Saudi Arabia has signed 49 deals worth $925 million in the second quarter of 2022, as the Arab world’s largest economy continues to attract new investment into the country to diversify away from oil.  The deals were signed across sectors including advanced manufacturing, construction and real estate, information and communications technology, tourism, entertainment and sports.

Saudi Arabia is developing a number of tourism projects, including NEOM, a $500bn futuristic city comprising a nature reserve, coral reefs and heritage sites on a number of islands along the Red Sea, and Qiddiya, a huge entertainment and sports project.

Other investments signed by Saudi Arabia during the quarter include a strategic agreement with pharmaceutical multinational Novartis to grow Saudi Arabia’s biopharmaceutical capabilities, a $50m investment by Aramco’s Wa’ed Ventures into Saudi FinTech Wahed and a deal by Ma’aden to build the world’s largest solar-powered steam plant to be used to refine bauxite into alumina.

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