Data from Oxford-based firm Diligencia reveals that 55 Saudi companies faced financial collapse, formal bankruptcy, or the brink of insolvency during the month of April alone.

The crises hitting Saudi firms are attributed to several factors, chief among them the failure and cancellation of Vision 2030 projects.

The contracting and construction sector tops the list of affected industries due to its direct link to these stalled projects. This is followed by the trade sector, impacted by failing investment plans, and the oil and shipping sectors, which are grappling with the Strait of Hormuz crisis. These challenges are compounded by domestic economic pressures resulting from taxation, government mismanagement, and widespread corruption.

With these latest figures, the total number of Saudi companies classified as “bankrupt or in financial distress” between January and April has risen to 230.