Saudi Roundup: Business Activity Gathers Pace in Finance & Real Estate
This week’s roundup examines the World Bank’s latest report projecting 7.9% economic growth in Saudi in 2027, a series of real estate and tourism deals in Diriyah, and a rise in public-private partnerships between global AI companies and their Saudi counterparts.
General Economy & Business
World Bank Forecasts Saudi Economy to Grow 7.9% in 2027
The World Bank has forecast that Saudi Arabia’s economy will grow by 7.9% in 2027, raising its projection by three percentage points from the 4.9% growth estimate issued in April. The bank highlighted shipping routes, energy infrastructure and the ability to redirect exports as key factors shaping economic activity, underscoring the importance of trade flexibility and resilient supply chains in supporting the region’s economic recovery.
MICE
Saudi Poultry Sector Attracts $687M in Deals at Riyadh Expo
Saudi Arabia has signed 27 agreements worth more than SR2.57 billion ($687 million) in poultry-sector investments as the Kingdom works to boost domestic production and strengthen supply chains. The agreements were signed during the opening of the fifth Middle East Poultry Expo on October 4 at the Riyadh International Convention and Exhibition Center. More than 400 companies and exhibitors from 45 countries are participating in the three-day event, which comes amid rapid growth in Saudi Arabia’s poultry sector.
Finance
Rasmal Ventures and Strategic Gears Sign MoU to Strengthen Saudi Arabia–Asia Business Ties
Rasmal Ventures, Qatar’s first institutionally backed investment firm, trusted by sovereign wealth funds including the Qatar Investment Authority (QIA), has signed an MoU with Saudi consulting firm Strategic Gears to facilitate two-way business and investment opportunities between Saudi and Asia. Under the agreement, Rasmal will connect Strategic Gears and its clients with its Asian networks and markets, while Strategic Gears will provide Rasmal and its portfolio companies with access to opportunities within the Kingdom.
Zoom Hosts Executive Forum for Saudi Arabia’s Financial Services Sector
Zoom Communications has hosted a day-long KSA Finance & Insurance Executive Forum in Riyadh, bringing together industry leaders to explore how AI-powered communications can support financial services and insurance organizations amid evolving customer expectations, workplace models and digital transformation. The forum gathered nearly 70 banking, financial services and insurance executives from across Saudi Arabia.
AI & Tech
Lenovo and Saal.ai Partner to Accelerate Enterprise AI Adoption in Saudi Arabia and the Region
Lenovo, a global technology company, and Saal.ai, a provider of AI, data and analytics solutions, have announced a collaboration to help organizations adopt and deploy artificial intelligence across Saudi Arabia and the wider region. The partnership combines Lenovo’s AI-ready infrastructure and enterprise technology with Saal.ai’s AI, data and analytics expertise.
Dell Technologies and Aramco Digital Sign MoU to Advance Industrial AI and Digital Infrastructure in Saudi Arabia
Dell Technologies and Aramco Digital, a Saudi industrial AI company, have signed a MoU to explore opportunities to accelerate industrial AI adoption and expand cloud consulting, managed IT services and cyber resilience capabilities across Saudi Arabia. Under the proposed collaboration, the two companies will explore opportunities to help organizations improve operational efficiency, optimize multi-cloud environments, strengthen data protection and deploy secure and scalable Industrial AI solutions.
Real Estate & Construction
Saudi Arabia’s Diriyah Awards $720M in Construction Contracts for Luxury Hotels and Residences
Diriyah Company, the developer behind Saudi Arabia’s flagship historical, cultural and lifestyle destination, has awarded two construction contracts worth SAR2.73 billion ($720 million) to develop five luxury hotels and three residential assets in Diriyah Square. The contracts mark a major milestone in the destination’s hospitality development, supporting Diriyah’s ambition to establish itself as an urban hub for living, working and tourism.
Saudi Real Estate Refinance Co. and Banque Saudi Fransi Sign Third Mortgage Portfolio Deal
The Saudi Real Estate Refinance Co. (SRC), a PIF company, has signed an agreement to acquire a residential mortgage portfolio from Banque Saudi Fransi (BSF), marking the third portfolio transaction between the two companies. The agreement aims to enhance the efficiency and sustainability of Saudi Arabia’s mortgage market.
Saudi Arabia to Make RIPC Accreditation Mandatory for Riyadh Infrastructure Contractors From 2027
Accreditation from the Riyadh Infrastructure Projects Centre (RIPC) will become mandatory for entities implementing infrastructure projects across the Riyadh region from January 1, 2027. The requirement is part of efforts to improve infrastructure project delivery, enhance sector efficiency and strengthen compliance with quality, safety and environmental standards, SPA reported, citing RIPC.
Flexible Office Occupancy in Central Riyadh Nears 90% as International Firms Drive Demand
Flexible office occupancy in Riyadh’s Olaya district is nearing 90%, driven by demand from international companies and new business formations, according to a report by JLL. Occupancy in the King Abdullah Financial District (KAFD) remained in the mid-80% range, with Olaya and KAFD together accounting for 45% of the capital’s flexible workspace supply.