Saudi Economy Grows to $1.3 Trillion, Attracts 675 Regional Headquarters

Saudi Investment Minister Khalid Al-Falih speaks at the Fortune Global Forum 2025 in Riyadh on Sunday. (Saudi Ministry of Investment)
Saudi Investment Minister Khalid Al-Falih speaks at the Fortune Global Forum 2025 in Riyadh on Sunday. (Saudi Ministry of Investment)
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Saudi Economy Grows to $1.3 Trillion, Attracts 675 Regional Headquarters

Saudi Investment Minister Khalid Al-Falih speaks at the Fortune Global Forum 2025 in Riyadh on Sunday. (Saudi Ministry of Investment)
Saudi Investment Minister Khalid Al-Falih speaks at the Fortune Global Forum 2025 in Riyadh on Sunday. (Saudi Ministry of Investment)

Saudi Arabia’s economy has doubled in size since the launch of Vision 2030, expanding from $650 billion to approximately $1.3 trillion. At the same time, the Kingdom has surpassed its regional headquarters target, attracting 675 major international companies and surpassing the original 2030 goal of 500.

Investment Minister Khalid Al-Falih announced the figures on Sunday during the opening day of the Fortune Global Forum 2025 in Riyadh, which was being held in the Saudi capital for the first time on October 26-27. The event underscores Saudi Arabia’s growing role as a global economic hub and a center for shaping future business trends.

Al-Falih said that “the pace of innovation is unprecedented,” with advanced technologies driving a deep transformation in productivity, while sustainability is reshaping performance and emerging markets, particularly in the Global South, are redefining global demand.

“The challenge before us is not merely adapting to these changes,” he stressed, “but leading them in a rapidly evolving world.”

He noted that Saudi Arabia is redefining its role as a global investment destination and a long-term partner for leading international companies seeking sustainable growth. Since the launch of Vision 2030, the Kingdom has completed or is on track to deliver 85 percent of its initiatives by the end of 2024, meeting or exceeding most targets.

The contribution of non-oil activities to GDP has risen from 40 percent to 56 percent, while unemployment has fallen to below 7 percent. “We have opened new sectors, including logistics, tourism, advanced manufacturing, digital infrastructure, healthcare, and clean energy,” Al-Falih said.

He added that the regional headquarters program, which aimed to attract 500 HQs by 2030, has already exceeded its goal with 675 established so far.

Anastasia Nyrkovskaya, CEO of Fortune, said Saudi Arabia has become “a major destination for business and investment,” which led the company to host its flagship event in Riyadh for the first time.

“Our journey began two years ago with a promise to bring Fortune’s key events here. That promise has now been fulfilled,” she said, referring to the Fortune Most Powerful Women Summit in May and the global forum taking place this week.

During a panel discussion, Al-Falih announced that Saudi Arabia would officially recognize Barclays’ regional headquarters in the Kingdom “within days.”

Addressing Barclays CEO C.S. Venkatakrishnan, he said: “If you’ll allow me, we’ll make Barclays an official regional HQ within two days. I want to thank you for the trust you’ve placed in the Kingdom as a platform.”

Tourism Minister Ahmed Al Khateeb said Saudi Arabia has exceeded its original tourism goal of 100 million visitors, reaching 116 million this year, up from 80 million in 2019. The revised target for 2030 is 150 million visitors, including 50 million international tourists, positioning the Kingdom among the world’s top 10 destinations.

The government is also expanding tourism infrastructure, including airports, hotels, and entertainment facilities, in preparation for major global events, such as the 2034 FIFA World Cup.

In remarks to Asharq al-Awsat, Hatim Alkahily, acting CEO of the General Authority for Exhibitions and Conferences, said the sector has grown by 40 percent over the past four years, making it the fastest-growing among G20 countries.

The Kingdom hosted around 17,000 events in one recent year, cementing its position as a leading platform for international conferences and exhibitions, he stressed.



Egypt: Positive Results from Nargis-2 Natural Gas Well in Mediterranean

Egyptian Petroleum Minister inspects the start of drilling operations at the Nargis gas field in the Mediterranean Sea (Ministry of Petroleum)
Egyptian Petroleum Minister inspects the start of drilling operations at the Nargis gas field in the Mediterranean Sea (Ministry of Petroleum)
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Egypt: Positive Results from Nargis-2 Natural Gas Well in Mediterranean

Egyptian Petroleum Minister inspects the start of drilling operations at the Nargis gas field in the Mediterranean Sea (Ministry of Petroleum)
Egyptian Petroleum Minister inspects the start of drilling operations at the Nargis gas field in the Mediterranean Sea (Ministry of Petroleum)

Egypt's Ministry of Petroleum and Mineral Resources and US energy major Chevron announced Saturday positive results from drilling the Nargis-2 natural gas well in the Mediterranean Sea, which began in May in cooperation with Chevron, its partners and the Egyptian Natural Gas Holding Company (EGAS).

In a statement, the ministry said the results support ongoing efforts to appraise the Nargis discovery, made in 2022, and accelerate its commercial development as one of Egypt's undeveloped gas discoveries.

The Nargis-2 appraisal well confirmed the extension of gas-bearing reservoirs previously encountered at Nargis-1 and identified an additional gas-bearing reservoir with favorable characteristics, supporting efforts to assess the area's gas resources and potential development opportunities.

The ministry said drilling operations were designed to evaluate the extent of the Nargis discovery and test deeper geological formations as part of efforts to expand exploration activities and maximize the Mediterranean's promising potential, including high-pressure, high-temperature formations.

The well reached a total depth of more than 5,000 meters, with appraisal results indicating gas-bearing reservoirs containing up to 35 meters of net pay.

According to the statement, these findings provide a positive indication supporting further technical studies to determine the discovery's overall potential and assess development opportunities.

The results align with the ministry's strategy to accelerate the development of undeveloped discoveries, encourage investment partners to intensify exploration activities and convert discovered resources into reserves that can be developed and brought into production, helping increase domestic natural gas output.

Egyptian Minister of Petroleum and Mineral Resources Karim Badawi witnessed the start of drilling operations at Nargis-2 in May aboard the Stena Forth drillship.

At the time, he emphasized the importance of accelerating the appraisal and development of undeveloped gas discoveries and strengthening cooperation with international energy companies to capitalize on Egypt's promising oil and gas resources.

Chevron operates the Nargis Offshore Concession in partnership with Italy's Eni, the UAE's Mubadala and Egypt's Tharwa Petroleum Company.


Global Equity Funds Attract Inflows for 5th Consecutive Week

NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP
NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP
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Global Equity Funds Attract Inflows for 5th Consecutive Week

NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP
NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP

Global equity funds attracted inflows for a fifth consecutive week in the week through October 21, as easing Treasury yields and strong early corporate earnings lifted investor sentiment.

Global equity funds drew net inflows of $28.16 billion during the week, compared with $19.88 billion in the previous week, LSEG Lipper data showed.

The benchmark 10-year US Treasury yield fell about 15 basis points last week and dropped below the psychologically significant 5% level this week, Reuters reported.

Fund investors were encouraged by better-than-expected corporate earnings so far this reporting season.

Of the nearly 18% of MSCI All Country World Index constituents that have ⁠reported earnings to date, ⁠about 73% have exceeded the average analyst estimate, according to LSEG data.

The MSCI World Index, however, fell 1.31% on Thursday after Meta reported strong results on Wednesday but unveiled plans to issue non-voting stock, reviving concerns about its growing capital commitments.

NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP

By region, Asian equity funds attracted $11.53 billion, their largest weekly ⁠inflow since at least December 2022. Investors also added $9.14 billion to European equity funds and $5.07 billion to US equity funds.

Among sectoral funds, technology attracted $5.05 billion, reversing net sales of $4.77 billion in the previous week. Investors also bought $1.83 billion in healthcare sector funds but sold a notable $1.29 billion in consumer discretionary sector funds.

Global bond funds remained popular for a fifth consecutive week, attracting net inflows of $9.44 billion.

Swiss franc-denominated bond funds drew $6.8 billion, their largest weekly inflow since at least November 2024. ⁠Investors also added ⁠a significant $2.78 billion to short-term bond funds, while pulling $1.68 billion from high-yield bond funds and $550 million from government bond funds.

Money market funds attracted weekly net inflows of $15.86 billion, following net outflows of $47.51 billion the previous week.

Among commodities, gold and other precious metals funds attracted net inflows of $1.29 billion, marking their fifth week of net purchases in the past six weeks. Investors also added $41.5 million to energy funds.

Data covering 29,174 emerging market funds showed that investors bought $6.28 billion worth of equity funds — the largest weekly net purchase since August 5. However, they withdrew a marginal $48.72 million from bond funds.


UK Pledges More Funding to Guard Against AI Risks

FILE PHOTO: The words "AI Artificial Intelligence", a keyboard, and a robotics hand in this illustration taken October 19, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: The words "AI Artificial Intelligence", a keyboard, and a robotics hand in this illustration taken October 19, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
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UK Pledges More Funding to Guard Against AI Risks

FILE PHOTO: The words "AI Artificial Intelligence", a keyboard, and a robotics hand in this illustration taken October 19, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: The words "AI Artificial Intelligence", a keyboard, and a robotics hand in this illustration taken October 19, 2026. REUTERS/Dado Ruvic/Illustration/File Photo

The UK government on Saturday outlined plans to expand funding for artificial intelligence safety amid growing concerns over the cyber risks posed by the increasingly advanced technology.

"The economic opportunities from AI will only be realized if our critical infrastructure, public services and businesses are resilient to cyber, biological and emerging AI-enabled threats," the government said in a statement ahead of its annual budget update on Wednesday.

Concerns about AI safety have escalated in recent months after models developed by OpenAI and Anthropic were involved in security incidents during testing, piling pressure on governments to regulate the technology and protect against threats.

As part of a package of AI-related measures in the budget, the government will invest an additional £120 million ($161 million) in Britain's AI Security Institute, which tests the most powerful AI models before they are released.

According to AFP, it will also invest £100 million to establish a national AI Biosecurity Lab, which will use AI to detect and track biological threats.

"As AI becomes more powerful, Britain must have the capabilities to protect its people and shape its own future," said AI minister Kanishka Narayan.

"That means staying ahead of emerging threats, from cyberattacks to biological risks, while building more of the critical technology our security depends on," he added.

The plans include investment in AI tools to identify cyber vulnerabilities across critical infrastructure.

Governments and companies around the world shut down websites Thursday as they raced to protect themselves from hacks after AI models uncovered critical flaws in a widely used programming language called PHP.

Cybersecurity experts fear state-of-the-art AI technology could be used to hack banks, hospitals and government systems.

Last month it emerged that a rogue OpenAI model bypassed safeguards during training and hacked an Australian government health statistics website.