Data released today by Oxford-based analytics firm Diligensia indicate that 63 Saudi companies either entered insolvency proceedings, suffered severe financial distress, or moved closer to bankruptcy during the month of May alone.

According to the analysis, the difficulties facing Saudi businesses stem from a combination of factors, including the failure or cancellation of Vision 2030 projects and the broader economic challenges affecting the Kingdom.

As a result, the total number of Saudi companies classified as insolvent or experiencing significant financial distress between January 2026 and May 2026 has risen to 293.