This week’s Saudi Round-Up highlights surging trade, record-breaking venture capital investments, and a bold push into renewables, logistics, and mining.
General Business and Economy
PIF Becomes World’s 4th Largest Sovereign Fund
The Public Investment Fund (PIF) ranked 4th globally in July, with assets under management reaching $1.15 trillion (SAR 4.31 trillion). The fund recorded an 18% increase in total assets over the past year and is targeting $2 trillion (SAR 7.5 trillion) by 2030.
It also scored 100% in Governance, Sustainability, and Resilience, up from 28% in 2020. This reflects major institutional changes. Net profit reached $6.9 billion (SAR 26 billion), while revenues climbed 25% to $110 billion (SAR 413 billion).
Industry and Logistics Add $263 Billion to Non-Oil GDP
Saudi Arabia’s industrial and logistics sectors contributed $263 billion (SAR 986 billion) to the non-oil GDP in 2024, up from $253 billion (SAR 949 billion) the year before. These sectors accounted for 39% of the total GDP.
Non-oil exports rose 13.2%, totaling $137 billion (SAR 514 billion). That included $58 billion in non-oil goods, $24 billion in re-exports, and $55 billion in services. The chemicals sector led exports at $21 billion (SAR 78.5 billion), followed by electrical equipment at $11.4 billion (SAR 42.9 billion).
Banking & Finance
Financial Sector Achieves 353 Listings
Saudi Arabia ended 2024 with 353 listed companies, after 44 new offerings were approved during the year. The number of licensed fintech companies also climbed to 261, showing solid traction in financial technology.
Digital payments made up 79% of all retail transactions in 2024. D360 Bank received regulatory approval, adding to sector growth. These gains are part of broader efforts to improve transparency and deepen capital markets under Vision 2030.
Construction
Diriyah Co. Awards $1.53 Billion Arena Deal to China Harbor
Saudi’s Diriyah Co. signed a SAR 5.75 billion ($1.53 billion) contract with China Harbor to build the Diriyah Arena and office complex. The 20,000-seat arena spans 74,000 sqm and will host sports, concerts, and esports.
It’s part of the larger Diriyah giga-project, expected to support 180,000 jobs and add $18.67 billion (SAR 70 billion) to GDP. The office towers, designed by John McAslan + Partners, will offer 114,000 sqm of space and over 4,000 parking spots.
Energy & Sustainability
Saudi Operates 10 Renewable Projects Worth SAR 19.8 Billion
By end-2024, Saudi Arabia had 10 renewable energy projects in operation, including nine solar and one wind. The total investment reached $5.28 billion (SAR 19.8 billion). Solar capacity hit 6,151 MW while wind reached 400 MW. Five new solar projects were launched in 2024 alone, adding 3,751 MW.
These projects can power 1.14 million homes. The Shuaibah 1 project achieved a low cost of 3.9 halalas per kWh, with other projects ranging from 3.9 to 11.18 halalas per kWh, advancing the country’s clean energy goals.
Logistics
Lucid, Nuro, and Uber to Launch 20,000 Robotaxis
Lucid Motors, backed by Saudi Arabia’s Public Investment Fund, is partnering with Nuro and Uber to roll out 20,000 robotaxis over six years. The service, exclusive to Uber, is set to launch in a major U.S. city in 2026.
The project integrates Lucid’s software-defined vehicle architecture, Nuro’s Level 4 autonomous driving system, and Uber’s ride-hailing platform. Vehicles will be owned and operated by Uber or its fleet partners. A prototype is already being tested on a closed circuit in Las Vegas.
Manufacturing & Industry
155 New Industrial Licenses Issued in May
Saudi Arabia issued 155 new industrial licenses and saw 122 factories begin operations in May. Combined, these projects brought in over $1.1 billion (SAR 4.2 billion) in investments and created 4,779 new jobs across sectors.
The data reflects the country’s push to expand its manufacturing base. These efforts support Vision 2030 goals by accelerating local production, job creation, and export competitiveness.
Mining
Mining Sector Draws $32 Billion in Investments
Saudi Arabia attracted $32 billion (SAR 120 billion) in mining investments under ongoing reforms. Projects span iron, phosphate, aluminum, and copper and represent nearly a third of the $100 billion investment target by 2030.
Mineral exploration spending has quadrupled since 2018, and over 130 exploration firms now operate in the country. The sector is being positioned as a core pillar of the post-oil economy.
Industry and Logistics Add $263 Billion to Non-Oil GDP
Saudi Arabia’s industrial and logistics sectors contributed $263 billion (SAR 986 billion) to the non-oil GDP in 2024, up from $253 billion (SAR 949 billion) the year before. These sectors accounted for 39% of the total GDP.
Non-oil exports rose 13.2%, totaling $137 billion (SAR 514 billion). That included $58 billion in non-oil goods, $24 billion in re-exports, and $55 billion in services. The chemicals sector led exports at $21 billion (SAR 78.5 billion), followed by electrical equipment at $11.4 billion (SAR 42.9 billion).
Technology
Saudi Leads MENA in VC With $860 Million in H1 2025
Saudi Arabia attracted $860 million (SAR 3.2 billion) in venture capital during the first half of 2025, surpassing the total VC investment seen in all of 2024. The Kingdom accounted for 56% of all VC funding across MENA during this period.
A total of 114 startup deals were completed, setting a new record. This reflects rising investor confidence and confirms Saudi Arabia’s lead in the region’s startup ecosystem, fueled by regulatory reforms and market openness under Vision 2030.
Tourism & Culture
Saudi Arabia Leads Global Tourism Spending Growth in Q1 2025
Saudi Arabia recorded a 102% surge in international tourism spending in Q1 2025, leading global growth, according to UNWTO. Visitor spending hit $13.2 billion (SAR 49.5 billion), up nearly 10% from last year. It also ranked third worldwide in international arrivals. Mecca alone drew 9.4 million visitors.
Vision 2030 projects, streamlined visas, and major investments in tourism infrastructure continue to drive growth. The Kingdom is on track to meet its target of 150 million annual visits by 2030.
Transportation
Saudi to Expand Rail Network by 50% Under National Strategy
Saudi Arabia will expand its railway network by over 50% as part of its logistics strategy. The plan aims to double the sector’s GDP contribution and integrate rail with key ports and airports, including a land bridge connecting Jeddah Port to King Abdulaziz Airport.
Customs clearance times have dropped over 30% thanks to the national digital logistics platform. These efforts support Saudi Arabia’s push to become a top-tier global logistics hub.