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Sun 21 Aug 2016 02:38 PM

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Record number of businesses set up in Saudi Arabia during 2015

Saudi Arabia’s Ministry of Commerce and Investments records increased interest in entrepreneurship.

Record number of businesses set up in Saudi Arabia during 2015

Business formation in Saudi Arabia increased by 35 percent since last year, with more than 204,000 new businesses now being registered in the kingdom in 2015.

The increased interest in entrepreneurship is believed to be due to three factors - the Saudi economy performing well, the technical efficiency of handling commercial registries, and the desire of young Saudis to start up their own businesses.

The Ministry of Commerce and Investments data further revealed that Al-Qassim Region, considered the richest region per capita in Saudi Arabia, recorded 63 percent increase in new businesses, the highest increase in the country. The number of new business ventures amounted to 14,058 in 2015 in comparison to just 8,258 in 2014.

The share of Al-Qassim-based businesses out of the total number of businesses registered in the kingdom is now 11 percent.

Al Bahah, located in the south west of Saudi Arabia, recorded the least number of new business - 298 new registrations in 2015 – accounting for only 1.13 percent of the total number of businesses in the kingdom.

Riyadh recorded the highest share of the total number of the new establishments at 25 percent, with the total number of establishments exceeding 50,000, followed by Makkah with a proportion of 20 percent.

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