GCC Capex Wave Series

Research evidence excerpt

GCC Capex Wave Series

Equity Research

7 July 2026 | 9:30AM GST

GCC CAPEX WAVE SERIES

Saudi Arabia’s strategic sectors enabled by resilience-led capex

landscape; scope for up to ~US$664bn in associated spend

With Saudi Arabia approaching the third and final phase of Vision 2030 (2026-30), Faisal AlAzmeh, CFA

+971(4)376-3476 |

the core investment debate is shifting from the absolute scale and sustainability of faisal.alazmeh@gs.com

Goldman Sachs International

national spending to the strategic efficiency and structural durability of the

Kazim Andacinvestment initiatives. We estimate scope for ~US$468-664bn of investments +971(4)214-9958 |

across seven strategic sectors through 2030 and see ex-upstream sector kazim.andac@gs.comGoldman Sachs International

investments contributing a meaningful ~69-74% share of the national strategic Harsh Mehta

spend. +971(4)376-3405harsh.mehta@gs.com|

Against a backdrop of stricter capital discipline, we look at Saudi’s capex landscape through Ashwath P T, CFA

the end of the decade and outline the push toward resilience as well as assess the +971(4)376-3439Goldman Sachs International| ashwath.pt@gs.com

read-across for key exposed sectors and players. Roman Reshetnev

+971(4)376-3423 |

We see three key pillars characterizing the trajectory of the Saudi capex roman.reshetnev@gs.comGoldman Sachs International

landscape Michele Della Vigna, CFA

+39(02)8022-2242 |

n Composition: Capex meaningfully rotating toward strategic infrastructure, michele.dellavigna@gs.comGoldman Sachs Bank Europe SE - Milan

including transportation and real and digital infrastructure that support branch

Farouk Soussa operational continuity and sovereign data control. +44(20)7051-9349 |

farouk.soussa@gs.com