Saudi Roundup: New Business Entries & Major Rail Projects

This week's Saudi Roundup highlights $26.6B in mining agreements, SR977B in foreign investment stock, railway expansions, the Jeddah Metro revival, and new business entries to the Kingdom.

General Economy & Business

74 Non-Oil Sectors Exceed 5% Growth

Minister of Economy and Planning Faisal Alibrahim said Saudi Arabia's participation in the 2026 World Economic Forum in Davos underscores the Kingdom's pivotal role in shaping the global economic agenda. He highlighted that over the past five years, 74 of 81 non-oil sectors recorded annual growth exceeding 5%, with 38 sectors achieving growth above 10%.

Railway & Aviation

Saudi Arabia Railways Tenders 10 New Passenger Trains for Northern Network

Saudi Arabia Railways (SAR) issued a tender to manufacture 10 passenger trains for its Northern Network, with bids due by May 11, 2026. The tender includes design, manufacturing, supply, and fleet maintenance services to strengthen operational readiness. The new trains will operate on the Northern Network, spanning approximately 2,700 kilometers, connecting Riyadh, Al-Majmaah, Qassim, Hail, Al-Jouf, and Al-Qurayyat.

Saudi Arabia Revives Jeddah Metro with Blue Line Tender

Saudi issued a preliminary design consultancy tender for the Jeddah Metro's Blue Line in early January, with proposals due by March, signaling a renewed push to advance public transport infrastructure after years of reassessment.

The Blue Line will span approximately 35 kilometers, linking King Abdulaziz International Airport with the Haramain High-Speed Railway station through 15 stations. The project client is the Jeddah Development Authority. The overall metro scheme comprises four lines spanning more than 161 kilometers, with 81 stations and 197 trains.

RCU Governor Inaugurates AlUla Airport Expansion, Raising Capacity to 700,000 Passengers Annually

Minister of Culture and Governor of the Royal Commission for AlUla (RCU), Prince Badr bin Farhan, inaugurated the expansion of lounges and terminal facilities at AlUla International Airport, increasing total terminal area by 44% from 3,800 to 5,450 square meters. The expansion raises annual passenger capacity from 400,000 to 700,000, a 75% increase, while introducing smart solutions, including electronic gates and expanding international arrivals passport control counters from four to 12.

Mining

Saudi Secures $26.6 Billion in Mining Agreements at Future Minerals Forum

Saudi secured over SR100 billion ($26.6 billion) in agreements and memorandums of understanding at the fifth Future Minerals Forum in Riyadh, attracting 21,500 participants from around 100 countries. The deals span the full mining value chain, including exploration, extraction, mineral processing, manufacturing, R&D, innovation, and sustainability initiatives. The forum featured 274 exhibitors from 13 countries and over 450 speakers, highlighting the Kingdom's strategy to position mining as a key pillar of economic diversification under Vision 2030.

Financial Markets

Total Foreign Investment Stock in Saudi Crosses SR977 Billion

Foreign direct investment inflows have doubled since the launch of Vision 2030, reaching SR119.2 billion in 2024, with total foreign investment stock reaching SR977.3 billion. Opening real estate and financial markets to foreign investors by 2026 will strengthen the Kingdom's position as a global financial center.

Trade between Saudi Arabia and Japan has grown 38% since 2016, reaching SR138 billion, making Japan the Kingdom's third-largest trading partner. More than 120 investment licenses have been granted to Japanese companies, with 18 Japanese firms establishing regional headquarters in Riyadh.

Assets of Public Investment Funds Reach SR218 Billion by End of Q3 2025

Assets held by local and foreign public investment funds in the Saudi financial market grew 36.1% year-on-year, rising by SR57.9 billion to SR217.9 billion by the end of Q3 2025, compared to SR160.1 billion in the same period of 2024. Foreign investment assets increased 21.1% to SR31.1 billion, representing 14.3% of total asset value. The number of public investment funds grew by 11.6% annually, with 36 new funds added to bring the total to 346, up from 310 in Q3 2024.

Business Expansions

OnTheList Launches Members-Only Luxury Platform in Saudi Arabia

OnTheList launched its members-only flash sales platform in Saudi Arabia on January 19, offering exclusive access to limited-time sales featuring luxury brands including Gucci Jewellery, Aigner, Lanvin, and Serapian Milano. Originally founded in Hong Kong in 2016 as Asia's first members-only flash sales concept, OnTheList has brought over 50 flash sales to the UAE since opening in 2024.

Egyptian Businesses Plan Expansion in Saudi Arabia

Egyptian companies are preparing to expand trade and investment ties with Saudi Arabia over the next five years, with 86% of Egyptian businesses expecting to significantly increase trade with the Kingdom—the highest level among all surveyed markets, according to HSBC's New Networks of Capital report. Technology (41%) and energy and renewables (35%) emerged as the sectors with the strongest investment opportunities for Egyptian companies. Todd Wilcox, CEO of HSBC Egypt, noted that more than 7,000 investment licenses have been granted to Egyptian companies operating across the Kingdom in high-growth sectors.

ispace Expands to Saudi as Lunar Race Draws in the Middle East

Japanese lunar exploration company ispace announced its expansion to Saudi Arabia, establishing a regional presence as the Kingdom joins the global lunar race. ispace's entry into the Saudi market reflects increasing Middle Eastern interest in space exploration and lunar missions, positioning the Kingdom as an emerging player in the commercial space industry.