Saudi Arabia and Serbia Expand Partnership in Energy, Technology and Trade

Serbian Foreign Minister and Saudi Deputy Foreign Minister sign an agreement waiving visa requirements for holders of diplomatic and official passports. (X)
Serbian Foreign Minister and Saudi Deputy Foreign Minister sign an agreement waiving visa requirements for holders of diplomatic and official passports. (X)
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Saudi Arabia and Serbia Expand Partnership in Energy, Technology and Trade

Serbian Foreign Minister and Saudi Deputy Foreign Minister sign an agreement waiving visa requirements for holders of diplomatic and official passports. (X)
Serbian Foreign Minister and Saudi Deputy Foreign Minister sign an agreement waiving visa requirements for holders of diplomatic and official passports. (X)

Saudi-Serbian relations are moving toward a new phase of economic and diplomatic cooperation, as Riyadh and Belgrade work to expand their partnership in the energy, technology, agriculture and food industries sectors, alongside rapid growth in trade between the two countries. This comes as the hosting of EXPO 2027 in Belgrade and EXPO 2030 in Riyadh by Serbia and Saudi Arabia, respectively, opens additional avenues for exchanging expertise and building new partnerships and projects.

A meeting held last week in Belgrade between Saudi Deputy Minister of Foreign Affairs Waleed A. M. Elkhereiji and Serbian Minister of Foreign Affairs Marko Đurić saw the signing of an agreement to cancel visa requirements for holders of diplomatic and official passports, in a step expected to support official contacts and strengthen cooperation between the two countries.

The two sides discussed ways to develop cooperation in the energy sector through joint projects, as well as in information and communications technology, advanced technologies, agriculture and the food industry. They also discussed strengthening the presence of Serbian companies in the Saudi market and increasing investment by Saudi partners in Serbia. Serbia is scheduled to participate in the Saudi Food exhibition in Jeddah later this month with more than 50 companies.

Three new initiatives for cooperation between the two countries were also launched during the meeting: "Digital Non-Aligned," the Film Festival of the Non-Aligned Movement, and an international seminar for young diplomats from member states of the movement. The initiatives are part of commemorations marking the 65th anniversary of the First Conference of the Non-Aligned Movement, which was hosted by Belgrade in 1961.

The meeting was held on the sidelines of a gathering marking the anniversary. Saudi Arabia was among the countries that participated in the founding conference and was represented at the time by Minister of Foreign Affairs Ibrahim bin Abdullah Al Suwaiyel, who planted the first "tree of peace."

Bizenic: Riyadh Is an Important Economic Partner

Serbian Ambassador to Saudi Arabia Dragan Bizenic told Asharq Al-Awsat that last Wednesday's meeting gave the Serbian foreign minister an opportunity to once again thank the relevant Saudi institutions for their "exceptional cooperation and support" during the evacuation of Serbian citizens from Riyadh following the recent events in the Middle East.

Bizenic affirmed his country's commitment to deepening comprehensive cooperation with Saudi Arabia, with a particular focus on the economic side. He said he was impressed by the results achieved by the Kingdom under Vision 2030, which he saw during his visit to Riyadh to participate in the Future Investment Initiative conference last year.

According to the Serbian foreign minister, Belgrade is interested in strengthening trade cooperation with Saudi Arabia, increasing exports of Serbian products, and benefiting from the expertise and knowledge of Saudi experts in the fields of science and technology. The two sides also discussed expanding partnership and cooperation through EXPO, in addition to increasing the volume of trade and mutual investments.

EXPO: A New Bridge for Partnership

Bizenic considers Saudi-Serbian cooperation through EXPO 2027 and EXPO 2030 to be a highly important area for deepening relations between the two countries, pointing to the meeting between Saudi Deputy Minister of Foreign Affairs Waleed Elkhereiji and Minister of Foreign Trade, Mrs. Jagodom Lazarevic, who is also the commissioner of the EXPO 2027 exhibition in Belgrade.

He explained that Belgrade and Riyadh hosting two world expos in the coming years, EXPO 2027 Belgrade and EXPO 2030 Riyadh, represents a unique opportunity to turn the experience, knowledge and networks the two countries will gain through these events into new forms of cooperation and concrete projects.

He revealed that Saudi Arabia has already signed a contract to participate in EXPO 2027 Belgrade and will have one of the largest national pavilions at the exhibition, in a prominent location at the entrance to the EXPO area. He said the pavilion will provide the Kingdom with an opportunity to showcase its development potential, innovations, culture and business opportunities, as well as promote EXPO 2030 Riyadh.

Saudi Deputy Foreign Minister during his meeting with Serbian Minister of Internal and External Trade Jagoda Lazarević (X)

Trade Surges 152%

Bizenic noted that the Serbian foreign minister affirmed during his Wednesday meeting in Belgrade with Elkhereiji that Saudi Arabia could be "one of Serbia's key economic and political partners in the Arab world," given its membership in the Group of Twenty and OPEC+, as well as its weight in global energy markets. Saudi Arabia holds about 16 percent of the world's oil reserves.

The ambassador believes that strengthening Saudi-Serbian relations, opening the way for more investments and business projects, and expanding contacts between the business communities of the two countries would bring significant benefits to Serbia and support its economic presence in the region.

As an indicator of the growing economic ties, Bizenic said trade between Serbia and Saudi Arabia has recorded significant growth in recent years, reaching $121 million at the end of 2025, nine times its 2012 level. Trade continued to grow this year, reaching $130.4 million in the first half of 2026, an increase of 152 percent compared with the same period last year.



Saudi Arabia Leads G20 with 7.9% Growth Forecast in 2027

King Abdullah Financial District in Riyadh (Asharq Al-Awsat)
King Abdullah Financial District in Riyadh (Asharq Al-Awsat)
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Saudi Arabia Leads G20 with 7.9% Growth Forecast in 2027

King Abdullah Financial District in Riyadh (Asharq Al-Awsat)
King Abdullah Financial District in Riyadh (Asharq Al-Awsat)

Saudi Arabia is projected to lead the G20 countries in economic growth forecasts for 2027, according to International Monetary Fund (IMF) estimates. The IMF projects the Kingdom's real GDP to grow by 7.9 percent, the highest rate among the group's economies, as shown in data published by the Saudi Ministry of Investment.

The Fund had previously raised its projections for the Kingdom's real GDP growth to 7.9 percent, compared to 5.5 percent in its July estimates, an increase of 2.4 percentage points.

This revision comes amid expectations of economic activity regaining momentum as regional conflict-related disruptions subside, and oil production and exports gradually return to normal levels.

India ranked second among G20 countries with a projected growth rate of 7 percent, followed by Indonesia at 5.1 percent, then China at 4 percent, and Türkiye at 3.6 percent, according to IMF data reviewed by the Ministry.

Argentina came in sixth with projected growth of 3.5 percent, followed by South Korea at 2.8 percent, then the United States at 2.3 percent. Projections for Brazil stood at 1.9 percent, Mexico at 1.8 percent, Canada at 1.7 percent, Australia at 1.6 percent, South Africa at 1.3 percent, and the United Kingdom at 1.2 percent.

Germany registered projected growth of 1.1 percent, Russia 0.9 percent, while projections for France and Japan were 0.7 percent each, with Italy coming in last at 0.6 percent.

Growth Forecasts Revised

In an assessment of the recovery path, the Fund noted that the diversification of Saudi energy export routes limits the Kingdom's vulnerability to geopolitical disruptions compared to some regional economies. This is due to the the East-West Pipeline's ability to divert some oil exports to Yanbu Port on the Red Sea, away from the Strait of Hormuz.

The IMF's estimates align with the World Bank's projections, which also raised its forecast for Saudi economic growth in 2027 to 7.9 percent, compared to 4.9 percent in its April estimates, while anticipating a 2 percent contraction in GDP during 2026.

Globally, the IMF expects the world economy to grow by 3.1 percent in 2026 before rising to 3.4 percent in 2027, placing Saudi Arabia's growth forecast at more than double the projected global rate for the coming year.

The Saudi Ministry of Investment said that the Kingdom’s leading growth outlook among G20 countries reflects the strength and resilience of its economy and opens up broader prospects for investment and growth.

This is supported by strong private-sector momentum and the expansion of non-oil activities, reinforcing the Kingdom’s shift toward a more diversified, sustainable, and investment-friendly economy.


Saudi Arabia to Host Global Water Innovation Conference in Jeddah

 Participants at a previous edition of the Innovation Driven Water Sustainability Conference. (Saudi Water Authority)
Participants at a previous edition of the Innovation Driven Water Sustainability Conference. (Saudi Water Authority)
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Saudi Arabia to Host Global Water Innovation Conference in Jeddah

 Participants at a previous edition of the Innovation Driven Water Sustainability Conference. (Saudi Water Authority)
Participants at a previous edition of the Innovation Driven Water Sustainability Conference. (Saudi Water Authority)

Saudi Arabia will host water industry experts from more than 140 countries in Jeddah from December 14 to 16 for a conference focused on harnessing innovation to tackle growing water security challenges.

Organized by the Saudi Water Authority, the Innovation Driven Water Sustainability Conference (IDWS 2026) is expected to draw more than 10,000 participants and 250 speakers, with an exhibition featuring over 150 international brands.

Bringing together researchers, investors, technology companies and water utility operators, the event aims to bridge the gap between scientific advances and the practical needs of the industry, helping promising solutions reach commercial markets.

Tariq Al-Ghafari, the authority’s vice president for research and emerging water technologies, described the conference as an opportunity to connect new technologies with financing and operational expertise, paving the way for wider adoption.

The gathering comes as pressure on water resources intensifies, creating growing demand for investment in infrastructure and technology.

The global market for water security and infrastructure management is estimated at $303.8 billion, while planned construction and engineering projects in the water and wastewater sectors exceed $1.2 trillion.

Meeting the UN Sustainable Development Goals for clean water and sanitation will require an additional $131 billion to $140 billion annually, highlighting the scale of investment needed to expand access and modernize infrastructure.

According to the World Health Organization and UNICEF, around 1.8 billion people live in households without water supplies on the premises.

Agriculture alone accounts for approximately 72% of global freshwater withdrawals, according to the UN Food and Agriculture Organization, underscoring the importance of improving efficiency in water-intensive sectors.

Against this backdrop, the conference will explore ways to expand treated wastewater reuse, promote circular economy practices and apply artificial intelligence, digital technologies and data analytics to water management.

Discussions will also examine how regulation, financing and workforce development can speed up the adoption of new technologies, while improving efficiency across the water cycle, from production and treatment to resource recovery.

The program includes the MiyahThon innovation competition, startup showcases and the fourth edition of the Global Prize for Innovation in Water.

These initiatives are designed to bring innovators together with investors and water operators, giving emerging technologies a clearer path from development to commercial deployment.

By connecting research with investment and industry needs, the conference aims to help turn promising ideas into practical solutions as countries seek more efficient, resilient and sustainable water infrastructure.


Arada Enters Saudi Property Market with $13.3 Billion Portfolio

The Saudi capital, Riyadh (SPA)
The Saudi capital, Riyadh (SPA)
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Arada Enters Saudi Property Market with $13.3 Billion Portfolio

The Saudi capital, Riyadh (SPA)
The Saudi capital, Riyadh (SPA)

Property developer Arada is entering Saudi Arabia through a partnership with local firm XTOPIA, gaining access to a SAR 50 billion ($13.3 billion) land and development portfolio as the Kingdom continues to attract international investment despite global economic uncertainty.

The new venture, Arada KSA, will launch its first project in Riyadh’s Al Rimal district, a SAR 14 billion residential development comprising around 3,500 villas and townhouses.

Arada KSA Chairman Mohammed AlDhabaan told Asharq Al-Awsat that the investment reflected long-term confidence in Saudi Arabia’s economic prospects, supported by Vision 2030 reforms, infrastructure development and growing housing demand.

The Kingdom’s clear economic policies, sustained reforms and improving investment environment provide the certainty needed for long-term commitments, he explained.

“Our investment in the Kingdom is not tied to temporary market conditions but rests on firm confidence in its future and the economic transformation driven by Vision 2030 with government support,” AlDhabaan said.

He described the Riyadh development as an investment in the future rather than simply a response to current demand, marking the beginning of a lasting commitment to the Saudi market.

Arada KSA Chairman Mohammed AlDhabaan (Asharq Al-Awsat)

Housing demand and prices

AlDhabaan expressed optimism about the sector’s prospects, citing population growth, the formation of new households, urban expansion and government initiatives to increase homeownership and improve quality of life.

The next phase of growth, he argued, would be measured not only by the number of homes built but also by developers’ ability to create communities that meet residents’ everyday needs.

Location, affordability, access to financing, infrastructure and confidence in developers would shape demand, while land and construction costs would remain key factors influencing prices.

“No single project can determine market prices. They are influenced by supply and demand, land and construction costs, and financing,” he noted.

“However, increasing supply, diversifying housing products and improving development efficiency can strengthen competition and give buyers more options.”

Developers that combine quality design and construction with integrated facilities and reliable delivery would have a competitive advantage, he added.

First project in Riyadh

Arada KSA’s inaugural development in northeastern Riyadh will feature approximately 3,500 villas and townhouses alongside educational, retail and sports facilities, a community center and green spaces incorporating around 100,000 trees.

The company will work with relevant government authorities to prepare a master plan aligned with the capital’s urban development requirements.

The project will be financed through an investment structure regulated by Saudi Arabia’s Capital Market Authority and managed by a licensed financial company. Construction and sales are scheduled to begin in 2027.

Design model for one of the company’s projects in Saudi Arabia (Asharq Al-Awsat)

Partnership and expansion

Established with XTOPIA, Arada KSA will have access to a 10 million-square-meter land portfolio across Riyadh, Jeddah and Makkah, providing opportunities for further residential developments in the coming years.

AlDhabaan, who also chairs XTOPIA, will lead the new company, bringing together Arada’s international experience in developing residential communities and its Saudi partner’s knowledge of the local market.

He believes the combination will allow the venture to build a lasting presence in the Kingdom while contributing to Vision 2030’s housing and quality-of-life objectives.

The Saudi expansion forms part of Arada’s broader international strategy. Its development portfolio is valued at approximately SAR 189 billion ($50.4 billion) across five markets: Saudi Arabia, the United Arab Emirates, the United Kingdom, Australia and Syria.

The company has more than 70,000 residential units in its portfolio, including around 17,000 already completed, according to its figures.

Green Riyadh initiative

The Al Rimal development also aligns with Saudi Arabia’s efforts to improve urban living standards and expand green spaces.

Through the Green Riyadh initiative, the Royal Commission for Riyadh City aims to plant 7.5 million trees across the capital and increase green space per resident from 1.7 square meters to 28 square meters by 2030.

Arada’s entry comes as local and international developers compete to meet rising housing demand and offer buyers a wider range of residential options.