Saudi Roundup: New SPAC Rules & Q4 FDI Update
This week’s Saudi Roundup highlights Saudi unemployment nearing its Vision 2030 target and the CMA’s introduction of a SPAC framework on Nomu, alongside a range of sector updates.
General Business & Economy
Net FDI rises 90% year on year to SR48.4 billion in Q4 2025
Saudi Arabia's net foreign direct investment rose 90% year on year to SR48.4 billion ($12.9 billion) in the fourth quarter of 2025, up from SR25.5 billion in the same period of 2024, according to the General Authority for Statistics (GASTAT). Inward FDI flows saw a 29% annual increase, while outflows fell 84% year on year to SR2.2 billion.
Saudi to build new industrial complex in Rabigh
Saudi Arabia is set to develop a new industrial complex in Rabigh, covering around 270,000 square meters and accommodating approximately 100 factories across various sectors. The project, backed by an initial investment of about SAR 50 million ($13 million), will be delivered in two phases, with the first expected to be operational by mid-2027.
Saudi unemployment falls to 7.2% in Q4 2025; female unemployment hits 25-year low
The unemployment rate among nationals declined 0.3% to 7.2% in the fourth quarter of 2025. Female unemployment fell to 10.3%, down 1.6% points from Q4 2024. The total population’s labor force participation rate rose to 67.4%, up 0.5% points from the previous quarter and 1 percentage point compared to last year.
Eight Saudi cities feature in the 2026 IMD Smart City Index
Eight Saudi cities secured rankings in the 2026 IMD Smart City Index, published by the International Institute for Management Development. Riyadh advanced three positions to 24th globally. Makkah ranked 50th, Jeddah 55th, Al-Khobar 64th, and Madinah 67th. The IMD Smart City Index measures how cities adopt modern technologies based on residents' perceptions of service quality, digital infrastructure, and their impact on daily life.
Industrial lending surpasses SR774 million in 2025, up 36% year on year
Total industrial lending through fintech partnerships exceeded SR774 million ($206.4 million) in 2025, a 36% increase from 2024. The ministry's strategic collaborations with fintech firms provide industrial companies with working capital loans, sales invoice financing, and expansion funding. Looking ahead to 2026, the ministry plans to expand its lending portfolio, introduce new financial instruments, and conduct educational workshops for factory owners on available fintech tools.
Financial Markets
CMA approves SPAC regulatory framework for Nomu parallel market
The Capital Market Authority (CMA) approved a regulatory framework governing the offering of Special Purpose Acquisition Companies (SPACs) on the Nomu parallel market. This is done through amendments to the Implementing Regulation of the Companies Law for Listed Joint Stock Companies, the Rules on the Offer of Securities and Continuing Obligations, and the Glossary of Defined Terms in the CMA’s regulations and rules.
Technology & AI
Saudi data center capacity expands sixfold since Vision 2030 launch
Saudi Arabia’s data center sector has seen rapid growth since the launch of Vision 2030, expanding sixfold with investments surpassing SR16 billion ($4.26 billion). The Kingdom now hosts over 60 operational data centers, developed by more than 20 companies, reflecting a major push to strengthen its digital infrastructure and support the growing demand for cloud, AI, and IT services,
PIF in talks to commit $5 billion as anchor investor in SpaceX IPO
The Public Investment Fund (PIF) has held discussions with SpaceX about potentially committing around $5 billion as an anchor investor in the company's planned IPO. The investment would partly prevent dilution of PIF's existing stake of just under 1% in SpaceX. The company, which operates in rockets, satellites, and AI, aims to raise approximately $75 billion through its IPO, potentially exceeding the size of the world’s largest listings.
Entertainment
Saudi hosts over 89 million visitors in its entertainment sector in 2025
Saudi Arabia’s General Entertainment Authority announced that the Kingdom’s entertainment sector attracted more than 89 million visitors in 2025. In its 2025 annual regulatory affairs report, the authority stated that this figure reflects the sector’s scale of activity and growth, supported by a regulatory framework aimed at improving experience quality, strengthening compliance, and developing related procedures. The authority also noted that the sector hosted 1,690 events, totaling 75,661 event days, with the participation of 6,778 companies across entertainment activities in 2025.
Trade & Exports
Services exports rise 16.8% to SR66.1 billion in Q4 2025
Saudi Arabia's services exports grew 16.8% year on year to SR66.1 billion ($17.6 billion) in the fourth quarter of 2025, up from SR56.6 billion in the same period of 2024. Travel services led export performance at SR39.5 billion, followed by transport services at SR10.5 billion. Meanwhile, services imports contracted 2.6% year on year to SR119.6 billion, with transportation services topping imports at SR33.5 billion, of which maritime transport accounted for 45.6%.
Saudi dates listed in more than 1,500 branches across 14 countries
Saudi dates are now listed in more than 1,500 branches of 15 major retail chains across over 14 countries, with Germany emerging as a significant market. Date production has exceeded 1.9 million tons, with exports reaching around SR1.7 billion ($453.3 million). Saudi dates are now exported to over 125 countries worldwide, strengthening the Kingdom’s position as a leading global exporter.
Saudi rose industry sees 15% growth in production
The Kingdom’s rose sector is experiencing strong growth, with annual production increasing by more than 15% amid rising global demand. The sector generates significant economic returns for small-scale farmers in Taif Governorate, where around 700 hectares of rose farms across approximately 1,300 properties produce nearly 500 million roses each year.