MUST-READS

• S&P raises Saudi Arabia’s rating 0ver ongoing reforms

  S&P Global Ratings has upgraded Saudi Arabia’s rating to “A+” from “A” with a stable outlook, citing socioeconomic and capital market reforms. Strong non-oil growth and rising oil volumes from 2025 will support medium-term growth prospects, it said. Saudi Arabia’s National Debt Management Centre welcomed the upgrade, saying it would allow the kingdom to issue international bonds and sukuks at more favourable rates. The Saudi finance ministry had previously indicated that Saudi Arabia needed to borrow SAR139 billion ($37 billion) in 2025 to cover its budget deficit.

• Can Saudi Arabia’s Oil Sustain Its Dominance Amid Global Push for Renewables?

  Saudi Arabia aims to solidify its position as the world’s top oil supplier, with Aramco planning to boost production. The state-owned giant will increase output to 13 million barrels daily by 2030 to meet rising global demand. On March 18, 2025, Aramco outlined its production target as part of Saudi Arabia’s Vision 2030, a strategy to diversify the economy and reduce dependence on oil revenues. Analysts highlight how Aramco’s move aligns with growing global tensions and demand, which push oil prices higher. Alongside Aramco, other major Saudi companies like Sabic, Rabigh Refining, and Petrochemicals advance projects that align with the country’s energy goals. These companies focus on developing technologies to boost efficiency and sustainability.

• SMEs struggle as skills shortages drive up Saudi salaries

  Saudi Arabia‘s non-oil economy is expanding at more than four times the rate of the oil sector, with the capital enjoying the lion’s share of that growth.  What this means for Elaify is that his 12-person team does not have the manpower to manage all the requests from would-be clients for auditing, certification and bookkeeping. Ideally, the company would bring in new workers to meet this rising demand, but a growing skills shortage, made worse by strict policies about employing more Saudi nationals, makes that easier said than done.  “There is so much work with everything that’s happening,” Elaify says. “Finding people to do it – experienced people – that’s the hard bit.”

• Dar Global targets Saudi expansion after land deals

  Dar Global, the international development arm of Saudi-listed Dar Al Arkan, has purchased two land plots in Jeddah and Riyadh for $390 million, advancing expansion plans in the kingdom, according to a statement to the London stock exchange. The acquisitions follow the launch of Trump Tower Jeddah and Neptune villa project in Riyadh, the London-listed developer said. The Jeddah segment, which includes 243 fully developed plots, was purchased for $93 million from a local Saudi landowner within a master-planned community. The second deal involves the acquisition of 190 plots in Riyadh, spread over 466,877 sq m, for $297 million. The land was bought from its parent company, with the project’s GDV estimated at $800 million, the company said.

• ‘Bad Boys 3’ Directors Shooting Saudi Blockbuster ‘The Seven Dogs,’ First-Look Image Revealed

  “Bad Boys 3” directors Adil El Arbi and Bilall Fallah are shooting Saudi blockbuster “The Seven Dogs,” featuring Egyptian stars Karim Abdel-Aziz and Ahmed Ezz and involving the fight against a dangerous new drug called Pink Lady that is flooding the Middle East. Turki Al-Sheikh, the chairman of Saudi Arabia‘s General Entertainment Authority, conceived the story of the $40 million action movie, the screenplay for which is written by Mohamed El Dabbah. Sheikh has previously dabbled as a screenwriter, having penned Saudi TV series “The Eight” and supernatural thriller “Cello,” directed by “Saw” helmer Darren Lynn Bousman and starring Jeremy Irons.

• Navantia Begins Construction of Saudi Arabia’s Seventh Avante 2200 Corvette

  Spanish defense contractor Navantia has cut the steel of the Royal Saudi Naval Force’s seventh Avante 2200-class corvette at its shipyard in San Fernando. The ceremony formally launches the construction of the vessel three months following the initial corvette for the program. Work for the initiative covers the supply of integrated logistics support and crew training services. The Madrid-based company will also partner with the Spanish Navy to conduct an operational evaluation of the warship at the Rota Naval Base in Cádiz.

• S&P upgrades Saudi Arabia’s credit rating after two years on economic diversification efforts

  S&P Global Ratings has raised Saudi Arabia’s credit rating for the first time in two years, citing the country’s economic diversification efforts and growth of its non-oil economy. The agency upgraded the kingdom’s rating to ‘A+’ from ‘A’ with a stable outlook on strengthened institutional settings amid Vision 2030 reforms, aligning Saudi Arabia with most ‘A’-rated peers, S&P said in a statement on Friday. “The upgrade reflects our view that the continuing social and economic transformation in Saudi Arabia is underpinned by improving governance effectiveness and institutional settings, including deepening domestic capital markets,” S&P said. “We believe that institutional checks and balances have become more visible as Vision 2030 progresses, as reflected by the recalibration of project priorities and timelines,” the agency added.

• Saudi pours billions into Diriyah as megaproject nears completion

  Developer Diriyah Company — backed by Public Investment Fund — secured $1.6 billion in financing to develop the Wadi Safar project, an upscale residential community being built alongside ultra-luxury resorts the Six Senses, Aman, and an Oberoi, in view of a Greg Norman-designed golf course. Armani, the Italian fashion house that has hotels and residences in Milan and Dubai, said it would build 15 branded residences in Diriyah. Saudi Arabia’s $63 billion Diriyah megaproject is taking shape with a flurry of new deals as the kingdom looks to complete major construction works in the capital before it hosts Expo 2030.

• Saudi Arabia launches loan guarantees for SMEs to stimulate investment in environmental projects

  Minister of Environment, Water and Agriculture Eng. Abdulrahman Al-Fadley witnessed on Sunday the signing of an agreement between the Environment Fund and the Small and Medium Enterprises Loan Guarantee Program (Kafalah) to launch a loan guarantee product to support environmental projects in the Kingdom. The agreement seeks to provide guarantees for credit facilities provided to small and medium-sized enterprises (SMEs), contributing to stimulating investment in the environmental sector. This agreement coincides with the launch of the Incentives and Grants Program Platform to support environmental projects in the Kingdom.

• Crown Prince launches Saudi Architecture Characters Map to celebrate Kingdom’s architectural heritage
  The Saudi Architecture Characters Map highlights 19 architectural styles inspired by geographical, natural and cultural characteristics, derived from urban and historical studies of building traditions passed down through generations. As chairman of the Supreme Committee for Saudi Architectural Design Guidelines, the Crown Prince emphasized that Saudi Architecture reflects the cultural and geographical diversity of the Kingdom. He further highlighted the importance of sustainable urban planning that harmonizes with the local environment while integrating traditional architectural elements into modern designs.

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