Saudi Arabia enters JPMorgan's Government Bond Index-Emerging Markets on a phased basis from 29 January 2027 at a weight of 2.52%, which Fitch expects to draw structural foreign demand into the local debt market. Non-Saudi investors held 15% of the Kingdom's sovereign primary debt issuances in the first half of 2026; foreign ownership of the Saudi Exchange main market free float reached 12.7% in August 2026; the Qualified Foreign Investor framework was removed in February 2026, and the exchange accounted for about 63% of the GCC's roughly $4 trillion combined market capitalization in September 2026.
Index inclusion, not market access, drives flows in this context. Debt capital markets bankers pitching to Saudi issuers should focus on the January 2027 date rather than the reform record.
Explore more signals
Five billion aimed at small firms
Monsha'at and STC Bank signed an agreement to provide Shariah-compliant financing of up to SAR 5 billion to micro, small and medium enterprises, with cash and non-cash facilities running up to 10 years and covering working capital, asset purchases, financing against point-of-sale proceeds and invoice and receivables financing. Saudi Arabia counted more than 1.7 million SMEs in 2025, employing around 8.8 million people and contributing 22.9% of GDP.
As cash flow becomes the primary assessment criterion, credit officers developing SME products at Saudi banks should focus on evaluating transaction history instead of balance sheets.
The rating that held
S&P Global Ratings affirmed Saudi Arabia's long-term sovereign credit rating at 'A+' with a stable outlook, and expects real GDP to contract 0.9% in 2026 before growing 8.2% in 2027, followed by average growth of 3.3% in 2028 and 2029. The agency put non-oil activities including government at around 70% of GDP, up from 65% in 2018.
When a rating agency keeps an A+ rating but also predicts a 0.9% economic contraction, it shows that the analysts are focusing on the 70% of the economy that is not tied to oil and are prepared to be patient.
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.
