Sign of Economic Recovery, 77 New Businesses Open Daily

New Businesses new establishments Saudiscoop
From the report of Gen Org for Social Insurance, 7,047 new private businesses entered the local market during the third quarter of 2021.

Riyadh – According to the latest report from GOSI, the General Organization for Social Insurance, 7,047 new private businesses entered the local market during the third quarter of 2021.

These new entries bring the total number of establishments operating in the private sector to 636,311; an increase of 1.12 percent, suggesting a daily average of 77, signaling post-pandemic economic recovery.

According to a study by Okaz/Saudi Gazette based on the GOSI report, 8,652 micro-enterprises have entered the market, bringing their numbers to 441,122, an increase of two percent. Micro enterprises are establishments with no more than four workers. 

New Businesses new establishments Saudiscoop KSA

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The total number of these new businesses reached 106,045. In addition, the period witnessed the entry of 63 establishments, with 200 to 299 employees; a 4.16 percent increase, bringing the total number of these establishments to 1,579.

Establishments with 400 and 499 employees recorded the highest increase during the period. As a result, these establishments rose by 41 to reach 462 establishments, increasing by 9.72 percent.

Concerning government establishments, the number of establishments operating under the social insurance system increased to 1,374. The number of establishments with 400 and 499 workers rose to 44 establishments. The report pointed out.

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