Saudi companies significantly increased their overseas investment activity in the first half of 2026, with outbound greenfield spending rising 90 percent to reach $3.3 billion, according to a recent analysis by Emirates NBD. This growth occurred despite a marked global decline in foreign capital expenditures, which fell 38 percent year on year to $538.2 billion during the same period.
Saudi Arabia was the only country among the five markets tracked by the Dubai-based bank—including India, Turkiye, Egypt, and the United Arab Emirates (UAE)—to register an increase in outbound greenfield investment. The Kingdom announced 39 new projects across multiple sectors by the end of June.
A substantial portion of Saudi Arabia’s international investment was driven by renewable energy companies, with major multi-plant projects underway in Spain and Italy accounting for over half of all the Kingdom’s announced overseas investments. Notably, Acwa Power expanded its footprint with projects in Morocco and Turkiye. Additionally, investment plans extended into Syria, where reconstruction efforts offer new opportunities, alongside initiatives in aviation, healthcare, and engineering services by Saudi private firms.
Experts note that the surge reflects a broader evolution in Saudi Arabia’s economic strategy. Thomas Kuruvilla, managing partner of Arthur D. Little Middle East & India, highlighted that this trend signals a shift beyond mere capital outflow; Saudi firms are increasingly exporting their technological expertise and operational capabilities. He described this development as potentially marking a second phase of the Kingdom’s Vision 2030 diversification effort—moving from reducing reliance on oil to also diversifying investment risks globally.
Kuruvilla suggested that the expansion of Saudi renewable energy firms into Europe indicates a transition from Saudi Arabia being predominantly a technology and investment importer to becoming an exporter of advanced energy solutions. This aligns with Saudi Arabia’s goal to maintain its status as an energy leader while embracing new-generation energy industries.
Tony Hallside, CEO of STP Partners, described the increase in greenfield outbound investment as evidence of the country's growing capacity and ambition to develop businesses and infrastructure abroad. He emphasized the importance of greenfield projects in creating new productive assets rather than simply transferring ownership. Hallside also underscored that Vision 2030’s focus on attracting foreign capital into Saudi Arabia is now complemented by rising outbound investments from Saudi firms, particularly in renewable energy.
While outbound investment surged, Saudi Arabia’s inbound greenfield foreign direct investment (FDI) in the first half of 2026 moderated to $3.8 billion—a 59 percent decline compared with the previous year. The composition of inbound projects shifted away from services toward industrial supply chains, with significant investments in battery materials, including a $666 million copper facility by Zhejiang Hailiang and a $200 million plant by Northern Graphite, largely centered in the Eastern Province. China emerged as the primary source of capital in this segment.
Overall, the five core markets tracked by Emirates NBD—the UAE, India, Saudi Arabia, Turkiye, and Egypt—maintained stable greenfield FDI inflows compared to the previous year. Their combined share of global greenfield FDI grew to 10.5 percent in the first half of 2026 from 6.5 percent a year earlier, supported by larger average project values driven by AI infrastructure investments in India and major Chinese and Gulf projects in Egypt.