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Gulf markets · Riyadh

Saudi Arabia

State capital in Saudi Arabia is allocated through the Public Investment Fund, through development funds and banks overseen by the National Development Fund, and through Hassana Investment Company, which manages the investments of the General Organization for Social Insurance. The Capital Market Authority states that, since 1 February 2026, all categories of foreign investors may invest directly in the Main Market, subject to ownership limits.

Sovereign and state investors

Public Investment Fund (PIF)

Established in 1971 by Royal Decree No. M/24. PIF’s stated mission combines long-term returns with the economic development and diversification of the Saudi economy. It reports assets under management of about SAR 3,396 billion (more than USD 900 billion) at the end of 2025, with 80% of its portfolio in local and 20% in international investments, and more than USD 199 billion invested in Saudi Arabia between 2021 and 2025.

PIF’s 2026–2030 strategy

Approved by PIF’s Board in April 2026, the strategy organises investments into three portfolios, Vision, Strategic and Financial, superseding the investment pools of 2021 to 2025. The Vision Portfolio is built around six domestic ecosystems: tourism, travel and entertainment; urban development and liveability; advanced manufacturing and innovation; industrials and logistics; clean energy, water and renewables infrastructure; and NEOM.

National Development Fund (NDF)

Established by Royal Order No. A/13 in 2017 to raise the performance of the Kingdom’s development funds and banks, which it oversees. Its website lists 12 of them, including the Saudi Industrial Development Fund, the SME Bank, the Saudi EXIM Bank and the National Infrastructure Fund.

Saudi Venture Capital Company (SVC)

Established in 2018 as a subsidiary of the SME Bank, within the NDF. SVC invests directly and through venture capital, private equity, and venture and private debt funds, and reports investments in 65 private capital funds.

Family offices and private wealth

Saudi Arabia’s Companies Law of 2022 (Royal Decree No. M/132) allows a family-owned company to adopt a family charter covering family ownership, governance and management, work policy, the employment of family members, the distribution of dividends and the settlement of disputes, and provides that such a charter is binding.

Institutional investors

General Organization for Social Insurance (GOSI)

The Public Pension Agency was merged into GOSI by a Council of Ministers resolution in June 2021.

Hassana Investment Company

The investment manager of GOSI, launched in 2014. Its website gives assets under management of more than SAR 1.2 trillion, without an as-of date.

Financial centres and regulators

Saudi Central Bank (SAMA)

Operates under the Saudi Central Bank Law of November 2020, which superseded the law of the Saudi Arabian Monetary Authority. Its functions include managing and investing the Kingdom’s foreign currency reserves.

Capital Market Authority (CMA)

Regulates the capital market. It states that, as of 1 February 2026, all categories of foreign investors may invest directly in the Main Market, without the former Qualified Foreign Investor requirement. Ownership limits still apply: a non-resident foreign investor may not own 10% or more of an issuer, and aggregate foreign ownership of an issuer is limited to 49%, with strategic investors excepted.

Saudi Tadawul Group

The holding company of Saudi Exchange, the Securities Clearing Center (Muqassa), the Securities Depository Center (Edaa) and Wamid, the group’s innovation arm.

King Abdullah Financial District (KAFD)

A financial district in Riyadh, the capital.

National agenda

Saudi Vision 2030 sets the Kingdom’s national targets to 2030. Its annual report for 2025 gives the private sector’s contribution to GDP as 51% in 2025, against a 2030 target of 65%, and sets a 2030 target of USD 2.67 trillion for PIF’s assets under management.

Sharia-compliant finance

According to the Saudi Central Bank, Sharia-compliant banking finance provided by Islamic banks and Islamic windows reached SAR 2,726.3 billion in the fourth quarter of 2025, up 10.3% year on year.

Working week and time zone

Working week
Sunday to Thursday, the official business days in the Saudi Central Bank’s rulebook.
Weekend
Friday and Saturday.
Time zone
UTC+3 (Arabia Standard Time), Riyadh; no daylight saving time.

Preparing a raise in Saudi Arabia

The official business week runs Sunday to Thursday on UTC+3 all year. A process that also involves the UAE or Europe therefore has Monday to Thursday as its shared working window.

The Capital Market Authority regulates the Saudi capital market, so the route by which any raise is presented to investors in the Kingdom is a question for legal counsel before materials are circulated.

The English text of the Companies Law is an official translation, and the Arabic text governs.

Artane Partners has no affiliation with, and is not endorsed by, any institution named on this page.

Sources

Each figure is given as its source published it, with the date stated on this page. All sources were accessed on 23 October 2026.

Considering a raise into Gulf capital?

Artane Partners has senior coverage across Riyadh, Abu Dhabi, Dubai, Doha and Kuwait City.

Our Senior Advisor for Saudi Arabia, Ali Al-Khaldi, is based in Riyadh. If you are preparing a raise and would like to discuss the Saudi market, we would be glad to hear from you.

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