This week’s Saudi Round-Up captures the record-breaking tourist spending in Saudi Arabia, PIF’s asset growth, and Madina’s logistics sector boom.
General Business and Economy
PIF Assets Grow 18%, Revenue Reaches $110 Billion
Saudi Arabia’s Public Investment Fund expanded its assets to $1.15 trillion (SAR 4.32 trillion) in 2024, marking an 18% year-on-year increase. Gross revenue rose by 25% to $110 billion (SAR 413 billion), driven by gains from firms like AviLease, Ma’aden, and STC, and dividends from Aramco.
Net profit stood at $6.9 billion (SAR 26 billion), despite global headwinds. The fund issued $2 billion in sukuk and launched an $825.5 million sterling bond, reinforcing its expanding global presence and key role in Saudi Arabia’s economic transformation under Vision 2030.
Over 80,000 Commercial Registrations Issued in Q2 2025, Total Hits 1.7 Million
Saudi Arabia issued over 80,000 new commercial registrations in Q2 2025, pushing the national total past 1.7 million. The Ministry of Commerce’s bulletin highlighted rising interest in emerging sectors such as AI, blockchain, big data, and entertainment. It also showcased strong momentum in e-commerce and financial services, aligning with Vision 2030 goals.
Tourism
Tourist Spending Reaches $13.2 Billion in Q1 2025
International visitors spent $13.2 billion (SAR 49.4 billion) in Saudi Arabia during Q1 2025, a 9.7% rise compared to the same period last year. The Kingdom recorded a $7.2 billion (SAR 26.8 billion) travel surplus, up 11.7% year-on-year.
These figures show tangible progress in positioning tourism as a core economic driver and support Vision 2030’s target of boosting non-oil GDP contribution.
Energy & Sustainability
ACWA Power secures $15.4 Billion, plans selective mergers to accelerate growth
ACWA Power has raised $1.8 billion (SAR 6.75 billion) through a rights issue and secured $15.4 billion (SAR 57.7 billion) in financing over two years to fund global expansion.
With $15 billion invested in Uzbekistan alone, it now eyes mergers in Asia and Africa to fast-track profits.
Arabian Drilling Adds $366 Million to Backlog Through Rig Contract Extensions
Arabian Drilling secured $366 million (SAR 1.4 billion) in rig contract extensions with Aramco, raising its total backlog to $2.9 billion (SAR 11.1 billion). The extensions, lasting from one to 10 years, begin impacting financial results in Q3 2025.
They are part of a strategy to extend rigs expiring this year and strengthen long-term partnerships. The company already renewed two rigs in May and is in talks for more.
Ruya Partners Invests $55 Million in Saudi Fiber Production Facility
Ruya Partners closed a $55 million (SAR 206 million) private credit investment to fund a fiber production plant in Yanbu, owned by Al Shair Group. The facility will supply hygiene nonwovens to the United Saudi Company, enabling vertical integration of Al Shair’s operations.
With an initial capacity of 30,000 metric tonnes, expandable to 50,000, the plant will boost local manufacturing, reduce import reliance, and cut logistics costs. The project supports Vision 2030 goals for industrial diversification, localized supply chains, and private capital participation in strategic sectors.
Saudi Signs $458 Million Wind Power Deal for Yanbu Project
Saudi Power Procurement Co. signed a $458 million (SAR 1.7 billion) agreement for a 700MW wind power project in Yanbu with a consortium including Marubeni Corp. The project supports the National Renewable Energy Program and will supply electricity at $0.016/kWh (SAR 0.06), emphasizing the falling cost of renewables.
Located in the Madinah region, the plant helps displace liquid fuels and targets 50% renewables in the energy mix by 2030. It adds to SPPC’s broader energy pipeline, including 9.2 GW in new projects signed last November.
Logistics
Madinah’s Logistics Sector Grows 190% Amid $57bn Development Push
Commercial registrations in Madinah’s logistics sector rose 190% between 2019 and 2024, reaching 2,817, amid $57 billion (SAR 213 billion) in development projects. Strong infrastructure, including rail, ports, and highways, positions the region as a logistics hub, which now supports growing tourism, trade, and industrial demand.
Madinah also recorded 42% growth in hotels and 33% in travel services. Local GDP hit $15.4 billion (SAR 57.6 billion), with job creation exceeding 119,000 across 213 projects. Unemployment dropped to 8.4%, and local demand surged, second only to Riyadh.
Madinah’s Contracting Sector Grows 31% in 2024
Madinah’s contracting sector surged 31% in 2024, driven by giga-projects, mosque expansion works, and strong housing sector support. The Madinah Chamber cited increased demand for residential and commercial properties and improved licensing processes as key growth factors.
Government-backed real estate initiatives and infrastructure upgrades contributed to the boom, strengthening Madinah’s position as a hub for construction and investment amid broader economic growth across the region.
Mining
Saudi Launches ESG-Focused Nonprofit for Mining and Industry
Saudi Arabia launched a new nonprofit to promote ESG adoption across the mining and industrial sectors. Backed by the Ministry of Industry and Mineral Resources, the organization will run campaigns, offer training, and hold workshops on sustainability, governance, and social responsibility.
The initiative supports Vision 2030 and Saudi’s net-zero 2060 goal while encouraging broader private sector engagement in ESG standards. The nonprofit also strengthens the role of civil society in advancing economic and social outcomes across key industries, reinforcing the Kingdom’s regional leadership in sustainable development.
Technology
Saudi Arabia Ranks No. 1 Globally in ICT Development Index 2025
Saudi Arabia topped the 2025 ICT Development Index by the International Telecommunication Union, surpassing 163 countries in digital connectivity. The Kingdom’s ICT sector hit $122.09 billion (SAR 459 billion) in 2024, contributing 15% to GDP. Mobile penetration hit 212%, and per-user data usage was three times the global average.
The achievement highlights Saudi Arabia’s global leadership in digital transformation and its accelerating journey toward a tech-driven economy.
Trade & Investments
Saudi Arabia, Indonesia Sign $30 Billion Worth of Private Sector Deals
Saudi Arabia and Indonesia signed nearly $30 billion (SAR 112.5 billion) in deals during a high-level visit to Jeddah. Around $27 billion of that came from private sector agreements across clean energy, petrochemicals, and aviation fuel services. The signing followed the inaugural Saudi-Indonesian Supreme Coordination Council, co-chaired by both nations’ leaders.
These deals signal stronger cooperation in strategic sectors and further position Saudi Arabia as a regional hub for energy transition and industrial collaboration, in line with Vision 2030 goals.
Saudi Arabia, Morocco to Deepen Trade and Sustainability Cooperation
Saudi Arabia and Morocco are expanding economic ties with a focus on trade, agriculture, renewable energy, and sustainable development. A Saudi delegation met with several Moroccan ministries in Rabat to explore investment and public-private partnerships. Bilateral trade reached $1.33 billion (SAR 5 billion) in 2024, with Saudi exports including cars, fertilizers, and wires, and Moroccan imports led by refined petroleum and wheat.
Talks also explored joint projects in the energy transition and maritime sectors. The visit reflects a shared strategy to strengthen regional cooperation and economic diversification under Vision 2030.