This week, Saudi Round-Up unveils $113B in tourism investments, electric air taxis, and infrastructure projects in Riyadh.
General Economy News
Riyadh Unveils 181 New Development Projects
The Emir of Riyadh, Prince Faisal bin Bandar, officially inaugurated 82 development projects and laid the foundation for 99 more, with a combined investment of SR 38.1 billion.
The launched projects focus on environment, water, and agriculture, aligning with Vision 2030’s goals for environmental sustainability and resource management. Among the initiatives are improvements in drinking‑water distribution, wastewater systems, and three desalination projects worth over SR 5.1 billion.
Insurance
Insurance Company Shory To Operate In Saudi Arabia
Shory Group, a UAE-based insurtech (digital insurance) company under First.tech, has received regulatory approval from the Saudi Insurance Authority (IA) to begin operations in Saudi Arabia.
The company plans to offer AI-powered insurance solutions, expanding its technology-driven model into one of the Middle East’s most dynamic insurance markets. This move aligns with Saudi Arabia’s 2023 regulatory framework for insurtech, which was introduced to encourage innovation, protect consumers, and ensure data privacy.
Insurance Sector Poised To Double In Size Within 5 Years
Abdulaziz Al‑Boug, Chairman of the Saudi Insurance Authority, said that the Kingdom’s insurance market—both in terms of total market size and premiums—is expected to double within the next five years.
The Authority is implementing 72+ initiatives aimed at developing the sector and attracting new investment. A key pillar of the expansion is digital transformation, with plans underway for a centralized data platform to boost transparency and operational efficiency for insurers
Tourism
TOURISE Stimulates $113Bn In Investments At Inaugural Global Summit In Riyadh
At the first TOURISE Summit in Riyadh, $113 billion in new investments were announced to accelerate tourism sector growth.
The funds will support tourism across infrastructure, hospitality, and digital innovation, leveraging partnerships with both public and private‑sector players. Major companies involved include global and regional hotel groups like Meliá Hotels, BWH Hotels, Cenomi, Radisson, Earth Hotels, Delonix & Ocean Link, and GOCO Hospitality, as well as Saudi investment firms such as AlFozan Holding, Al Kathiri Holding, and Knowledge Economic City.
Saudi TDF Secures $773M In Tourism Investments
Saudi Arabia’s Tourism Development Fund announced SR 2.9 billion ($773 million) in new tourism investments during the TOURISE 2025 forum, including hotel-destination projects in Aseer and a new 1,300-km luxury “Dream of the Desert” train experience. The initiatives support the Kingdom’s strategy to expand tourism offerings, attract international brands, and boost sector growth.
Saudi Arabia Launches ‘Visa By Profile’ Initiative
Saudi Arabia has introduced “Visa by Profile,” a first-of-its-kind program that enables eligible Visa cardholders to instantly obtain an electronic tourist visa using just their card and passport details. The initiative was announced during TOURISE 2025, signaling a push toward more streamlined, tech-driven travel experiences. It was developed in partnership with the Ministry of Interior, Visa, the Saudi Tourism Authority, and the Ministry of Foreign Affairs.
AMAALA Set To Welcome Visitors By January 2026
Red Sea Global has announced that AMAALA Triple Bay—a luxury wellness‑focused coastal destination—will start receiving visitors by January 2026. The first phase includes six out of 31 resorts, along with an exclusive Yacht Club and the Corallium Marine Life Institute.
Among the initial properties are Equinox Resort & Residences, Four Seasons, Nammos, Rosewood, and Six Senses. Once completed, AMAALA is projected to generate up to 50,000 jobs and add around SR11 billion ($3 billion) to Saudi Arabia’s GDP.
Hospitality
Al Balad Development Unveils $3.6Bn Plan To Develop Historic Jeddah
The Public Investment Fund’s Al Balad Development Co. has launched a $3.6 billion (SR 13.5 billion) initiative to revitalize Heritage hospitality in Historic Jeddah (Al Balad). The plan aims to build 3,300+ hotel units in Al Balad, spanning multiple categories: luxury, upper-upscale, upscale, mid-scale, and serviced apartments. The development will be carried out between 2025 and 2038, using a mix of public-private partnerships, investment funds, and build-operate-transfer models.
AlUla To Double Hotel Room Supply In Year-Round Tourism Push
The Royal Commission for AlUla plans to nearly double its hotel capacity—from about 1,000 rooms today to 2,000 in the coming years—as part of a strategy to make AlUla a “year-round destination.” The expansion is supported by about SR 41 billion ($10.9 billion) in investment opportunities, aimed at scaling infrastructure while protecting AlUla’s heritage and natural landscapes.
Shaza Hotels Signs Four New Projects In Saudi
During the TOURISE 2025 summit, Shaza Hotels signed MoUs for four new Saudi projects: the Shaza Riyadh Stables Resort, Mysk Residences in Riyadh, and Mysk Al Haramain Hotels—3 & 4 in Makkah. The two new Mysk hotels in Makkah (Hotels 3 & 4) will have 264 and 182 keys, respectively, and provide facilities like dedicated prayer rooms, shuttle services to the Holy Mosque, and dining venues—aimed at pilgrims.
$2Bn Joint Venture To Bring Iconic Atlantis, One&Only Brands To Saudi Arabia
Midad Real Estate Co. has formed an SR 7.6 billion ($2.03 billion) joint venture with Jeddah Central Development Co. (a PIF subsidiary) and Kerzner International—the global hospitality group behind the Atlantis and One&Only brands.
The project will deliver two flagship resorts in Jeddah Central: Atlantis Jeddah, featuring branded residences, a first-of-its-kind Aquaventure Waterpark, the Lost Chambers Aquarium, over 20 dining venues and a waterfront entertainment pier; and One&Only Jeddah, which will include luxury villas, guest rooms, wellness facilities, and private beach access.
Aviation
Saudi Airports Welcome Over 103M Passengers In First 9 Months Of 2025
Saudi Arabia’s airports handled 103.1 million passengers between January and September 2025, up 9% year‑on‑year. Flight movements rose to 713,000, a 5% increase, with connectivity expanding to over 170 destinations. Air cargo volume during this period reached 866,000 tonnes, including origin‑destination freight and transit cargo.
Joby and GACA Announce Plans For Deployment Of Electric Air Taxi Service
Joby Aviation and Saudi Arabia’s General Authority of Civil Aviation (GACA) have signed an MoU to launch electric air taxis (eVTOLs) in the Kingdom. The agreement will align with FAA certification standards to streamline regulatory approval in Saudi Arabia.
Joby’s broader commercialization strategy in Saudi Arabia includes key partnerships with Abdul Latif Jameel, which is exploring the delivery of up to 200 Joby aircraft valued at approximately $1 billion, and Aloula Aviation (formerly Mukamalah Aviation), the aviation subsidiary of Saudi Aramco.