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RIYADH: ����ֱ��’s Vision 2030 program is progressing steadily, with 85 percent of the targets outlined in the initiative completed or on track for completion by the end of 2024, according to the country’s investment minister. 

Speaking at the Fortune Global Forum Conference in Riyadh, Khalid Al-Falih said that the non-oil sector’s contribution to ����ֱ��’s gross domestic product currently stands at 56 percent, up from 40 percent before the launch of Vision 2030. 

The minister added that the Kingdom’s economy has doubled in size from $650 billion to about $1.3 trillion since the launch of Vision 2030 program. 

Launched in 2016, ����ֱ��’s Vision 2030 program aims to transform the Kingdom both economically and socially. Strengthening the non-oil sector is one of the crucial goals outlined in this initiative, as the Kingdom currently pursues broader economic diversification efforts to reduce its reliance on crude revenues. 

“We (����ֱ��) have made remarkable progress in transforming our economy and society. As of the end of 2025, 85 percent of our initiatives were completed or on track with most targets met or exceeded,” said Al-Falih. 

Al-Falih also added that the number of international firms licensed to establish their regional headquarters in Riyadh has reached 675. 

The regional HQ program offers a 30-year corporate tax exemption, withholding tax relief, and regulatory support, reflecting efforts to position the Kingdom as a regional business hub and attract multinational corporations to the capital.

Some of the noted firms that have established regional bases in Riyadh include Northern Trust, IHG Hotels & Resorts, PwC, and Deloitte. 

“We have our regional headquarters program, which was launched targeting 500 RHQs by 2030. I am happy to say to this audience, we have reached 675 regional headquarters already,” said Al-Falih. 

The minister added that ����ֱ�� has made remarkable progress in reducing unemployment, with the current joblessness in the Kingdom standing at just seven percent. 

He further said that women’s participation in the workforce has reached 37 percent, exceeding Vision 2030 targets. 

In a separate panel discussion, Al-Falih said that British bank Barclays’ application to launch its regional headquarters in Riyadh will be approved soon. 

“If I may break that news, we will be recognizing Barclays for the regional headquarters in a couple of days, and I’d like to thank you for that word of confidence into the kingdom as a platform,” said Al-Falih. 

RIYADH: The total value of Saudi-listed sukuk and bonds increased to SR695.8 billion ($185.5 billion) at the end of the third quarter of 2025, up 3 percent quarter on quarter.  

Listed sukuk and bonds represented 18.4 percent of ����ֱ��’s gross domestic product, slightly higher than 18.2 percent in the previous quarter, Argaam reported, citing data from Tadawul’s quarterly debt market report.  

Government sukuk and bonds continued to dominate the market, accounting for 97.6 percent of total listed debt at the end of the quarter, reaching SR679.1 billion. Corporate sukuk and bonds made up the remaining 2.4 percent, or SR16.7 billion.  

The growth in listed sukuk and bonds also aligns with the government’s broader debt management strategy.  

The National Debt Management Center announced its 2025 annual borrowing plan with projected funding needs of SR139 billion, covering both the anticipated budget deficit and upcoming debt maturities.   

As part of this plan, the NDMC completed a domestic sukuk issuance in August valued at SR5.31 billion, distributed across four tranches. These issuances are part of ongoing efforts to strengthen the domestic debt market and diversify the government’s financing sources in line with Saudi Vision 2030 objectives.  

Saudi investors held majority of listed debt instruments, owning SR677.4 billion, or 97.4 percent of the total.   

Foreign investors accounted for SR15 billion, representing 2.2 percent, while investors from Gulf Cooperation Council countries held SR3.4 billion, or 0.5 percent.  

Despite the increase in total market value, trading activity slowed significantly. The traded value dropped 89 percent quarter on quarter to SR1.78 billion from SR16 billion in the previous quarter.  

The number of executed trades also decreased to 10,414 in the third quarter, compared with 12,251 in the second quarter of 2025.  

The number of listed sukuk and bond issuances stood at 60, down slightly from 61 in the previous quarter.  

According to the data, the size of ����ֱ��’s listed sukuk and bond market has nearly doubled over the past five years, rising from SR358 billion in the first quarter of 2020 to SR695.8 billion in the third quarter of 2025.