Riyadh: The second half of October marked a period of intense and highly successful strategic activity for Saudi Arabia, as the Kingdom simultaneously hosted a landmark global investment summit, announced a transformative mega-project in Makkah, and facilitated a major diplomatic breakthrough in the region. The convergence of these events underscored the Kingdom’s accelerating economic diversification and its increasingly pivotal role as a global and regional leader.
According to Saudi Press Agency, the ninth Future Investment Initiative (FII9) conference served as the central stage, drawing over 9,000 delegates to Riyadh and reinforcing its status as a premier platform for global partnership. PIF Governor Yasir Al-Rumayyan announced that deals worth over $250 billion have been concluded through the platform since its inception, while Investment Minister Khalid Al-Falih provided tangible proof of the Kingdom’s transformation, revealing that 40% of the state budget is now funded by non-oil revenues and that foreign direct investment has quadrupled.
HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, has announced the launch of King Salman Gate, a transformative multi-use development adjacent to the Grand Mosque. The project will span up to 12 million square meters, provide capacity for around 900,000 prayer spaces, and generate more than 300,000 jobs by 2036.
Saudi Arabia has welcomed the Syrian government’s recognition of the Republic of Kosova. This announcement followed a historic trilateral meeting in Riyadh between HRH Crown Prince Mohammed bin Salman, Syrian President Ahmed al-Sharaa, and Kosovan President Vjosa Osmani. The Kingdom stated that it looks forward to this step contributing to bilateral cooperation and prosperity.
The period by numbers included a robust real GDP growth of 5.0% in the third quarter of 2025, driven by a 4.5% rise in non-oil activities. The Riyadh Season 2025 attracted 1 million visitors in just its first 13 days, and SAR1.05 billion was spent on mineral exploration in 2024. Saudi Arabia’s EXIM Bank reached SAR100 billion in total credit facilities since 2020, and the Two Holy Mosques saw 54.5 million worshippers and visitors during Rabi Al-Thani 1447 AH.
In summary, the latter half of October was marked by significant economic and diplomatic announcements. The FII9 conference served as a platform for major investment deals in AI, energy, and finance, coinciding with the release of strong 5.0% Q3 GDP growth figures. During this period, the King Salman Gate mega-project in Makkah was unveiled, and the Kingdom hosted a historic trilateral meeting that resulted in Syria’s formal recognition of Kosova.