This week’s Saudi Round-Up edition unveils $2.4B in renewable energy contracts, a new fund aiming to connect Chinese and Saudi investors, and record tourism growth in the first half of 2025.
General Economy
Saudi Aims for 69% Non-Oil GDP Share in Next Phase
The Kingdom is targeting an increase in non-oil activities’ contribution to GDP to 69%, up from the current 56%, as part of its next economic transformation phase toward 2030. Non-oil sectors saw growth of about 5% this year, contributing to an overall GDP forecast of 5.1%. This highlights the increasing importance of these sectors, which now make up 56% of the country’s total GDP.
$80M Fund Bridges Chinese Industry and Saudi Sectors
A new $80 million investment fund, launched at the Future Investment Initiative (FII) in 2025, will channel Chinese industrial and logistics technologies into Saudi Arabia’s digital technology, advanced manufacturing, and logistics sectors.
The partnership between ewpartners and Tianjin Binhai New Area—backed by the Public Investment Fund (PIF) and its subsidiary Jada—supports Saudi’s drive to localize supply chains and strengthen manufacturing competitiveness under Vision 2030.
Business Sector Operating Revenues Hit SR5.5 Trillion in 2024
Operating revenues in the business sector rose 3.9% year-on-year to reach SR5.5 trillion in 2024. Manufacturing led the gains with revenues up 7.3%, followed by construction at 9.6% and wholesale & retail trade at 8.5%. Total operating expenses climbed 9.3% to SR2.367 trillion, with employee compensation reaching SR588.8 billion
UK Unlocks $8.6B in Trade & Investment Deals with Saudi
The United Kingdom announced the unlocking of £6.4 billion ($8.6 billion) in trade and investment agreements with Saudi. The agreement features £5 billion in export finance from UK Export Finance (UKEF), which is intended to help British firms secure contracts for projects in Saudi.
Agriculture
Agriculture Sector Contributes $31.5B to GDP in 2024
The agricultural sector added approximately $31.5 billion to Saudi Arabia’s GDP in 2024, with total production exceeding 16 million tonnes. Total domestic fruit production, which includes dates, went beyond 2.9 million tonnes, meeting 64% of local demand. Vegetable production was higher, topping 3.5 million tonnes and reaching 78% self-sufficiency.
Energy
Saudi to Enter Global Battery Sector in 2026
The Saudi Minister of Energy announced that the Kingdom will become a major player in the global battery sector starting in 2026, to advance energy-storage capacity to 28% and expand its automated power grid system. Currently, 40% of the Kingdom’s power grid is automated, a number anticipated to increase substantially in the next phase. Furthermore, the immediate goal involves boosting energy storage capacity to achieve 28%.
Five Renewable Projects Awarded for 4.5 GW at $2.4B
Saudi has awarded five renewable-energy projects totaling 4,500 MW and over SAR 9 billion ($2.4 billion). Four solar and one wind project were awarded as part of the sixth phase of the National Renewable Energy Program, supporting the Kingdom’s drive to scale clean-power capacity and improve its energy mix.
Capital Markets
Saudi Drives $700M in MENA IPO Proceeds in Q3
IPO activity across the MENA region reached $700 million in Q3 2025, with Saudi leading the charge by raising $637 million through eight listings. Real estate dominated the funds raised, accounting for 55% of proceeds on the principal market.
Business Expansions
780 Firms Move HQs to Riyadh
More than 780 companies have moved their regional headquarters to Riyadh, underscoring the Kingdom’s rising appeal as a global business hub and underlining its efforts to boost the private sector’s contribution to GDP to 65%. This goal is supported by a steady reduction in the economy’s reliance on oil, which has fallen from over 90% in 2015 to 68% in 2024.
Fortune Media Opens Riyadh Office & Launches Saudi-Only Fortune 500 List
Fortune Media has established its first Middle East office in Riyadh and unveiled a localized version of the Fortune 500 ranking to spotlight the Kingdom’s top companies and promote global business engagement in Saudi Arabia
UAE’s Al-Futtaim Commits $2.7B to Saudi
UAE-based conglomerate Al‑Futtaim has pledged SR10 billion ($2.6 billion) in new investments over three years in Saudi, aimed at supporting the Kingdom’s Vision 2030 diversification through localization, talent development and broadening its footprint. The commitment is expected to generate over 1,000 jobs, and it builds on Al-Futtaim’s existing SR5 billion Saudi investment.
Tourism
Saudi Aims to Double Tourism’s GDP Share to 10% by 2030
The tourism sector currently contributes around 5% of GDP, and the Kingdom is targeting a rise to 10% by 2030, with ambitions to expand international connectivity, develop new segments like culture and events, and attract 50 million visitors annually.
Saudi Records 6.09 Million Tourists in H1 2025
Saudi welcomed approximately 6.09 million visitors in the first half of 2025, underscoring the Kingdom’s rapid progress toward its tourism goals and the growing global appeal of its entertainment and hospitality offerings. Overall tourism spending surpassed SR161.4 billion, representing a 4% year-over-year increase from the previous period in 2024.