Commerce Ministry: Foreign company registrations up 23% in 2024

Logo of Ministry of Commerce

The Ministry of Commerce announced that commercial registrations for foreign companies grew by 23% in 2024, reaching 59,330, compared to 47,990 in 2023.

In its Q4 2024 business sector bulletin, the ministry said that the construction, manufacturing, professional, scientific, and technical activities, as well as administrative, support, accommodation, and food services topped the list of foreign company registrations.

The report also noted that Gulf company registrations grew by 39%, reaching 21,180 by December 2024, compared to 15,200 at the end of 2023.

The construction sector led Gulf companies' activities, followed by wholesale and retail, manufacturing, transportation and logistics, and accommodation and food services.

The ministry attributed this growth to some factors, including the New Companies Law and its executive regulations, which streamline business practice. It noted that companies can be established in just 30 minutes (if all requirements are met), and procedures can be completed online without referring to government offices.