Saudi Roundup: Mining, Energy & Tech Deals

This week’s Saudi Roundup tracks the surge in investment licenses, the rapid expansion of Saudi Arabia’s space economy, and Diriyah’s SR2 billion agreement to advance hotel-branded residences.

General Business & Economy

Investment Licenses Surge 252% in Q2

Saudi Arabia issued 9,018 investment licenses in the second quarter of 2026, representing a 252 percent year-on-year increase, according to newly released figures. In its latest Economic & Investment Monitor, Saudi Arabia Q2 2026 report, the Ministry of Investment said the licenses were primarily concentrated in the wholesale and retail trade, construction, and manufacturing sectors, which together accounted for around 66% of all licenses issued during the quarter.

Saudi Space Economy Set to Nearly Quadruple to $31.6B by 2035

Saudi Arabia’s space economy is projected to nearly quadruple to $31.6 billion by 2035, up from $8.7 billion in 2024, as the Kingdom looks to position space and digital technologies as new drivers of economic growth and sustainability. More than 50% of essential climate variables can be measured from space, according to the Digital & Space Sustainability Report 2026, published by the Communications, Space and Technology Commission with support from the International Telecommunication Union. The report highlights the growing role of satellite technologies in climate monitoring, water management, agriculture, desertification, and disaster response.

Diriyah Co., Arab National Bank Sign $533M Financing Deal

Diriyah Co. has signed an SR2 billion ($533 million) financing agreement with Arab National Bank to support the development of hotel-branded residences in Diriyah and Wadi Safar. The latest developments form part of the company’s 14-square-kilometer Diriyah master plan and Wadi Safar development. Owned by the Public Investment Fund, Diriyah Co. is developing the historic area as the Kingdom’s fifth giga-project, with plans for more than 40 hotels and an expected 50 million annual visitors by 2030.

Energy

Saudi Signs $1.16B Battery Storage Deals for 2 GW

Saudi Arabia has signed agreements for four battery energy storage projects with a combined capacity of 2,000 MW and four-hour storage duration, representing investments of more than SR4.35 billion ($1.16 billion). Saudi Power Procurement Co., the Kingdom’s principal electricity buyer, signed the storage service agreements for the projects, marking the first batch of battery energy storage initiatives to be developed under a build-own-operate model. Developed under the supervision of the Ministry of Energy, the four facilities will provide a combined 8,000 MWh of storage capacity.

Mining

Aramco, Ma’aden to Form JV for Mineral Exploration Across 10% of Saudi Arabia

Aramco and mining company Ma’aden have agreed to establish a joint venture focused on mineral exploration across nearly 10 percent of Saudi Arabia’s total land area.

Under the agreement, Ma’aden is expected to hold a 51 percent stake, with Aramco owning the remaining 49 percent. The venture will focus on exploring copper and other minerals critical to the energy transition, building on plans initially announced in January 2025.

Maaden Secures $1B in International Credit Facilities

Saudi Arabian Mining Co. (Maaden) has secured $1 billion in international syndicated credit facilities, with strong demand from global lenders resulting in the financing being significantly oversubscribed. The transaction drew participation from major banks across the US, Canada, Europe, China, and Japan, expanding Maaden’s access to international financing and reflecting lenders’ confidence in its financial strength, strategic direction, and growth plans.

The facilities include a $500 million international term loan and a $500 million international revolving credit facility.

Saudization

HRDF-Backed Employment of Saudis Rises 23% to 329K in H1

The Human Resources Development Fund (HRDF) supported the employment of 329,000 Saudi citizens in the first half of 2026, marking a 23% increase from the same period last year through its training, empowerment, and career guidance programs. During the six-month period, the fund also provided around SR4.9 billion ($1.3 billion) in direct support to individuals and businesses, while more than 1.69 million citizens benefited from its various services and programs.

More Than 419K Employment Contracts Signed, Over 258K Saudis Join Workforce in Q2

Saudi Arabia’s Qiwa platform recorded more than 3 million services in the second quarter of 2026, as the Ministry of Human Resources and Social Development (MHRSD) continued efforts to enhance labor market efficiency and expand digital services for businesses and individuals.

During the quarter, 419,381 employment contracts for Saudi citizens were documented, while 258,829 new Saudi beneficiaries joined the platform, supporting the Kingdom’s efforts to strengthen workforce participation and advance the objectives of Saudi Vision 2030.

Business Expansions

Najm and Solera Partner to Accelerate AI-Powered Claims Transformation Across Saudi Arabia

Solera, a global provider of vehicle lifecycle management and claims solutions, has entered into a strategic partnership with Najm, Saudi Arabia’s national platform for motor accident management. The partnership also supports Solera’s broader Middle East growth strategy, with Saudi Arabia serving as a key market for its regional expansion. It further underscores the company’s long-term commitment to helping insurers across the region transform claims operations, improve efficiency, reduce operating costs, and strengthen regulatory compliance.

First Gulf Company Partners With BMET to Bring Kingdom’s First Certified Healthcare Technology Manager Pathway to Saudi Arabia

First Gulf Company (FGC) has announced plans to introduce the first Certified Healthcare Technology Manager (CHTM) certification pathway in Saudi Arabia, in partnership with the Biomedical Engineering Technology Society (BMET). Awarded internationally by the Association for the Advancement of Medical Instrumentation (AAMI), the CHTM certification is a globally recognized credential for professionals managing healthcare technology, including the medical equipment and systems used by clinical teams.