KSA This Week: PIF's $24.5bn Financing Deals, a $2bn Brookfield Fund, Riyadh Air's Fleet Jump
This week from the Kingdom: the Public Investment Fund signed financing deals worth up to $24.5 billion with US EXIM and two World Bank Group arms, Brookfield raised around $2 billion for a PIF-anchored fund with half earmarked for Saudi Arabia, Riyadh Air added 34 more widebody jets to its fleet plans, PIF's Jada backed a new $200 million growth-equity fund for mid-market Saudi companies, the Kingdom launched a one-year multiple-entry Umrah visa, and the Ministry of Human Resources opened a new Nitaqat phase to localise more than 340,000 private-sector jobs. Fresh GASTAT data put Saudi unemployment at 6.4 percent, the non-oil PMI hit a four-month high, and June was the year's biggest month for project awards. Here is what matters for employers and businesses in Saudi Arabia.
Investments
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$24.5bn value of PIF's new financing deals with US EXIM and two World Bank Group arms |
Saudi Arabia's Public Investment Fund (PIF) signed financing agreements worth up to $24.5 billion with the Export-Import Bank of the United States (EXIM) and two World Bank Group institutions, aimed at unlocking investment and creating jobs in the Kingdom and across emerging markets.
The package includes a $15 billion deal with US EXIM to support strategic projects. A separate $6 billion agreement with the International Finance Corporation explores co-financing on infrastructure, energy, transport, tourism and healthcare, while a $3.5 billion deal with the Multilateral Investment Guarantee Agency will look at credit guarantees to help finance PIF portfolio companies in Saudi Arabia and the region.
PIF said the partnerships are designed to attract private capital into strategic sectors and support Vision 2030's economic diversification. As one of the world's largest sovereign wealth funds, PIF finances many of the Kingdom's flagship projects and the jobs they create.
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The TASC Take When a trillion-dollar investor lines up fresh capital for infrastructure, energy, tourism and healthcare, sustained hiring across those sectors follows. Giving employers fast, compliant access to that talent — through staffing, payroll and EOR — is exactly where TASC adds value. |
Source: Saudi Gazette
Investments
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$2bn raised at first close of the PIF-anchored Brookfield Middle East fund, with 50% earmarked for Saudi Arabia |
Brookfield Corp. has raised approximately $2 billion in the first close of Brookfield Middle East Partners, a private equity fund anchored by the Public Investment Fund (PIF) and targeting Saudi Arabia and the wider region. Brookfield will invest $500 million alongside its partners, and around 50 percent of the fund's investments are earmarked for Saudi Arabia.
The fund will pursue buyouts and growth-equity deals across financial, business and consumer services, industrials, technology and healthcare. PIF's deputy governor Yazeed Al-Humied said the partnership is designed to anchor international private equity into Saudi Arabia and accelerate deal flow, while bringing world-class expertise to the local market.
The move follows PIF's 2026-2030 strategy, which prioritises private-sector participation. PIF's assets under management have grown from $150 billion in 2015 to more than $900 billion in 2025, and it invested over $199 billion in new Saudi projects between 2021 and 2025.
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The TASC Take Billions in fresh private-equity capital flowing into Saudi financial services, industrials, technology and healthcare means portfolio companies scaling and hiring across the Kingdom. Helping them build, payroll and mobilise those teams quickly and compliantly is exactly where TASC adds value. |
Source: Arab News
Aviation
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200,000 direct and indirect jobs Riyadh Air expects to create by 2030 |
Riyadh Air, the airline backed by the Public Investment Fund, expanded its fleet plans with fresh orders for 34 widebody jets from Boeing and Airbus, announced at the Farnborough Airshow. It exercised purchase rights for 28 Boeing 787 Dreamliners, converting 20 to the larger 787-10, and confirmed six Airbus A350-1000s, taking total confirmed orders to 31 aircraft on top of 60 Airbus A321s.
The carrier has already taken delivery of six Boeing 787-9 jets and now flies to cities including London, Madrid, Cairo, Dubai and Jeddah, with more routes on sale. It is targeting more than 100 destinations by 2030.
Riyadh Air expects to generate over 200,000 direct and indirect jobs and add more than $20 billion to Saudi Arabia's non-oil GDP by 2030.
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The TASC Take A national carrier scaling this fast needs people at every level — pilots, cabin crew, engineers, ground handling, corporate and digital roles — and needs them on time and compliant. Staffing and payrolling teams that grow this quickly is exactly where a workforce partner earns its place. |
Source: AGBI
Tourism
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1.3m Umrah visa arrivals this season, up 23% year on year |
Saudi Arabia launched a multiple-entry Umrah visa aimed at boosting religious tourism after a strong pilgrimage season. The visa is valid for 365 days from issuance and allows multiple entries, with a cumulative stay of up to 90 days, according to the Saudi Press Agency.
Each visit requires buying a service package from an approved provider on Nusuk, the official app for planning pilgrimages, and the visa is not active during the Hajj season. Umrah visa arrivals rose 23 percent to more than 1.3 million for the season from late May to mid-July, compared with a year earlier, with the most pilgrims coming from Pakistan, Indonesia and Iraq.
The move supports the Kingdom's goal of attracting 150 million visitors a year by 2030, with tourism set to make up 10 percent of non-oil GDP.
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The TASC Take More pilgrims and longer stays drive demand across hospitality, transport, retail and religious-tourism services — much of it seasonal. Mobilising and payrolling those front-line teams at speed, in line with Saudisation, is core to what TASC does. |
Source: AGBI
Labour & Saudisation
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340,000 extra private-sector jobs the new Nitaqat phase aims to localise for Saudis by 2029 |
Saudi Arabia's Ministry of Human Resources and Social Development (MHRSD) launched a new phase of the Nitaqat Mutawar (Developed Nitaqat) programme, a three-year plan to localise more than 340,000 additional private-sector jobs for Saudi men and women by 2029.
The new phase builds on the programme first introduced in 2021. It raises Saudisation targets across most economic activities, with higher sector quotas in areas such as healthcare, engineering, accounting, procurement, marketing and sales. The ministry says the targets are based on comprehensive analysis of each sector and establishment. Nitaqat is increasingly assessed at entity level — across all branches in the same activity — rather than at individual establishment level, and Saudisation credit is tied to digital contracts registered on the Qiwa platform.
For employers, it means Saudisation ratios, professions and contracts all need to be planned together and kept current.
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The TASC Take Higher quotas and entity-level assessment raise the stakes on getting Saudisation right. Employers need a clear read on their ratios, the right Saudi hires, and clean Qiwa documentation — precisely the recruitment, payroll and PRO support TASC provides. |
Source: Arab News
Jobs & Vision 2030
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6.4% Saudi national unemployment in Q1 2026 (women's rate down to 9%) |
Unemployment among Saudi nationals fell to 6.4 percent in the first quarter of 2026, down 0.8 percentage points from the previous quarter, according to the General Authority for Statistics (GASTAT).
The rate for Saudi women recorded the biggest improvement, falling 1.3 percentage points to 9 percent, while unemployment among Saudi men dropped to 4.9 percent. The overall rate for the total population, including non-Saudis, stood at 3.1 percent. The labour force participation rate reached 64.2 percent and the employment-to-population ratio was 61.0 percent.
The figures keep Saudi Arabia close to its Vision 2030 targets and reflect the steady pull of nationals, especially women, into the private sector. They point to a labour market where the challenge is shifting from creating jobs to turning them into lasting careers.
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The TASC Take A tighter market for Saudi talent — and rising female participation — means employers must compete harder to attract and keep nationals, while hitting Saudisation targets. Sourcing, screening and retaining Saudi hires at scale is where TASC helps. |
Source: Arab News
Economy & Trade
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53.3 Saudi non-oil PMI in June, a four-month high (above 50 = expansion) |
Saudi Arabia's non-oil private sector grew at a four-month high in June, with the Riyad Bank Purchasing Managers' Index (PMI), compiled by S&P Global, rising to 53.3 from 52.8 in May. Any reading above 50 signals expansion, and this was the highest level since February.
Growth was driven by stronger domestic demand and the fastest rise in new orders in four months, with about 18 percent of firms reporting higher output. Export orders, however, contracted for a fourth straight month, and cost pressures stayed steep. Employment was broadly unchanged as firms watched expenses.
Riyad Bank's chief economist said the survey reinforces the resilience of the domestic economy and points to continued non-oil growth in the second half of the year — a positive backdrop for hiring and investment.
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The TASC Take A resilient non-oil economy keeps demand for workers steady across retail, construction, services and logistics. When activity picks up, employers that can scale headcount quickly and compliantly move fastest — which is where TASC comes in. |
Source: Arab News
Projects & Construction
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$7.9bn value of Saudi project awards in June 2026 (25 projects — the year's biggest month) |
Saudi Arabia awarded 25 projects in June 2026, the highest monthly total so far this year, valued at more than SR29 billion ($7.9 billion), according to a market report on the Kingdom's project pipeline.
The construction sector led activity, in line with the Kingdom's heavy investment in housing, infrastructure and giga-projects under Vision 2030. National Housing Company ranked among the top project owners by value, reflecting the continued push to expand home supply. The figures point to a busy second half for contractors, developers and their supply chains.
For businesses on the ground, a strong flow of awards means more mobilisation of engineering, project-management, skilled-trade and support teams — often at short notice and against Saudisation requirements.
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The TASC Take Every award converts into a hiring plan — engineers, project managers, skilled trades and support staff, fast and Saudisation-compliant. Mobilising and payrolling project teams at speed across the Kingdom is exactly what TASC does. |
Source: TradeArabia
Investments
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$200m target size of Growth Catalyst Fund I, backed by PIF's Jada to scale mid-market Saudi companies |
Jada Fund of Funds, a wholly owned subsidiary of the Public Investment Fund (PIF), has committed to Growth Catalyst Fund I, a Saudi private equity fund targeting SR750 million ($200 million) to invest in mid-market companies across the Kingdom. Jada is acting as an early institutional backer at the fund's first close.
Growth Catalyst Fund I is a sector-agnostic vehicle licensed by the Capital Market Authority. It will invest in established, late-stage Saudi companies with proven business models, helping them accelerate growth, strengthen governance and improve operations to prepare for future exits. The fund's focus on high-growth small and medium-sized enterprises aligns with Vision 2030's economic diversification goals.
The commitment is part of a wider push by government-backed investors to deepen Saudi Arabia's private capital market. Saudi Venture Capital, which also invested in the fund earlier this year, has made cumulative commitments of $1.2 billion across 65 funds, helping attract $5.9 billion from investment partners.
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The TASC Take Growth capital exists to scale companies fast — and scaling means hiring. As mid-market Saudi firms professionalise and grow, they need to add and payroll teams quickly and compliantly, with the right Saudi hires to meet Saudisation targets. That build-and-mobilise support is exactly what TASC provides. |
Source: Arab News
TASC in Saudi Arabia
Staffing Saudi Arabia's fast-growing private sector
With record investment flowing in — from PIF's financing deals to new PIF-anchored and growth-equity funds — aviation and tourism scaling fast, and a fresh Nitaqat phase raising Saudisation targets, employers need Saudi-ready hiring, screening, payroll and EOR — quick and fully compliant. TASC helps you build and mobilise the right team across the Kingdom.
TASC Outsourcing — People for Tomorrow. Contract staffing, permanent hiring, payroll and EOR across Saudi Arabia.
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