Digital ad spending in Saudi Arabia rose 25% to about $300 million in the 12 months to July 2026, while impressions rose 15% to about 330 billion (Sensor Tower). Instagram led all channels at about $110 million, and Sensor Tower expects about $334 million for 2026.
Marketing spend is growing faster than impressions. If you are planning for 2027, expect higher cost per view rather than relying on this year's rates.
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What the 49% ceiling costs
Morgan Stanley estimates that raising Saudi Arabia's 49% foreign ownership ceiling to 75% would draw about $4.3 billion in passive inflows, and that removing the cap entirely would draw about $7.4 billion. Saudi Arabia is the last major Gulf market keeping a blanket 49% limit.
The difference between $4.3 billion and $7.4 billion represents the cost of fully removing the cap. Most passive funds are released when the ceiling is eliminated, rather than when it is raised to 75%.
HungerStation goes to review
Saudi Arabia's General Authority for Competition opened a public consultation on Uber Technologies' acquisition of Delivery Hero, which includes HungerStation, wholly owned by Delivery Hero in Saudi Arabia. Uber's July 2026 offer of €41.50 per share values Delivery Hero at about €13 billion, and the deal is expected to close in H2 2027 subject to approvals. Feedback is open until Oct. 20.
The deal is set to close in the second half of 2027, once it gets all the necessary approvals. During the consultation period, a rival Saudi delivery app could make its case for limits on the combined group's market share.
Brussels clears the path for EA
PIF's consortium set to win EU approval for the $55bn EA take-private — history's largest LBO — merger clearance due 22 July, subsidy review closes 30 July.
The takeaway: $55bn for a games company is the clearest statement yet that entertainment is not a side bet, gaming is a Saudi strategic asset class.
