KSA This Week: Aramco's $33.4bn Quarter, PIF's $55bn EA Buyout, and Riyadh Air's New Routes
This week from the Kingdom: Saudi Aramco posted a 33 percent jump in second-quarter profit to $33.4 billion and declared a $21.9 billion dividend; a PIF-led consortium closed its roughly $55 billion take-private of gaming giant Electronic Arts; and government revenue rose 12 percent to SR338.8 billion in the second quarter as state spending stayed high. The non-oil PMI held in growth at 53.1, Riyadh Air opened its first international routes, the contractor pipeline stayed busy with 23 July project awards, licensed hospitality facilities rose 22.7 percent, and more than 600 multinationals now base their regional HQ in the Kingdom. Here is what matters for employers and businesses in Saudi Arabia.
Energy & Oil
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$33.4bn Aramco's Q2 2026 adjusted net income, up 33% year on year |
Saudi Aramco reported adjusted net income of $33.4 billion for the second quarter of 2026, up about 33 percent from a year earlier and ahead of analyst expectations, as higher oil prices lifted earnings. Net income attributable to shareholders rose to $32.4 billion from $22.8 billion a year earlier.
The board declared a base dividend of $21.9 billion for the quarter, payable in the third quarter and bringing first-half dividends to about $44 billion. Brent-linked crude averaged roughly $108 a barrel over April to June, more than 60 percent above the prior year, even as Aramco produced and sold fewer barrels.
As the Kingdom's largest employer and taxpayer, Aramco's cash flow underpins Vision 2030 spending and the national project pipeline.
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The TASC Take Aramco's earnings bankroll much of the Kingdom's investment and giga-project spending — and the hiring that flows from it. When the national pipeline stays funded, demand for engineering, projects and skilled trades follows, which is where TASC helps employers scale compliantly. |
Source: Arab News
Investments
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$55bn value of the PIF-led take-private of EA — the largest leveraged buyout on record |
A consortium led by Saudi Arabia's Public Investment Fund (PIF), alongside Silver Lake and Affinity Partners, completed its acquisition of games publisher Electronic Arts in a deal valuing the company at about $55 billion — the largest all-cash leveraged buyout on record. Shareholders were paid $210 a share.
EA becomes the biggest holding in the gaming portfolio PIF has built through Savvy Games Group, its gaming and esports arm, which has committed roughly $38 billion since 2022. The deal advances the Kingdom's ambition to become a global hub for gaming and esports under Vision 2030.
For Saudi Arabia, the bet is as much about building a local gaming, tech and content industry — and the jobs that come with it.
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The TASC Take Saudi Arabia's gaming and esports push is building a whole new sector — studios, tech, content and events — that needs specialist talent, much of it under Saudisation. Sourcing, payrolling and mobilising those teams is exactly where TASC adds value. |
Source: Gulf News
Government & Finance
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SR338.8bn Saudi government revenue in Q2 2026, up 12% year on year |
Saudi Arabia's government revenue rose 12 percent year on year to SR338.8 billion ($90.3 billion) in the second quarter of 2026, according to the Ministry of Finance. Oil revenue climbed 22 percent to SR185.1 billion, while non-oil revenue edged up 3 percent to SR153.7 billion.
Expenditure rose 11 percent to SR373.1 billion ($99.5 billion) as the government kept up spending on Vision 2030 programmes and projects, leaving a quarterly deficit of SR34.3 billion ($9.1 billion). First-half revenue reached SR599.8 billion, up 6 percent year on year, with the deficit financed through borrowing rather than by drawing on reserves.
The figures show the state continuing to invest heavily in the economy, sustaining activity across projects, services and employment.
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The TASC Take Sustained government spending keeps the project pipeline and public-sector-linked demand flowing — and with it, hiring across construction, services and administration. Helping employers scale those teams compliantly is where TASC comes in. |
Source: Saudi Gazette
Economy & Trade
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53.1 Saudi non-oil PMI in July (above 50 = expansion) |
Saudi Arabia's non-oil private sector kept growing in July, with the Riyad Bank Purchasing Managers' Index (PMI), compiled by S&P Global, easing slightly to 53.1 from 53.3 in June. Any reading above 50 signals expansion, and operating conditions improved for a fourth straight month.
Domestic demand drove output and new orders higher, though the pace of new-order growth slowed and export sales fell for a fifth consecutive month amid high freight costs and competition. Firms cited resilient activity despite regional headwinds.
The survey points to steady non-oil momentum into the second half — a supportive backdrop for hiring, investment and consumer-facing sectors across the Kingdom.
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The TASC Take A non-oil economy that keeps expanding sustains demand for workers across retail, construction, logistics and services. Employers that can scale headcount quickly and compliantly capture that growth first — which is where TASC comes in. |
Source: Arab News
Aviation
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120,000 Saudi tourist arrivals Malaysia is targeting via Riyadh Air's new route |
Riyadh Air, the airline backed by the Public Investment Fund, has opened its first international services and route sales as it ramps up ahead of full commercial operations. Its expanding network across Europe, Asia and the Middle East is helping the Kingdom push toward its tourism goals.
Malaysia said it is targeting around 120,000 Saudi tourist arrivals on the back of Riyadh Air's inaugural South-East Asian route, underscoring the carrier's role in two-way travel and trade. Riyadh Air is flying a growing fleet of Boeing 787 Dreamliners and aims to reach more than 100 destinations by 2030.
The airline expects to help create hundreds of thousands of jobs and add significantly to non-oil GDP.
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The TASC Take A national carrier standing up new international routes needs people fast — crew, engineering, ground handling, corporate and digital roles — and needs them compliant. Staffing and payrolling teams at that pace is exactly where a workforce partner earns its place. |
Source: The Star
Projects & Construction
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23 projects Saudi Arabia was set to award in July, 60%+ in construction |
Saudi Arabia's project pipeline stayed active into July, with the Saudi Contractors Authority's sector outlook forecasting 23 project awards for the month — more than 60 percent of them in the building and construction sector. Nearly half were expected in the Eastern Province, Riyadh and Makkah regions.
Major state-linked entities including the Public Investment Fund, Saudi Aramco and SABIC were expected to launch projects, sustaining momentum after June's awards topped SR29 billion ($7.9 billion) across 25 contracts. Construction continues to lead, in line with heavy Vision 2030 investment in housing, infrastructure and giga-projects.
For businesses on the ground, a steady flow of awards keeps demand high for engineering, project-management and skilled-trade teams.
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The TASC Take Every award turns into a mobilisation plan — engineers, project managers, skilled trades and support staff, fast and Saudisation-compliant. Building and payrolling project teams at speed across the Kingdom is exactly what TASC does. |
Source: Arab News
Tourism
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22.7% year-on-year rise in Saudi licensed hospitality facilities (to 6,122) |
Saudi Arabia's licensed tourism and hospitality facilities rose 22.7 percent year on year to 6,122 in the first quarter of 2026, according to the General Authority for Statistics (GASTAT), as accommodation supply expands to meet rising demand. Average hotel stays have lengthened to around 4.2 nights.
The growth reflects heavy investment in hotels and destinations under Vision 2030, alongside expanding air connectivity from carriers like Riyadh Air. Saudi Arabia is targeting 150 million annual visitors by 2030, with tourism set to make up a growing share of non-oil GDP.
More rooms and longer stays translate into sustained demand for front-line hospitality and service teams across the Kingdom.
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The TASC Take A fast-growing hospitality base — more hotels, longer stays — drives demand across front desk, F&B, housekeeping and guest services, much of it seasonal and under Saudisation. Mobilising and payrolling those teams at speed is core to what TASC does. |
Source: Arab News
Investment & FDI
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600+ multinationals that have set up regional HQs in Saudi Arabia |
More than 600 multinational companies have now established their regional headquarters in Saudi Arabia under the Riyadh-led RHQ programme, well ahead of the original target of 500 by 2030. Names range from global banks and consultancies to consumer giants.
The programme offers a 30-year corporate income-tax exemption and withholding-tax relief for qualifying regional HQs, and is tied to eligibility for government contracts. It is a central plank of the Kingdom's drive to attract foreign investment and anchor regional decision-making in Riyadh.
Each new regional HQ needs to hire and localise teams quickly — from leadership to support functions — making compliant, Saudi-ready recruitment a priority from day one.
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The TASC Take Every regional HQ that lands in the Kingdom has to build a team fast — and hit Saudisation targets while doing it. Sourcing Saudi talent, running payroll and handling PRO from day one is exactly where TASC helps new entrants. |
Source: Gulf Business
TASC in Saudi Arabia
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