minutes, and offering the option to complete procedures electronically.