The number of bank branches operating in Saudi Arabia rose to 1,929 in H1 2026 from 1,910 at the end of 2025, the highest since 2021 and a third consecutive year of increase after declines between 2018 and 2023 from a peak of 2,076 in 2019. Al Rajhi Bank remained the largest network with 513 branches, followed by SNB at 489 and Riyad Bank at 232 — the top three holding about 64% of all branches with 1,234 between them — while SNB and Riyad Bank each added eight branches and Arab National Bank closed three, taking its network to 118.
Strategy teams at Saudi banks should note that the top three banks hold about 64% of all branches, totaling 1,234. This concentration is now becoming a distribution advantage instead of just a cost issue.
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AlUla opens the door
Phase two shifts to private-sector partnerships: triple hotel capacity to 3,000+ rooms, 1M visitors by 2030 from ~320,000
The takeaway: If PPP works here, it becomes the funding model for every destination that follows; the developers who learn the Royal Commission's playbook now will be first in line everywhere else
Aramco takes 49% of Humain
PIF and Saudi Aramco completed Aramco's acquisition of 49% of Humain, with PIF keeping 51%. Aramco will put in cash contributions of about SAR 9.9 billion ($2.6 billion) in 2026, plus its AI, computing and digital assets. Humain plans to expand its AI data centres to a total capacity of 3 gigawatts by 2030.
The kingdom’s two biggest state-backed funds now both own a stake in the same AI company. This means Humain is no longer just a PIF project—it is now the national platform that other market players must adapt to.
Minus 3.3%, then plus 7.9%
The IMF's October World Economic Outlook projects the Saudi economy to contract 3.3% in 2026 and grow 7.9% in 2027, under a baseline in which the Strait of Hormuz begins reopening in March 2027. The Fund sees Saudi inflation at 1.9% this year, while the Ministry of Finance's preliminary 2027 budget statement projected real GDP growth of 12.8% next year.
The difference between the IMF's 7.9% and the ministry's 12.8% reflects two opinions about how quickly oil revenues will come back. The budget is based on the more optimistic estimate.
