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RIYADH: ������Ƶ’s economy expanded 3.9 percent in the second quarter of the year, fueled by robust non-oil activity that extended its growth streak to 18 consecutive quarters, official data showed.

The Kingdom’s non-oil activities grew by 4.6 percent year on year in the April–June period, underlining the progress of Vision 2030 reforms aimed at diversifying the economy away from oil dependence, according to estimates from the General Authority for Statistics.

The latest gross domestic product figures align with projections from the International Monetary Fund, which in August forecast the Saudi economy to expand by 3.6 percent this year before accelerating to 3.9 percent in 2026. 

“Real GDP grew 3.9 percent in the second quarter of 2025 compared to the same quarter of 2024, while seasonally adjusted real GDP rose by 1.7 percent compared to the first quarter of 2025,” GASTAT said in its latest report. 

“All main economic activities increased year-on-year, with non-oil up 4.6 percent, oil up 3.8 percent, and government up 0.6 percent,” it added.

Quarterly, oil activities led the expansion with a 5.6 percent increase, while non-oil advanced 0.8 percent and government activities slipped 0.8 percent.

The authority said non-oil sectors contributed 2.6 percentage points to overall GDP growth, followed by oil at 0.9 points, and net taxes on products at 0.3 points.

Among individual sectors, electricity, water and gas activities expanded 10.3 percent year on year in the second quarter, while finance, insurance and business services grew 7 percent. Wholesale and retail trade, along with restaurants and hotels, rose 6.6 percent.

In May, GASTAT reported that the economy grew 2.7 percent year on year in the first quarter, also driven by strong non-oil momentum.

Commenting on the first quarter performance at the time, Minister of Economy and Planning Faisal Alibrahim, who chairs GASTAT’s board, said non-oil activities accounted for 53.2 percent of economic output, an increase of 5.7 percent from previous estimates.

He added that ������Ƶ’s outlook remains positive, supported by structural reforms and large-scale state-led projects across multiple sectors. 

RIYADH: ������Ƶ launched the September subscription window for its government-backed “Sah” savings sukuk, offering investors a fixed annual return of 4.88 percent. 

The subscription period opened at 10 a.m. on Sept. 7 and is available exclusively to Saudi nationals aged 18 and above through approved platforms including SNB Capital, Aljazira Capital, Alinma Investment, SAB Invest, and Al-Rajhi Capital, according to the National Debt Management Center. 

As with earlier offerings, the product is Shariah-compliant, denominated in riyals, and carries a one-year maturity, with fixed returns paid at redemption. Minimum subscription is SR1,000 ($266) and capped at SR200,000 per individual. 

The sukuk, part of the 2025 issuance calendar managed by the Finance Ministry’s NDMC, is designed to deepen the domestic savings market and widen financial inclusion. 

Launched under the Financial Sector Development Program, a core element of Vision 2030, Sah targets lifting the national savings rate to 10 percent by 2030, from about 6 percent to date. 

The sukuk is designed as a secure, low-risk savings instrument, with no fees and easy redemption, aligning returns with prevailing market benchmarks. Allocation is scheduled for Sept. 16, while redemption will run from Sept. 21–24, with proceeds disbursed on Sept. 29. 

������Ƶ has committed to making monthly issuances under the Sah program, with yields set in line with funding costs and market liquidity conditions to ensure attractiveness for retail investors. 

Last month, the Kingdom opened the August subscription window for its government-backed savings sukuk, offering an annual return of 4.97 percent, up from 4.88 percent in July. 

According to NDMC, the sukuk program also strengthens collaboration with private-sector institutions, including banks, asset managers, and fintech firms, as ������Ƶ seeks to expand access to savings products and diversify its financial ecosystem. 

The Sah sukuk is becoming increasingly popular among younger investors seeking Shariah-compliant, stable returns, highlighting the government’s push to cultivate a savings culture and expand participation in domestic capital markets. 

Last week, NDMC completed the issuance of a $5.5 billion international sukuk under the Kingdom’s Global Trust Certificate Issuance Program.

The offering, the country’s first international sukuk based on an Ijarah structure, was issued in two tranches. The five-year sukuk maturing in 2030 raised $2.25 billion, while the 10-year tranche maturing in 2035 secured $3.25 billion. 

Investor demand was strong, with the order book reaching about $19 billion — 3.5 times the issuance size — underscoring global confidence in the Kingdom’s economic fundamentals and investment outlook, NDMC said.