Trade surplus SR26.03bn (+328.8%) in May, but oil exports +19.5% to 75.6% of the total, while non-oil exports fell 26.1%.
The test isn't whether the surplus grows, it's whether it can grow when oil doesn't.
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PIF switches from growth to returns
The Public Investment Fund's 2026–2030 strategy shifts the mandate from expansion to value creation, after assets under management grew from about SR500 billion ($136 billion) in 2015 to over SR3.4 trillion in 2025, more than $199 billion of new domestic projects between 2021 and 2025, and total annual shareholder return above 7% since 2017.
A fund that has grown from SR500 billion to SR3.4 trillion can no longer rely on its size to impress. After five years of expansion, it must now demonstrate profitability.
What a visitor actually spends
Average trip spend among international visitors to Saudi Arabia surveyed in Visa's Global Travel Intentions Study reached SAR 10,405 ($2,774), with 54% of spending pre-booked and 46% taking place during the trip; accommodation accounted for 19% of spending, transportation 18%, food and beverages 17% and experiences 15%. US visitors recorded the highest average trip expenditure at SAR 21,530, followed by visitors from the UAE at SAR 14,046 and the UK at SAR 10,558, while 75% of respondents shopped during their stay and half said they used AI to find travel inspiration.
Destination marketers in Saudi should move budget into the pre-trip window where 54% of spending is committed and half of travellers now use AI for inspiration, rather than into arrival-stage campaigns.
Riyadh's Startup Bench
More than 2,500 startups, roughly US$2.6 billion of venture capital into Riyadh since 2018, and four unicorns.
The takeaway: your next competitor — or your next acquisition — is younger than your strategy document. Corporates need a scouting lane, not a memo.
