The four-year inquiry into one of the biggest political scandals since the end of apartheid, in which Zuma was a central suspect, found that there was no evidence to support widespread allegations of bribery, fraud and corruption, the president said.
Zuma summarised the findings of the commission in a statement in which he said he had received the three-volume report at the end of last year and would now release it to the public.
Paul Hoffman, a lawyer representing anti-arms deal activists, likened the inquiry to "a farce".
The commission suffered a series of controversial resignations of officials involved, including the departure of one of the three original judges.
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"The Commission states that the widespread allegations of bribery, corruption and fraud in the arms procurement process, especially in relation to the selection of the preferred bidders and costs, have found no support or corroboration in the evidence," Zuma's statement said.
"Government had been of the view that any findings pointing to wrongdoing should be given to law enforcement agencies for further action. There are no such findings and the Commission does not make any recommendations."
The commission's report comes as a High Court challenge is underway to reinstate more than 700 charges of corruption against Zuma which were dropped in 2009, shortly before he became president.
The charges, which relate to the arms deal signed in 1999 when Zuma was deputy president, were dropped allegedly because of interference in the prosecution case by his political opponents.
Zuma was accused of having accepted bribes from international arms manufacturers to influence the choice of weaponry.
Shaik was released on medical parole in 2009, the year Zuma was elected president.
The opposition Democratic Alliance party called the commission's report "a massive disappointment because those who were implicated in arms deal corruption have effectively been let off the hook".