Saudi Roundup: Expo Build Begins as PIF Sets New Strategy
This week’s Saudi Roundup covers Riyadh Metro tenders, Expo 2030 construction, Jazan port incentives, and a rise in domestic tourism.
General Economy & Business
PIF Approves 2026-2030 Strategy Focused on Domestic Ecosystems and Value Creation
Saudi Arabia's PIF has approved its 2026-2030 strategy, marking a shift from rapid growth to a phase of sustained value creation, with a stronger focus on investment efficiency, governance, and private sector enablement. The strategy organizes PIF's investments into three portfolios: the Vision Portfolio, which targets six competitive domestic ecosystems—tourism, travel, and entertainment; urban development and livability; advanced manufacturing and innovation; industrials and logistics; clean energy, water, and renewables infrastructure; and Neom
CEDA Reviews Vision 2030 Progress and National Governance Frameworks
The Council of Economic and Development Affairs reviewed a monthly economic report from the Ministry of Economy and Planning covering global growth prospects and the resilience of the Saudi economy, which it attributed to sound economic policies and strong logistics infrastructure. The 2025 annual performance report from the National Center for Performance Measurement (Adaa) highlighted sustained positive performance trends across public agencies. The National Center for Privatization and PPP presented on progress in the second half of 2025, detailing the completion of several projects.
Saudi Ranks First Globally in ITU Digital Readiness Index 2025
Saudi Arabia has topped the International Telecommunication Union's Digital Readiness Framework 2025, scoring 94 out of 100 in the "very high" category—up from 90 points and fourth place in the previous year. Finland and Germany followed in second and third place with 93 points each, ahead of the United Kingdom (92), Norway (91), and France (90). The framework measures national digital ecosystem readiness across 117 indicators in nine pillars, covering telecommunications and technology systems, policies, and governance tools.
Riyadh Opens Bids for Naming Rights of Five Metro Stations
The Royal Commission for Riyadh City has launched an investment tender for the naming rights of five Riyadh Metro stations: Al-Murooj, Al-Nuzha, King Fahd District 1, Al-Rabie, and Jarir District. The stations were selected for their strategic locations, high population density, and passenger traffic volumes. Contracts run for up to 10 years and grant brand visibility across signage, ticket gates, escalators, elevators, and key transit areas. Bids are being accepted via the Furas platform until May 10, 2026, and are open to local and international private-sector investors.
PIF Commits $550 Million to Lucid Group as EV Maker Expands Robotaxi Partnership
PIF has committed a fresh $550 million to electric vehicle manufacturer Lucid Group through its affiliate Ayar Third Investment Co., deployed via the purchase of convertible preferred stock. The investment coincides with an expanded commercial agreement between Lucid and Uber, under which Lucid will supply at least 35,000 vehicles for a planned global robotaxi network.
221 Industrial Licenses Issued in February, 112 Factories Begin Production
Saudi Arabia issued 221 new industrial licenses in February, with total investments linked to those licenses exceeding SR2.6 billion ($692.7 million) and an estimated 1,995 jobs expected to be created. The Kingdom’s industrial push gained further momentum with the June launch of phase two of its standardized industrial incentives program, offering grants of up to SR50 million or 35% of investment for factories producing import-substituting goods.
Infrastructure & Logistics
Jazan Port Launches New Incentive Package to Attract Shipping Lines
Jazan City for Primary and Downstream Industries has introduced a new incentives package for shipping lines using its port, including discounts of up to 50% on shipping and handling services. New customers are offered a fixed 20% discount and a full waiver of maritime fees for the first three voyages. It also introduces cargo-focused incentives under a five-tier system for imports and exports, offering handling discounts ranging from 5% to 20% based on operational volume.
Spain's Sener Wins Land Bridge Design Contract
Spanish engineering firm Sener has been awarded the lead design consultancy contract for the Land Bridge railway project, following a competitive tender issued by Saudi Railway Company (SAR) in April 2025. The project spans approximately 1,500 kilometers, linking Jeddah on the Red Sea to Dammam and Jubail on the Arabian Gulf. Once operational, the railway is projected to transport more than 50 million tonnes of freight annually.
Expo 2030 Riyadh Construction Begins As Saudi Updates Global Regulatory Bodies
Construction has commenced at the Expo 2030 Riyadh site, Saudi authorities confirmed during an Executive Committee meeting of the Bureau International des Expositions (BIE) held in Paris. The Kingdom's delegation, led by Minister of State for Foreign Affairs and Commissioner General of Expo 2030 Riyadh Adel Al-Jubeir, briefed participants on progress in infrastructure, master planning, design, and communications, as well as the refinement of the Expo's main theme and subthemes. Expo 2030 Riyadh is scheduled to run from October 1, 2030 to March 1, 2031, under the theme "Foresight for Tomorrow."
SR1 Billion Dammam Sports City Deal Signed at Sports Investment Forum
A SR1 billion ($267 million) private sector sports development project in the Eastern Province has been formally agreed upon at the Sports Investment Forum in Riyadh. Alongside the project, the Sharqia Development Authority and SIF unveiled a series of sports events in Dammam with total investments of approximately SR15 million ($4 million).
Tourism & Hospitality
10 Million Domestic Visitors Travel During Ramadan and Eid Season
Domestic tourism during the Ramadan and Eid Al-Fitr season reached a record 10 million visitors in Q1 2026, representing a 14% increase over the same period in the prior year, according to the Ministry of Tourism. Spending during the period reached SR10.2 billion, a 5% year-on-year increase. Madinah recorded the highest growth in domestic visitor numbers at 20 percent (800,000 visitors), followed by Jeddah at 17% (1.1 million visitors) and Makkah at 16% (3 million visitors).
Hotel Occupancy Reaches 57.3% in Q4 2025
The average hotel room occupancy rate in Saudi Arabia reached 57.3% in the fourth quarter of 2025, up 1.3 percentage points from 56% in Q4 2024, according to the General Authority for Statistics (GASTAT). Serviced apartments and other hospitality facilities recorded an average occupancy rate of 55.9% over the same period. Riyadh led serviced apartments with an occupancy rate of 70.5%, followed by Najran and the Eastern Province at 60% and 57.8%, respectively.
W Hotels Makes Saudi Debut with Opening of W Riyadh – KAFD
W Hotels, part of Marriott Bonvoy's portfolio, has officially opened W Riyadh in KAFD, marking the brand's first property in Saudi Arabia. Recognized as the world's largest LEED-certified mixed-use business destination, the hotel features 210 guestrooms, including 17 suites, two penthouses, and the W Penthouse.
AlUla Development Company Breaks Ground on NUMAJ Hotel
AlUla Development Company (UDC), a PIF company, has commenced construction on NUMAJ, Autograph Collection—a 250-key hotel set to open in 2027 and operated by Marriott International. The project draws on AlUla's natural landscapes, cultural heritage, and celestial history, with the name NUMAJ derived from the star system Nu Ursae Majoris, historically used as a navigational reference by ancient travelers.