This week’s Saudi Round-Up reveals record-breaking tourism milestones, aviation fleet expansions worth billions, and groundbreaking sustainability partnerships.
General Business and Economy
Saudi Tourism Reached 116 Million Visitors in 2024
Saudi Arabia welcomed 116 million tourists in 2024, including 29.7 million international visitors (up 8%) and 86.2 million domestic trips (up 5%). Total tourism spending hit $75.6 billion (SR283.8 billion), with international tourist expenditure rising 19% to $44.9 billion (SR168.5 billion).
After achieving its original 100 million visitor target six years early, the Kingdom now targets 150 million annual tourists by 2030. Non-religious tourism now represents 59% of inbound visits, demonstrating successful diversification under Vision 2030’s tourism development strategy.
Culture Sector Targets $48 Billion GDP Contribution by 2030
Saudi Arabia aims to triple its cultural sector’s GDP share to 3%, or $48 billion (SR180 billion), by 2030, up from under 1% currently. Employment in the sector has surged 318% since 2018, while cultural graduates reached 28,800 in 2024, representing 79% growth.
The ministry has issued over 9,000 licenses and expanded cultural associations from 28 to 993. With 23.5 million cultural event attendees between 2021-2024 and global festivals like the Red Sea Film Festival, the sector demonstrates Vision 2030’s success in positioning culture as an economic diversification pillar.
Saudi Arabia Secures 30 Million Carbon Credits Through 2030
Saudi Arabia signed a landmark agreement for 30 million tons of carbon credits to be delivered by 2030. Neom’s energy subsidiary ENOWA partnered with the Voluntary Carbon Market Co. to source credits from global climate projects, primarily in the Global South. The first delivery is expected to arrive in December.
This deal enables ENOWA to offset current emissions while developing renewable infrastructure for NEOM. The agreement supports Saudi Arabia’s net-zero emissions target by 2060 and helps build the Kingdom’s voluntary carbon market infrastructure, positioning it within the projected $250 billion global market expansion by 2050.
PIF Achieves Perfect Governance Score Among Global Funds
Saudi Arabia’s Public Investment Fund earned a flawless 100% score in the 2025 Global Sovereign Wealth Fund Index. Only nine funds worldwide achieved this perfect rating across governance, sustainability, and resilience metrics. PIF led the Europe-Middle East-Africa region and was the sole Middle Eastern institution to reach this milestone.
The fund’s transformation from 28% in 2020 to 100% in 2025 demonstrates significant institutional development. With over $925 billion in assets, PIF’s enhanced climate disclosures, sustainability reporting, and comprehensive governance frameworks cement its pivotal role in driving Vision 2030’s strategic investments across key industries.
Aviation
Saudi-French Aviation Partnership Targets $2.6 Billion Investment
Saudi Arabia and France identified $2.6 billion in aviation sector investment opportunities during the Paris Air Show. The partnership covers airport infrastructure, air navigation systems, and advanced technologies. Multiple agreements were signed involving ground support capabilities, technology localization, and workforce training programs.
The collaboration strengthens economic ties as non-oil trade between both countries exceeded $5.33 billion in 2024. These investments support the National Aviation Strategy’s ambitious goals of expanding capacity to 330 million passengers and 4.5 million tons of cargo annually by 2030, connecting over 250 global destinations.
GACA Partners with Airbus on Sustainable Aviation Technologies
Saudi Arabia’s General Authority of Civil Aviation signed a sustainability-focused partnership with Airbus during the Paris Air Show. The agreement targets low-carbon and sustainable aviation fuels, alongside specialized workforce development programs. Both parties will share expertise in innovative technologies to reduce the aviation sector’s environmental impact.
This collaboration advances the Civil Aviation Environmental Sustainability Program’s objectives within the Vision 2030 framework. By fostering innovation and technical skills, the partnership positions Saudi Arabia as a leader in sustainable aviation, paving the way for a greener industry in the region.
Riyadh Air Orders 50 Airbus A350 Jets for Global Expansion
Riyadh Air secured an agreement for up to 50 Airbus A350-1000 aircraft, including 25 firm orders and 25 purchase rights. The aircraft’s 16,000+ km range enables long-haul connectivity ahead of Riyadh Expo 2030 and FIFA World Cup 2034.
The deal supports Saudi Arabia’s strategy to become a global aviation hub with 330 million annual passengers across 250+ destinations by 2030.
AviLease Acquires 77 Airbus Aircraft for Fleet Expansion
PIF’s AviLease ordered up to 77 Airbus aircraft, comprising 55 A320neo family jets and 22 A350F freighters. Deliveries run through 2033 in the company’s first direct Airbus deal. The order follows a 30 Boeing 737 MAX purchase in May, totaling 107 new aircraft within two months.
This expansion strengthens AviLease’s position as a global lessor with 200 aircraft serving 48 airlines worldwide. The company secured a $1.5 billion credit facility and holds investment-grade ratings, supporting the Aviation Strategy’s goals of 330 million passenger capacity and 4.5 million tons of cargo by 2030.
Construction
Giga-Projects Drive 6.4% Surge in Q1 Cement Sales
Saudi Arabia’s cement sales jumped 6.4% year-on-year to 13.4 million tonnes in Q1 2025, with domestic consumption reaching nearly 13 million. Giga-projects, including NEOM, Qiddiya, and New Murabba, have transitioned from earthworks to concrete-intensive vertical construction phases.
This surge reflects the Kingdom’s $1.3 trillion infrastructure pipeline under Vision 2030’s diversification strategy.
Manufacturing & Industry
SIC Partners with Investindustrial Partner to Accelerate Saudi Industrial Expansion
SIDF Investment Co. has secured its first international private equity partnership with European firm Investindustrial, targeting advanced manufacturing localization in the Kingdom. The alliance focuses on integrating Saudi SMEs into global value chains across machinery, automation, medical devices, and sustainable consumer products.
This strategic move builds on SIC’s $106.6 million (SR400 million) industrial fund launched with Ashmore Investment in March. The partnership directly supports Vision 2030’s National Industrial Strategy, which aims to expand Saudi Arabia’s factory count to 36,000 by 2035 while attracting institutional capital and localizing industrial expertise.
Mining
Industry, Mineral Resources Ministry Showcases Exploration Opportunities to Leading UK Firms
The Ministry of Industry and Mineral Resources hosted a webinar for 70 British mining companies, showcasing exploration opportunities across Saudi Arabia’s mineral-rich territories. Officials presented the Kingdom’s streamlined licensing process, comprehensive geological data, and investor support framework to attract high-quality UK investment.
The ministry plans to issue exploration licenses covering over 50,000 square kilometers throughout 2025, significantly expanding mining activities. This initiative, announced at the Future Minerals Forum, positions the mining sector as a key economic pillar supporting Vision 2030’s diversification strategy beyond oil dependence.
Tourism & Culture
Heritage Commission Adds 744 Archaeological Sites to National Register
Saudi Arabia expanded its National Antiquities Register by 744 sites, bringing the total to 10,061 documented archaeological locations across the Kingdom. The additions span all regions, with the largest concentrations in Riyadh (253 sites), Madinah (167), and Najran (86).
These registrations comply with the Antiquities Law and demonstrate systematic heritage preservation efforts supporting Vision 2030’s cultural development pillar.
Capital Markets
Three Companies Receive Simultaneous Nomu Listing Approvals
The Capital Market Authority approved three parallel market listings in one day: Zahr Al Khuzama Aluminum, Sahat Almajd Trading, and Quality Education Co. This rare simultaneous approval reflects growing investor appetite and streamlined regulatory processes for SME market access.
The approvals support Vision 2030’s target of 35% GDP contribution from SMEs by enabling capital access through Nomu’s lighter requirements. With $293.2 million (SR1.1 billion) raised through 28 IPOs in 2024, the platform demonstrates Saudi Arabia’s commitment to deepening equity markets and supporting private sector growth.