2025年春季沙特阿拉伯商业市场概述

Saudi Arabia’s economic momentum continuedto strengthen in 2024, underpinned by risingprivate sector activity. While the pace of newforeigndirect investment(FDI)softened by11% amid global economic headwinds, foreigninvestor interest remained strong. A total of14,303foreign business investment licenceswere issued during 2024, a 67% increase from2023,marking the highest annual figure onrecord and underscoring the sustained appeal ofSaudi Arabia to global corporates and investorsalike.This significant growth has been fuelled by awide range of government initiatives, includingthe Regional Headquarters Programme, tax andregulatory incentives, such as a 30-year tax reliefpackage offering a 0% corporate income tax and0% withholding tax on approved RHQ activities.Otherinitiatives include the establishmentof Special Economic Zones, the Investor VisaProgramme,and easing foreign ownershiprestrictions across key sectors such as retail andhealthcare.Alongside substantial government investmentin giga-projects such as NEOM, Qiddiya, KingSalman Park and Diriyah Gate, these measureshavemade the Saudi market increasinglyattractive to international businesses. Riyadhremains at the centre of this transformation,supportedby strategic efforts to bolster thecapital’s position as the Kingdom’s economicengine and a leading commercial hub in theregion.Office sectorGovernmentinitiatives,particularlytheRegional Headquarters Programme, are drivingstrong demand for office space in Saudi Arabia,withRiyadh seeing the most pronouncedimpact.As of February 2025, around 600 companieshave announced plans to establish their regionalheadquartersin the capital,significantlyboosting demand for prime office space andreshaping the quality, services, and amenitiesoffered in the market.Vacancy rates in Riyadh remain low, with GradeA stock averaging occupancy levels of 98% andGrade B offices not far behind at 97%. GradeA rents rose by 23% year-on-year in Q1 2025,reaching a new all-time high of SAR 2,700 psm.GradeB rents also increased by 24%overthe same period, as a lack of prime space ledbusinesses to seek alternatives.Some relief is expected over the next two years,with the Kingdom likely to see the completion of2.7 million sqm of new office space.Market Roundup“Vacancyrates inRiyadhremain low,with GradeA stockaveragingoccupancylevels of 98%and GradeB offices notfar behind at97%. GradeA rentsrose by 23%year-on-yearin Q1 2025,reaching anew all-timehigh of SAR2,700 psm.” Business is booming in Saudi ArabiaNumber of foreign business investment licencesNumber of licences (LHS)y/y % change (RHS)02,0004,0006,0008,00010,00012,00014,00016,0002017201820192020202120222023Number of licencesLeading sectors for new investment licences in Q4 2024*1,35867652739002004006008001,0001,2001,4001,600ConstructionManufacturingWholesale, andretail tradeAccommodationand food serviceNumber of licences*Includes licences issued under the National Anti-Commercial Concealment Program (Tasattur) Saudi Arabia Commercial Market OverviewHospitality sectorSaudi Arabia’s hospitality sector continues tostrengthen nationwide, with key performanceindicatorsshowing double-digit year-on-yeargrowth. As of March 2025, the occupancy levelsincreasedby 1.3%,while the Average DailyRate (ADR) climbed by 10.8%. As a result, theRevenuePer Available Room(RevPAR)roseby 12.3%. This growth has been driven largelyby strong demand in the Holy Cities and thecapital, supported by steady inflows of domesticand international pilgrims.In 2024, Saudi Arabia welcomed a record 30millioninternational visitors,highlightinggrowing global interest in the country as a traveldestination.Looking ahead,the target is toattract 70 million international tourists by 2030.If achieved, this would make the Kingdom one ofthe world’s top seven most visited destinations.Data centresSaudi Arabia is positioning itself as the MiddleEast’s leading data hub, with its data centremarket projected to grow in value to US$ 2.3bnby2029,supported by a compound annualgrowthrate(CAGR)of approximately 8.1%between 2024 and 2029.Growth is being driven by strategic governmentinitiatives and large-scale investment in digitalinfrastructure. The Kingdom plans to increaseitstotal IT capacity from around 250-300megawatts in 2024 to over 1,000 megawatts by2030.InMay 2025,the Public Investment FundlaunchedHumain,a company focused ondevelopingadvanced data centres,cloudinfrastructure, and AI capabilities, reinforcingSaudiArabia’s ambition to become a globaltechnology leader. Market performanceOffice lease rates - Q1 2025Grade ASAR psmGrade BJeddah5001,0001,5002,0002,5003,0003,500Q12021Q12022Q12023Q12024Q120255008001,1001,400Q12021Q12022Q12023Q12024Q120255008001,1001,400Office occupancy levels - Q1 2025OccupancyVacancyJeddahGrade A1 PPY/Y98%Grade B3 PPY/Y97%Grade A2 PPY/Y95%Grade B6 PPY/Y91%Evolution of office supply & forecastQ1 20252025F2026F2027F5,500,0001,620,0001,530,0000DMAJeddahRiyadh2,000,0004,000,0006,000,000Square metres RiyadhCommercial activ