Saudi Business Growth Centers on Vision 2030 Sectors

A growing share of new business registrations in Saudi Arabia is now concentrated in a defined set of priority sectors, according to Sovereign PPG Corporate Services.

Based on client activity tracked by Sovereign PPG, 83.67% of business registrations over the past 12-month period have been directed toward a core group of industries, signalling a shift away from broad-based formation toward more targeted, policy-aligned growth.

Activity is centred on sectors closely aligned with the Kingdom’s economic diversification agenda under Saudi Vision 2030, particularly those linked to digital transformation, professional services, and infrastructure development.

These include IT, software and technology (22.73%), with key sub-sectors such as cybersecurity, cloud services and software publishing; alongside financial services and fintech (16.68%); legal and professional services (9.54%); management consultancy (15.27%); industrial, manufacturing (6.73%); construction and contracting (8.39%); and healthcare and medical services (4.33%).

Together, these sectors account for the majority of new company formations, pointing to a more selective phase of growth where activity is increasingly shaped by regulation, investment flows and demand.

This trend is being reinforced by continued government-led industrial expansion initiatives. Saudi Arabia issued 188 new industrial licences in March alone, representing investments exceeding SAR1.8 billion, according to official data reported this week, underscoring continued momentum across manufacturing and industrial development as part of Vision 2030.

At the same time, the findings suggest businesses are increasingly concentrating on sectors supported by regulatory reform, investment flows and long-term growth potential.

James Elliot-Square, Commercial Director for Saudi Arabia at Sovereign PPG Corporate Services, said: “We’re not seeing a slowdown in business formation, but a clear shift toward sectors aligned with Saudi Arabia’s economic transformation agenda. Technology, financial services, healthcare and industrial development are leading this trend, supported by sustained investment, regulatory focus and demand. What was particularly interesting to see was although the direct number of tech businesses accounted for 22.73%, the actual number was way higher."

“More than a third of the other name industries included some kind of tech, AI or automation as a complimentary business activity. The market is becoming more targeted, with new business activity increasingly shaped by national priorities and regulatory frameworks. Recent industrial licensing activity also reinforces the scale of government support flowing into manufacturing and industrial sectors, which is feeding directly into new company formation trends we are seeing on the ground.”

Elliot-Square added that this reflects a broader regional shift, as Gulf economies continue to prioritise high-value sectors that support digital transformation, private sector expansion, and long-term economic development.