They have scrapped the long-standing Qualified Foreign Investor (QFI) programme. The previous framework only allowed large institutions to make investments.

That reform significantly lowers the barrier to entry for overseas investors and gives platforms like Sahm a timely opportunity to widen access to Saudi equities. Sahm says its app offers trading across both Saudi and American markets in a single interface, along with real-time data, analytics tools, and educational content, while the company operates under Capital Market Authority licenses covering dealing, custody, advising, arranging, managing investments, and fund operation.

The broader market backdrop is substantial. Saudi Tadawul Group’s total market capitalisation reached approximately USD 2.6 trillion as of January 2026, emphasising the scale of the exchange Sahm is integrating into. The Saudi Exchange also reported a total foreign holding value of SAR 443.78 billion, or about USD 118.34 billion, at the end of February 2026.

Foreign interest had already been building before the rules changed. By the end of Q3 2025, international investors’ ownership in the Saudi capital market had exceeded SAR 590 billion, with roughly SAR 519 billion invested in the Main Market, up from SAR 498 billion at the end of 2024. That trend suggests the market opening is an acceleration of an existing shift rather than a sudden break with the past.

Sahm has also posted rapid user growth. Company-linked announcements said the platform surpassed one million users within its first year and maintained close to 70% year-on-year user growth in its second year. Earlier reporting also described Sahm Capital as a venture linked to Hong Kong’s Valuable Capital Group and eWTP Arabia Capital.

For investors, the opportunity comes with limits. Saudi rules still maintain foreign ownership caps, including a 49% aggregate ceiling and a 10% limit for a single foreign investor in many cases, even as access has widened. In other words, Sahm may help open the digital front door, but Riyadh’s market opening and not the app itself is the real business story.

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“We estimate about half of their total funding, including debt and capital, has been financed by the Public Investment Fund. Recourse to bank borrowing is low but has been increasing. We expect banks’ giga-project financing to rise as projects approach operational phases and financing can be supported by cash flows,” the rating agency said.

Fitch estimates that bank financing to giga projects was a modest 5%-7% of average sector loans at end-2025. New project awards fell by almost 50% in 2025, but the value of contracts awarded since 2022 is about USD 435 billion, providing significant business opportunities for banks. This should put total exposure to giga projects, both on- and off-balance-sheet, below 10% of the sector’s combined credit risk, the report claimed.

“Delays in giga-project execution or substantial recalibration of their scale could affect the banking sector’s asset-quality metrics in the longer term. However, current low exposure means the projects are unlikely to lead to significant increases in system-wide Stage 2 and Stage 3 loan ratios in 2026-2027,” the report said.

Fitch expects financing requirements for broader “Vision 2030” diversification projects to translate into sustained strong bank loan growth, despite the announced recalibration.

“This will, in turn, drive greater diversification of Saudi banks’ funding sources, underpinning further growth of Saudi Arabia’s debt capital markets, including international issuance,” the agency continued, while adding, that Saudi banks’ exposure to these giga-projects remains modest but is likely to rise as some projects become operational.

“We expect banks’ giga-project financing to rise as projects approach operational phases and financing can be supported by cash flows. We believe this type of financing mostly carries risk-weighting of around 80%-130%, so greater lending to these initiatives could weigh on capital. This, coupled with more stringent capital regulation, could encourage banks to make greater use of tools such as residential mortgage-backed securities (RMBS) and significant risk transfers (SRTs) to relieve pressure on capital ratios, or to adjust their dividend payouts,” Fitch remarked.

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The company’s expansion process will begin in 2027, with a new aircraft delivery scheduled each month until 2029 to reach the planned fleet size. In 2025, the airline carried 11 million passengers, and it projects to take the count to 12-13 million passengers in 2026 as the expansion gathers its speed.

Carrier flyadeal, which reported a 35% year-on-year increase in passenger capacity this December, will be inducting new aircraft types, notably the wide-body A330neo, which can carry 420 passengers. The wide-body aircraft, joining flyadeal’s fleet for the first time, will be capable of connecting Saudi airports on long-haul routes spanning from Western Europe to Southeast Asia. This will allow the low-cost venture to significantly expand its international network and develop a transcontinental operational structure to meet rising demand for travel to and from the Kingdom.

Also, flyadeal plans to restructure its operations over the next two years to achieve a balanced mix of domestic and international flights. It will result in a significant shift from the airline’s current operational structure, which relies on an 80% domestic and 20% international flight model.

In 2024, the airline closed its activities with a fleet of 36 aircraft, and in 2025, it added eight more. By this year’s end, flyadeal will have 44 aircraft, with one final delivery expected in the last week of December, Greenway said, while adding that the short-term plan includes addition of four new aircraft in 2026, bringing the fleet to 48, comprising traditional A320s, fuel-efficient A320neos, and A321s with 240 seats.

The Kingdom’s aviation sector recorded significant growth in 2024, with passenger numbers exceeding 128 million, a 15% year-on-year increase. The Kingdom’s General Authority of Civil Aviation reported more than 905,000 flights, up 11% from 2024, while air connectivity grew 16% to over 170 destinations worldwide.

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The Dammam Integrated Logistics Zone represents an investment of up to SAR 1.3 billion (USD 346 million), while offering features like modular warehousing, cold chain and vehicle storage, re-export and light manufacturing zones, dedicated areas for petrochemical products, e-commerce storage, and container handling.

“Linked directly to SGP Container Terminals, SGP Multipurpose Terminals and SGP Intermodal (the Riyadh Dry Port Ecosystem), the zone aims to provide an integrated trade solution connecting sea, land, and industrial logistics for domestic and international customers,” reported Port Technology International.

The Eastern Province Governor also inaugurated the newly completed expansion works at the port’s Second Container Terminal, which increased its capacity from 2.5 million TEUs (Twenty-Foot Equivalent Units) to 3.8 million TEUs. The SAR 1.5 billion (USD 400 million) project also extended Berth 44 by 225 metres, raising the total quay length to 925 metres and enabling the terminal to accommodate two ultra-large vessels simultaneously.

“The two projects, representing total private-sector investments exceeding SAR 2.8 billion (USD 747 million), are expected to boost throughput capacity, improve service quality and increase integration between King Abdulaziz Port and the Riyadh Dry Port through smoother sea-rail cargo transfers,” the Mawani statement said.

Eng. Abdullah Al Zamil, Chairman of the Board of SGP, during the occasion, said, “The expansion of Terminal 2 and launch of SGP Freezones reflects SGP’s commitment to be future-ready and deliver the world-class infrastructure that strengthens the Kingdom’s logistics competitiveness. As one of the national champions for ports and logistics, SGP is proud to help position the Kingdom as a leading global logistics hub and a true gateway to growth, in alignment with Vision 2030.”

“The inauguration of Terminal 2 and the groundbreaking of the Dammam Integrated Logistics Zone represent more than the physical expansion of infrastructure. They reflect our belief in Saudi Arabia’s trade potential and our commitment to meeting the growing demand. At SGP, we are creating a connected port ecosystem that will drive efficiency, capacity, and sustainable growth for years to come. We extend our sincere appreciation to Mawani and the other key government partners for their continued support and shared dedication to promoting trade diversification, job creation, and supply chain resilience throughout the Kingdom,” SGP CEO Rob Harrison noted.

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The developer said in a bourse disclosure that together with partner Shomoul Commercial Mall Company (a subsidiary of Mabanee), it has signed an amendment and upsizing to the existing financing agreement for The Avenues Mall Riyadh by SAR 2.38 billion (USD 635 million). Additionally, a new financing facility of SAR 3.45 billion (USD 920 million) was secured for The Avenues Riyadh Towers.

Combined with the earlier facilities, the total debt facility for “The Avenues – Riyadh” now amounts to SAR 11.44 billion (USD 3.04 billion). The new financing supports Mabanee’s strategic plan to continue developing “The Avenues Riyadh Mall” and “The Avenues Riyadh Towers,” which will comprise three hotel towers, an office tower, and a residential tower.

Located in North Riyadh City, The Avenues – Riyadh extends across an area of 390,000 square metres (sqm) and will have 1,870,000 sqm of built-up area and 370,000 sqm of leasable area. In August 2025, AECOM was appointed the Project Management Consultant (PMC) and engineer for Phase II of the project following the successful delivery of Phase I, as per the reports. AECOM will utilise advanced digital project management tools, data-driven dashboards, and lean construction approaches to optimise project tracking and enhance stakeholder communications.

According to Mabanee’s website, the project is scheduled to open in the fourth quarter of 2026.

“Once completed, the Avenues will become the Middle East’s largest commercial mall with a gross land area of 370,000 square metres. Furthermore, it will include luxury and lifestyle hotels, residential apartments, and offices. It also aims to include a parking lot that can accommodate more than 14,000 vehicles at a time,” reported Construction Review back in March 2025.

Image Credits: Mabanee

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Islamic funds are expected to remain the dominant category. However, the AMI remains exposed to oil-price sensitivity, local, regional and global market volatility and geopolitical risks. Equity-linked fee and performance income was weighed down by a circa 13% yoy fall in equity market capitalisation by the end of August 2025.

“Saudi Arabia’s AMI is on a steady growth path, supported by ongoing reforms and deeper local capital markets. Sharia-compliant funds remain the majority, with product breadth widening across areas such as new IPOs, sukuk and bonds, ETFs and private credit. New initiatives, such as voluntary pension and savings schemes, should enhance access and liquidity. Although market volatility and oil-price sensitivity pose near-term risks, foreign participation is rising and Saudi sukuk largely carry investment-grade ratings, supporting resilience,” said Bashar Al Natoor, Global Head of Islamic Finance at Fitch Ratings.

Fitch Ratings further reported that PIF’s recent MoUs with global asset managers such as BlackRock, Franklin Templeton, Neuberger Berman, and Northern Trust Asset Management would amount to about USD 12 billion and facilitate foreign capital and expertise inflows.

The share of Saudi bank-affiliated asset managers was 63.5%, while international and regional institutions rose to about 15%, it said. At the end of Q1 25, the industry AUM grew 21% yoy to USD 306.1 billion, with about half in private funds, followed by discretionary portfolio management, and public funds.

“The government aims for AUM to reach 31% of GDP in 2025 and 40% by 2030, from about 23% in 1H25. Foreign investors held 7.6% of government local debt issuances in June 2025 (2023: 5.2%),” the report noted further.

Talking about the steady emergence of Saudi Arabia’s AMI industry, a recent report from S&P Global Ratings predicted the Kingdom’s total AUM to surpass USD 500 billion by 2030, while citing factors like continuous regulatory reforms, development of debt and equity markets, increasing availability of exchange-traded funds (ETFs), real estate investment trusts (REITs), and various other retail and institutional products behind the phenomenon.

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This vision is increasingly becoming a reality as Saudi Arabia reimagines its economic future by developing smaller, secondary cities into vibrant economic centres. Under the Kingdom’s ambitious “Vision 2030” diversification blueprint, cities like Taif, Abha, Jazan, and Hail are taking on new roles as engines of growth, helping to geographically diversify the economy and improve the quality of life across the country.

The rise of secondary cities

In partnership with programmes like the Future Saudi Cities Programme (a Ministry of Municipal Affairs and UN-Habitat initiative), Saudi Arabia is working to enhance the liveability and sustainability of 17 cities across the Kingdom.

The idea is simple: rather than having most jobs and industries clustered in a few big cities, spread opportunities across many cities and towns. Vision 2030 explicitly calls for developing special economic zones in different regions to leverage each area’s strengths.

The government has been revamping earlier “economic city” projects, such as the industrial city in Jazan, so that these smaller urban economies can attract investment, create jobs, and draw talent. As the Vision 2030 plan itself indicates, the goal is for these cities to contribute to national growth and attract quality investments and skilled workers in line with national priorities.

Crucially, the drive to boost secondary cities has top-level support. In 2022, Crown Prince Mohammed bin Salman launched the Saudi Downtown Company (SDC) to develop modern downtown areas in 12 smaller cities, including Taif, Jazan, Hail, and others. This Public Investment Fund (PIF) initiative will invest in retail, tourism, entertainment, housing, and infrastructure in those city centres, creating jobs and business opportunities for locals.

These efforts align with Vision 2030’s objective of unlocking the potential of promising sectors in each region and contributing to non-oil economic growth. The Kingdom is planning for a future where it’s not just Riyadh or Jeddah on the global stage, but a network of thriving cities, each contributing something unique.

Why geographic diversification matters

For decades, young Saudis flocked to the big three metros, namely Riyadh, Jeddah, and Dammam, in search of education and employment. This led to rapid growth in those cities, but also congestion, high living costs, and regional imbalances.

Meanwhile, many smaller cities saw talent drain away, and their economic potential remained underdeveloped. Geographic diversification aims to correct that by spreading growth more evenly. By turning secondary cities into viable economic centres, Saudi Arabia can reduce the pressure on overburdened metros and offer citizens the choice to prosper in their hometowns.

When a major company opens a branch in, for example, Hail or Abha, it creates good jobs locally, which means young professionals don’t have to relocate to find careers. These employees then spend their salaries locally, which supports neighbourhood shops, restaurants, and services, creating a virtuous cycle of growth.

New industries setting up in town also bring fresh expertise, entrepreneurial energy, and cultural vibrancy, helping diversify the local economy. Over time, this translates to a better quality of life, where residents enjoy good employment without the downsides of mega-city life, such as long commutes or crowded neighbourhoods. And unlike the breakneck urbanisation of major cities, development in smaller cities can be planned smarter and greener, avoiding sprawl and preserving the environment.

A country with multiple economic centres is better able to withstand regional challenges, for instance, if one city faces an industry downturn or environmental strain, others can pick up the slack.

By developing smaller cities alongside big ones, Saudi Arabia is tapping into the talents and resources of the whole nation. This approach creates more equitable, inclusive growth that reaches remote provinces as much as the capital.

Connecting every city

Over the past few years, the government has digitised thousands of services and built robust e-government platforms as part of Vision 2030’s drive for an “Ambitious Nation” and efficient governance. As of early 2023, more than 6,000 government services, ranging from business licensing to health and education services, have been put online.

This is a monumental shift that allows citizens and businesses to access government resources from anywhere, reducing the need for in-person trips to Riyadh or other administrative centres. Vision 2030 emphasises expanding digital services to cut red tape and ensure fast, transparent access for all, regardless of location.

This digital revolution has been a game-changer for smaller cities. Today, an entrepreneur in Taif or Jazan can register a new business, apply for permits, pay fees, and even attend virtual meetings with officials, all of which are online.

In practical terms, this means a company no longer has to base its offices in Riyadh just to be near regulators or ministry offices. As long as there’s a good internet connection, a firm can operate from Abha or Hail and still get its paperwork done electronically.

This e-government push enables decentralisation by liberating businesses from geographic constraints. It also encourages talented people to work from their hometowns if they wish, since they can interact with employers or the government digitally.

Saudi Arabia’s investment in nationwide broadband and 5G networks further supports this connected future. High-speed internet is reaching remote areas, and smart city technologies are being introduced to smaller municipalities.

Investing in infrastructure

Of course, a city needs more than just digital access to thrive. That’s why Saudi Arabia is heavily investing in hard infrastructure and livability improvements in secondary cities. New highways, railway expansions, and airport projects are knitting the country’s regions closer together.

For instance, a new Taif International Airport is being developed to boost that city’s connectivity and tourism potential, aligning with Vision 2030’s goal of enhancing regional transport hubs. Upgrading transport links makes it easier to move goods and people between cities, which is a critical factor if businesses are to operate in multiple locations. Likewise, logistics infrastructure like ports (in Jazan) and industrial zones are being expanded to support local industry and export capacity.

The “Quality of Life” Programme under Vision 2030 sets targets for parks, cultural and sports facilities, and entertainment options across the Kingdom. The Saudi Downtown Company’s projects, for example, will introduce modern mixed-use developments, such as pedestrian-friendly downtown districts with shops, offices, housing, and leisure venues, which are all designed with local character and sustainability in mind.

Families in smaller cities should have access to excellent schools, hospitals, clean public spaces, and recreational activities right at their doorstep. This attention to livability not only improves citizens’ well-being but also makes it easier to attract and retain talent in regional areas.

Another aspect of infrastructure investment is ensuring reliable utilities and digital infrastructure. Secondary cities are seeing upgrades in power supply, water and sewage systems, and the full rollout of fibre-optic internet.

These may not be glamorous projects, but they lay the foundation for businesses to operate smoothly and for residents to enjoy modern conveniences. By enhancing infrastructure and quality of life in tandem, Saudi Arabia is essentially future-proofing these cities, which means they can grow sustainably as their populations and economies expand.

Local industries and new opportunities

Saudi Arabia’s regions are diverse, each with its own resources and cultural heritage, and Vision 2030 seeks to capitalise on these strengths.

For example, Taif, long known for its pleasant climate and agriculture (famous for its rose farms and fruit), is now positioning itself as a hub for tourism, hospitality, medical services, and agribusiness through initiatives like the New Taif project. The idea is to build on Taif’s historic role as a summer retreat and agricultural centre, turning it into a year-round economy that attracts both tourists and professionals.

Down in the southwest, Jazan (Jazan City) has a strategic location on the Red Sea near trade routes. It has been designated as a special economic zone to draw international investors. This zone offers incentives for industries including logistics, manufacturing, and energy, by leveraging Jazan’s port and the nearby refinery and agricultural lands.

The Saudi government’s approach is similar for other locales, with Tabuk province in the northwest being home to the mega-project NEOM, which includes futuristic developments like The Line city and Trojena resort.

Abha, nestled in the Asir mountains, is being uplifted by tourism and culture-driven projects; it is one of the cities in the Future Saudi Cities Programme focused on sustainability and urban quality.

Up north, Hail, which has been historically a trading crossroads, is seeing renewed attention. Hail was earmarked in the past for an “economic city” project due to its location along transport corridors, and today it benefits from projects like the Saudi Downtown Company’s plan to revitalise its city centre. Hail’s local economy, known for agriculture and an annual international rally race, can grow further with new logistics and mining initiatives as the government improves rail and road connectivity.

Vision 2030 highlights the importance of public-private partnerships (PPPs) and incentives to spur businesses into expanding beyond the big cities. Companies are being offered benefits, including tax breaks, subsidised utilities, and preferential access to government contracts, if they set up operations in targeted regions.

The expectation is that once a few anchor investors establish a presence, a cluster effect will follow, with suppliers, service providers, and small businesses emerging around the new industry, creating an ecosystem.

In practical terms, what’s emerging is a Saudi Arabia with strong regional cities connected by modern infrastructure and digital networks, each city specialising in industries that suit its character. The benefit of this approach is not just economic numbers; it’s also social. Families can stay closer together instead of scattering to distant metros, cultural heritage in different provinces gets a chance to shine, and people all over the country can enjoy a high quality of life.

As one commentator put it, Vision 2030’s economic diversification is “not only sectoral, but it should also be geographical.” The opportunity is here, and Saudi Arabia is seizing it by moving beyond the big cities to build a more balanced, inclusive, and dynamic future for all its citizens.

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In May 2024, the financial venture obtained a licence to establish its regional headquarters in Riyadh, where it has had an office since 2008. The wealth management team will extend the office’s capabilities.

“Saudi Arabia has an exceptionally dynamic economy and a highly sophisticated investor base. The bank plans to open up local and global investment opportunities for regional clients,” said Rob Mullane, Goldman Sachs’ co-head of private wealth management for the EMEA (Europe, Middle East and Africa) region.

The firm has transferred Yousef Alhozaimy and Khalid Soufi as private wealth advisors to be based in Riyadh. While making public its plans about increasing its Gulf presence, Goldman Sachs informed the media about actively hiring for private wealth advisors and other positions. The new unit will employ its ‘One Goldman Sachs’ strategy by collaborating with asset management, global banking and markets teams in the region.

Goldman Sachs Private Wealth Management division is primarily focused on creating customised personalised management strategies for ultra-high net worth individuals, families, and select institutions, including foundations and endowments. As of 30th September 2025, the venture had USD 1.8 trillion worth of client assets under supervision.

The bank is among global firms expanding their footprint in the Kingdom as the Gulf major seeks to reduce its dependence on oil revenue by investing in sectors such as financial services, under the ambitious economic diversification agenda called the “Vision 2030.”

As per the S&P Kingdom’s asset management industry, the sector grew by an average of around 12% per year between 2015 and 2024, with assets under management (AUM) reaching around 295 billion dollars as of March 31, 2025.

In the words of Timucin Engin, Head of Research and Strategy at S&P in Riyadh, the Gulf major has remained the largest player in the region when it comes to asset and fund management. As per the official, “We expect that assets under management (AUM) will continue to grow at a healthy pace and could exceed half a trillion US dollars by the end of 2030 — subject to market conditions. This is due to ongoing regulatory efforts, as well as the continued growth of debt and equity markets, and the increasing availability of exchange-traded funds (ETFs), real estate investment trusts (REITs), and other retail and institutional products.”

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Established in 2024 by Shaqran Alyahya and Khalid Naili, Riyadh-based Nayla Finance operates as a fintech company licensed by the Saudi Central Bank. The company, which was the first carved-out venture out of Sanabil Venture Studio, has its paid-up capital at SAR 10 million. It has a mission of empowering micro enterprises by offering accessible, fair, and digital credit solutions tailored to the real needs of these small players.

The Challenge: Access To Capital For Micro-Enterprises

Micro-businesses like retail shops, food and beverage stalls, and e-commerce sellers face several obstacles in accessing formal finance. Banks and traditional lenders often require strong credit history, collateral, and lengthy paperwork.

“For many micro-entrepreneurs, these requirements are prohibitive, pushing them to informal lenders or stalling growth altogether. The Saudi Vision 2030 emphasises boosting SMEs’ contribution to GDP, increasing lending to them to 20%, and diversifying the economy. Meeting these goals means closing the financing gap for micro-businesses,” Nayla Finance told International Finance.

Nayla has stepped up to the challenge as the only fintech player in the market focusing exclusively on micro-financing for micro-businesses, allowing it to fully understand and deliver innovative financial products to an underserved segment. Instead of relying on standard credit history, Nayla uses proprietary scoring models that understand micro-business realities, including using alternative data. This helps them assess risk more precisely and accept businesses that the banks might reject.

From application to approval, the process is designed to be as seamless and paperless. Most importantly, the micro-financing offerings are compliant with Sharia, which matters for many business owners in the Kingdom who wish their financing to align with Islamic finance principles. Nayla offers financing up to SAR 100,000 with repayment terms of up to six months, fixed repayment schedules, and a digital decisioning process that can deliver funds much faster than traditional lenders.

Recent Progress And Funding

In March 2025, Nayla Finance raised USD 4 million in seed funding, led by Sanabil Venture Studio by Stryber. The funding is intended to help the venture scale, in addition to enhancing its technology platform (especially credit scoring), expanding its loan book, and forming partnerships across key sectors such as F&B, e-commerce, and retail. Approximately USD 2.7 million is allocated as debt financing to expand Nayla Finance’s loan portfolio.

Alignment With Saudi Vision 2030

“Nayla’s strategy aligns closely with Saudi Arabia’s Vision 2030, aiming to increase SME participation in the economy, enhance financial inclusion, and support digital transformation. Micro-enterprises are the backbone of entrepreneurship, job creation, and regional economic development. Enabling easier access to capital leads to increased business activity, job creation, and greater innovation,” the fintech player remarked.

Nayla’s journey has been promising, but challenges remain. Even with alternative scoring, small businesses tend to carry a higher risk. Ensuring default rates stay manageable will be key. Also, as a licensed financing company under the Saudi Central Bank, Nayla must maintain strict compliance, customer protection, and risk governance.

Growing from pilot volumes to large portfolios will require robust systems, partnerships, and certainly more capital. Micro-business owners might not be familiar with digital fintech options or may be wary. Building trust and awareness will be essential for Nayla.

Looking Forward

With Nayla Finance’s digital-first, low-ticket, high-frequency model and alignment with Saudi economic policy, it is well-positioned to disrupt the traditional micro-lending market. If this initiative succeeds, it could serve as a model for similar efforts throughout the broader Middle East region.
Its success will depend on how effectively it balances growth and risk, maintains customer trust, and meets the diverse needs of micro-businesses across different sectors and locations. For micro-entrepreneurs in the Kingdom, Nayla is more than just a lender; it embodies access to opportunities, speed, and fairness.

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The CEO said, “Much of the promised progress has not been delivered, with many unintended consequences. Thankfully, it is finally shifting the narrative in three key ways. First, while EVs and renewables are growing, they are not even covering demand growth and remain small in absolute numbers… In reality, this is not a true energy transition; it’s an energy addition, which requires all hands on deck. Second, this reality is why every major forecaster is revising scenarios, with oil and gas locked in for decades, which I hope serves as the green light for long-term investments in both. Third, even in the Global North, the economic realities, technological limits, and public acceptance of the current transition plan are forcing some welcome policy U-turns.”

While shedding further light on Aramco’s growth strategy, Nasser remarked, “We are determined to remain dominant in oil thanks to a massive resource base, low costs, and one of the lowest upstream carbon intensities across the industry… We are accelerating in gas, as we have some of the world’s largest reserves, including significant potential in unconventional gas… And despite the current downturn, chemicals remain a key long-term growth area, with our proven strengths in feedstocks and conversion.”

Talking about the energy giant’s deployment of advanced technologies, Nasser continued, “We continue to deliver efficiency improvements and are further reducing our upstream carbon and methane intensities. We are deploying AI at scale, backed by major investments in infrastructure and top talent, as well as a USD 7 billion venture capital programme. Ultimately, our focus is on value as we invest in technology development, AI, and digital solutions… The same approach applies to our careful positioning in new energies, ready to scale up when commercially competitive. This balanced strategy is preparing us for a realistic future, delivering long-term value to our stakeholders and shareholders worldwide.”

Noting that the Kingdom holds a substantial share of the world’s spare oil capacity (idle supply that can quickly be brought to market), Nasser projected that global oil demand would rise by 1.1 million to 1.3 million bpd in 2025, and by 1.2 million to 1.4 million bpd in 2026.

Aramco, meanwhile, still views chemicals as a strategic growth area, even as rivals such as Shell and Exxon Mobil scale back operations. Nasser noted, “Despite the current downturn, chemicals remain a key long-term growth area, with our proven strengths in feedstocks and conversion.”

The company has been expanding its downstream and petrochemical portfolio to diversify revenue. In October 2025, it gained majority control of Petro Rabigh by acquiring a 22.5% stake from Sumitomo Chemical. In July this year, it bought a 10% stake in China’s Rongsheng Petrochemical for USD 3.4 billion, securing access to a 400,000-bpd refinery. Aramco is also building a USD 11 billion petrochemical complex with TotalEnergies at its existing Satorp refinery in Saudi Arabia.

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