Riyadh and New Delhi to Promote Roadmap for Economic, Investment Cooperation

Crown Prince Mohammed bin Salman received the Prime Minister of India Narendra Modi last April in Jeddah. (SPA)
Crown Prince Mohammed bin Salman received the Prime Minister of India Narendra Modi last April in Jeddah. (SPA)
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Riyadh and New Delhi to Promote Roadmap for Economic, Investment Cooperation

Crown Prince Mohammed bin Salman received the Prime Minister of India Narendra Modi last April in Jeddah. (SPA)
Crown Prince Mohammed bin Salman received the Prime Minister of India Narendra Modi last April in Jeddah. (SPA)

India and Saudi Arabia are working diligently to establish a joint roadmap for fostering a dynamic partnership aiming at enhancing economic, investment, and trade cooperation between the two countries.

Ambassador of India to the Kingdom of Saudi Arabia, Dr. Suhel Ajaz Khan, said in an interview with Asharq Al Awsat on Monday that Saudi Arabia is one of India’s most trusted and valued strategic partners. He said the ties between the two countries are “rooted in a rich tapestry of civilizational, cultural, and commercial connections that date back centuries.

“In recent years, the relationship has grown exponentially, evolving into a robust Strategic Partnership that spans key sectors — politics, defense, security, trade, investment, energy, technology, health, education, and culture”.

He pointed to the “landmark State Visit of the Honorable Prime Minister to the Kingdom in April 2025 was a true reflection of this deepening bond. The Prime Minister of India and His Royal Highness Prince Mohammed bin Salman, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia had highly productive engagements in Jeddah, resulting in key outcomes — including the agreement on establishment of two India-Saudi joint venture refineries in India, and MoUs in Health, Postal cooperation, Space cooperation and Sports (anti-doping)”.

“The second leaders meeting of the India-Saudi Arabia Strategic Partnership Council (SPC) was also co-chaired by the two leaders during this visit. The Council reviewed the work of the various committees, subcommittees and working groups under the SPC, which encompass political, defense, security, trade, investment, energy, technology, agriculture, culture and people-to-people ties. The discussions were followed by signing of the minutes by the two leaders. To reflect the deepening of the strategic partnership over the past few years the Council decided to create two new ministerial committees under the SPC; one on Defense Cooperation and another on Tourism and Cultural Cooperation”.

The Ambassador went on to say that “India and Saudi Arabia are not only consolidating a dynamic partnership but also charting a bold vision for the future. Together, we are poised to play a pivotal role in shaping peace, progress, and prosperity at both regional and global levels”.

On the most important areas of economic, investment, and trade cooperation between the two countries, he said: “As the fastest-growing G-20 economies, India and Saudi Arabia are natural economic partners. Our partnership is vital not just for our own prosperity, but also for the resilience and stability of the global economy, particularly at a time of global uncertainty.

“Trade and investment form the economic backbone of our relationship,” he stated, “both countries have built strong institutional frameworks including a Ministerial Committee on Trade, Economy, Investment, and Technology, and a High-Level Task Force on Investment co-chaired by HRH the Saudi Energy Minister and India’s Principal Secretary to the Prime Minister. Our economic visions — Vision 2030 of Saudi Arabia and India’s Viksit Bharat 2047 — complement each other, creating vast synergies for growth”.

On the volume of trade exchange and its growth rate, the Indian Ambassador stated: “India-Saudi Arabia trade has witnessed impressive growth in recent years. In FY 2024–25, bilateral trade touched approximately USD 42 billion. India is now Saudi Arabia’s second-largest trading partner, while the Kingdom ranks fifth for India.

He went on to say: “Trade has diversified significantly. India exports engineering goods, rice, chemicals, vehicles, textiles, food products, and gems & jewelry to the Kingdom. On the other hand, we import crude oil, LPG, fertilizers, plastics, and chemicals from Saudi Arabia. There is a strong momentum to further expand trade — especially in promising sectors like pharmaceuticals, processed food, advanced manufacturing, gems and jewelry, and high-value engineering goods.

“A prospective Free Trade Agreement between India and the GCC would be a game-changer — unlocking even greater potential for trade and investment”.

He noted that “India’s private sector has embraced Saudi Arabia as a hub of opportunity. Indian businesses are actively exploring the Saudi market, especially in light of the transformational opportunities offered under Vision 2030. The number of licensed Indian companies in the Kingdom surged from 400 in 2019 to over 2,900 by 2023, with a large quantum of investments. Many Indian companies have shifted their regional headquarters to Saudi Arabia and a number of them are participating in Iktiva program of Aramco.

“Indian companies are contributing significantly to mega and giga projects under Vision 2030 — spanning civil infrastructure, energy, power transmission, oil & gas, renewable energy, and more. Our technology firms are also playing a central role in the digital transformation of Saudi Arabia. There is increasing interest from Indian businesses in healthcare, pharmaceuticals, hospitality, logistics, mining, minerals, MSMEs, and startups — all sectors vital to both economies' future.

“This is truly a two-way street. Saudi companies too have vast opportunities to invest in India’s transformation into a developed economy — especially in infrastructure, logistics, renewable energy, health, and utilities. Saudi Arabia has committed to investing $100 billion in India. The growing corporate synergy between our two countries will be a cornerstone of the bilateral partnership going forward”.

On the latest developments in the India–Saudi Arabia electricity interconnection project, Dr. Khan said that “Energy has long been a pillar of India–Saudi Arabia relations. As India powers ahead toward becoming a developed economy by 2047, our energy needs will grow — and Saudi Arabia remains a reliable and strategic partner in meeting them. But the future is green. India has set an ambitious target of 500 GW of renewable energy by 2030, and we’re actively collaborating with Saudi Arabia on clean and sustainable energy — including solar, wind, and hydrogen.

“One exciting area of cooperation is electrical grid interconnectivity. An MoU was signed in 2023 on Electrical Interconnections, Green Hydrogen, and Supply Chains, during MENA Climate Week. We’re jointly exploring the technical and commercial viability of connecting our power grids. This initiative also complements the India–Middle East–Europe Economic Corridor (IMEEC) launched in 2023, which envisions a more integrated, sustainable, and secure regional energy network. As we advance, energy connectivity will become a major lever of strategic alignment between our two nations”, he concluded.



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.