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Sweden Explores Cooperation, Investment Opportunities in Saudi Arabia

The Swedish delegation visited “The Garage” to support startups within the campus of King Abdulaziz City for Science and Technology (Asharq Al-Awsat)
The Swedish delegation visited “The Garage” to support startups within the campus of King Abdulaziz City for Science and Technology (Asharq Al-Awsat)
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Sweden Explores Cooperation, Investment Opportunities in Saudi Arabia

The Swedish delegation visited “The Garage” to support startups within the campus of King Abdulaziz City for Science and Technology (Asharq Al-Awsat)
The Swedish delegation visited “The Garage” to support startups within the campus of King Abdulaziz City for Science and Technology (Asharq Al-Awsat)

A Swedish business team is currently in Saudi Arabia, scouting investment chances and economic partnerships. They’re planning to set up a hub or an investment group in the Kingdom, focusing on new ideas and eco-friendly tech.
According to Petra Menander, the Swedish Ambassador to Saudi Arabia, both countries have a strong relationship, especially in economics. Swedish companies have been active in Saudi Arabia since the 1950s, helping with infrastructure and technology.
Speaking to Asharq Al-Awsat, Menander pointed out that small Swedish firms are eager to expand into Saudi Arabia, looking for long-term collaboration in innovation and business.
She also mentioned successful visits to Saudi business projects, showing mutual interest in innovation and tech exchange.

Regarding trade, Swedish exports to Saudi Arabia have increased by over 50% since 2018, with Saudi exports to Sweden rising sharply in 2023 compared to 2022.
Menander expected trade to keep growing, especially in sectors like mining, energy, healthcare, and technology, including areas like agriculture and electric vehicles.
On his part, CEO of Stockholm Fintech Love Dager said that his organization, based in southern Sweden, is helping startups grow globally through their programs.
Moreover, Dager affirmed that Stockholm Fintech sees big chances to work with Saudi companies.
Dager explained that the organization has a network of over 200 investors and partners, supporting more than 900 people. In four years, it helped 140 startups get over $80 million in funding.
He affirmed Sweden’s FinTech industry is strong, adding that companies want to expand globally early.
Highlighting the ambitions of Saudis, Dager said the Kingdom looks promising.
Aliya Sabir, from the HETCH business incubator, mentioned that the organization is encouraging young people in the region to start businesses, aiming for a sustainable future.
Sabir revealed that HETCH has startups with great ideas ready to grow in Saudi Arabia.

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Business

Saudi PIF Backs Multibillion-Dollar Projects to Boost Sustainability

A solar power project in Saudi Arabia (SPA)
A solar power project in Saudi Arabia (SPA)
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Saudi PIF Backs Multibillion-Dollar Projects to Boost Sustainability

A solar power project in Saudi Arabia (SPA)
A solar power project in Saudi Arabia (SPA)

Saudi Arabia’s Public Investment Fund has fully allocated the proceeds of its green bond issuance, directing $9 billion to eligible projects, in a move that highlights the sovereign wealth fund’s growing role in shaping a more sustainable future and delivering lasting positive impact worldwide.

According to a recent report issued by the Public Investment Fund, reviewed by Asharq Al-Awsat, the expected impact of the fund’s eligible green projects includes generating 427 megawatts of renewable energy, avoiding emissions equivalent to 5.1 million tons of carbon dioxide, and treating 4 million cubic meters of wastewater.

The Public Investment Fund aims to establish itself as an active participant in global debt markets, while also fostering the development of a dynamic domestic market. This would enable the fund to access short- or long-term liquidity through a diverse range of financing instruments.

Financing strategy

The fund’s capital markets program aims to further strengthen its financing strategy and execution capabilities, both at the level of the Saudi sovereign wealth fund and across its portfolio companies, while enabling deeper engagement with global and local debt markets.

The program will also support expanding the fund’s capacity to raise debt and deploy it as a source of investment financing, in line with its overall funding strategy. This approach is designed to instill greater discipline in cash flow management and enhance returns on equity for the fund and its portfolio companies.

The green bond issuance will provide the fund with access to a broader pool of investors who prioritize environmental, social, and governance considerations in their investment decisions. It will also allow investors to diversify their portfolios through green assets, a step expected to help accelerate the pace of green investment globally.

Climate change

The fund has taken concrete steps to advance governance and policy, focusing on sustainability, and is a founding member of the One Planet Sovereign Wealth Funds initiative. This international platform aims to accelerate the integration of climate change considerations into asset management decisions and investment opportunities.

As an investment vehicle, the Public Investment Fund operates through acquiring stakes in companies aligned with its mandate, including ACWA Power and Lucid.

It has also established the Saudi Investment Recycling Company, a leader in waste management and recycling, manages the National Energy Services Company, Tarshid, and supports the creation of a voluntary carbon market in the Middle East and North Africa.

These efforts aim to strengthen Saudi Arabia’s position as one of the world’s most energy-efficient countries.

The green bond issuance will finance tangible projects on the ground, helping to accelerate the green transition and advance the Kingdom’s core targets of achieving net zero emissions by 2060 and generating 50 percent of electricity consumption from renewable energy sources by 2030.

This forms a key pillar of the renewable energy program implemented by the fund, which involves developing 70 percent of renewable power generation capacity.

Business

Saudi E-Commerce Hits Record Monthly Sales over SAR30.7 Billion in October

A view of Riyadh, Saudi Arabia. (SPA file)
A view of Riyadh, Saudi Arabia. (SPA file)
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Saudi E-Commerce Hits Record Monthly Sales over SAR30.7 Billion in October

A view of Riyadh, Saudi Arabia. (SPA file)
A view of Riyadh, Saudi Arabia. (SPA file)

E-commerce sales in Saudi Arabia via "mada" cards soared to an all-time monthly high in October 2025, surpassing SAR30.7 billion.

The surge in sales represents a 68% year-on-year increase, totaling about SAR12.4 billion more than the SAR18.3 billion recorded in October 2024, according to the Saudi Central Bank (SAMA) statistical bulletin on Wednesday.

E-commerce sales for the third quarter (Q3) of 2025 hit SAR88.3 billion, up 15.2% from the previous quarter, representing an increase of about SAR11.6 billion over the SAR76.6 billion recorded in Q2.

On a monthly basis, e-commerce sales in October rose 6%, gaining approximately SAR1.6 billion over September’s total of SAR29.1 billion.

From January to October, "mada" data showed e-commerce sales grew 47.3%, rising by around SAR9.9 billion over the SAR20.9 billion recorded in January.

These figures cover transactions made via "mada" cards on e-commerce websites, apps, and digital wallets, and do not include credit-card payments.

Business

Jeddah's King Abdulaziz Airport Launches First Direct Flight to Moscow

The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)
The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)
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Jeddah's King Abdulaziz Airport Launches First Direct Flight to Moscow

The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)
The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)

Jeddah's King Abdulaziz International Airport (KAIA) celebrated the launch of its first direct flynas flight to Moscow, operating three weekly flights between Jeddah and Vnukovo International Airport.

This initiative, in partnership with the Saudi Tourism Authority and the Air Connectivity Program, boosts air links between Saudi Arabia and Russia.

It marks KAIA's third direct Russian destination, following Makhachkala and Mineralnye Vody, which were inaugurated earlier this month by Azimuth Airlines.

The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location.