Saudi Arabia's foreign direct investment stock reached SR1,122.8 billion at the end of Q1 2026, up 12% year on year and representing about 32% of total foreign investment in the Kingdom, against total foreign investment of SR3,530.8 billion, up 18% year on year.
FDI growing 12% while total foreign investment grew 18% means portfolio and other investment are growing faster than direct investment, hot money is currently outpacing the patient kind.
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Aramco's SAR 117 billion quarter
Aramco's adjusted net income rose 9% to SAR 117 billion in Q3 2026, from SAR 107.2 billion a year earlier. Free cash flow rose to SAR 105.8 billion from SAR 88.4 billion, and adjusted EBIT in refining, chemicals and marketing rose 234% on better refining margins. The board declared a SAR 82.1 billion base dividend, up 3.5%. Reported net profit rose 41.3% to SAR 137.4 billion, against expectations of SAR 110.8 billion.
This quarter’s growth was driven by higher refining margins, not by increased volumes. Treasury teams at Aramco’s suppliers should plan for 2027 with the expectation that these margins will shrink when supply returns to normal.
Expo signs its first venture
Expo 2030 Riyadh signed a SAR 3.2 billion joint venture agreement with Mohammad Al Habib Real Estate Co. to develop and deliver "Expo Village," an integrated residential community and the organiser's first joint venture. The project will comprise 2,300 residential units for about 5,500 residents, directly connected to the Expo 2030 Riyadh site via Expo Station, King Khalid International Airport and Riyadh's transport network.
By choosing a SAR 3.2 billion joint venture instead of a standard construction contract, Expo 2030 Riyadh is sharing development risk with a partner rather than just purchasing a completed building. This approach suggests the village is designed to last beyond the event.
SAR 244.3 billion in nine months
Saudi Arabia ran a Q3 budget deficit of SAR 84.3 billion, as oil revenue fell 23% to SAR 116.5 billion while non-oil revenue rose 20% to SAR 142.6 billion. That took the nine-month deficit to SAR 244.3 billion, against a full-year projection of SAR 165.4 billion.
The SAR 244.3bn nine-month deficit does not itself imply payment delays. Government contractors should monitor receivables and update cash-flow forecasts based on actual collection times.
