The following is a summary of all announcements from the past month regarding investment deals, partnerships, and other commercial news between U.S. and Saudi companies.
Minerals & Mining
Bechtel Awarded $104 Million Gold Mine Contract
Bechtel has been awarded a major Engineering, Procurement and Construction Management (EPCM) contract by Saudi Arabian Mining Company (Ma’aden) for the development of Ma’aden’s Ar Rjum gold mine. The deal follows Ma’aden’s Final Investment Decision on the project in August 2025, part of its plan to double gold production by 2030.
Bechtel Corporation and Saudi Arabian Mining Company (Ma’aden) are members of the Business Council.
Finance & Investment
Citigroup Opens Riyadh HQ as Wall Street CEOs Forge Deeper Saudi Ties
Citigroup Inc. announced the opening of its regional headquarters in Riyadh, making it the latest Wall Street bank to establish a stronger foothold in the Kingdom as it seeks to do more business with the government and its nearly $1 trillion sovereign wealth fund.
Citigroup is a member of the U.S.-Saudi Business Council.
Future Investment Initiative Foundation and Guggenheim Investments Announce Partnership
The Future Investment Initiative Foundation has announced a strategic partnership with Guggenheim Investments, a global asset management and investment advisory firm. This partnership builds on the firm’s role as Summit Partner for the third Priority Summit in Miami, and reflects a deepening collaboration to support the Foundation’s mission of “Impacting Humanity,” according to the Saudi Press Agency.
State Street Launches MENA Regional Headquarters in Riyadh
State Street Corporation announced the official launch of its Middle East and North Africa Regional Headquarters in Riyadh, Saudi Arabia, following approval from the Ministry of Investment of Saudi Arabia. State Street has been serving clients in the country for over 25 years.
Goldman Sachs Expands Wealth Management in Saudi Arabia
Goldman Sachs is expanding its wealth management division in Saudi Arabia, the bank said, as global financial firms increase their presence in the Middle East’s largest economy. The expansion will enhance operations from its Riyadh office, where the U.S. lender has maintained a presence for over a decade.
Oil & Gas
Baker Hughes, Aramco to Expand Integrated Coiled Tubing Drilling Operations across Saudi Arabia
Baker Hughes announced an award from Aramco to expand its integrated underbalanced coiled tubing drilling (UBCTD) operations across Saudi Arabia’s natural gas fields. The order was booked in the third quarter of 2025. Under the multi-year agreement, Baker Hughes will expand its current UBCTD fleet from four to 10 units for re-entry and greenfield drilling projects across fields in the Kingdom.
Aramco is a member of the U.S.-Saudi Business Council.
Education & Training
University of New Haven Gains Approval for Saudi Arabia Branch
The University of New Haven (UNH) announced that Saudi Arabia’s Council of Ministers has approved its plan to open a branch campus in Riyadh. The approval marks the first time a higher education institution anywhere in the world has been authorized to establish an international campus in the Kingdom, according to UNH.
University of New Haven is a member of the U.S.-Saudi Business Council.
Water & Power
Abunayyan Holding and Nextracker have signed an agreement to form Nextracker Arabia, a new joint venture that will help accelerate solar adoption across the Kingdom and the Middle East and North Africa (MENA) region. Headquartered in Riyadh, Nextracker Arabia will combine Abunayyan’s 75 years of leadership in water and energy infrastructure in Saudi Arabia and the MENA region with U.S.-based Nextracker’s global market share leadership in solar power plant technologies, advanced solar trackers, and yield management and control systems.
Fluence Awarded Contract in Saudi Arabia Worth over $12 Million
Fluence Corporation Limited announced that it has secured a contract worth more than $12 million to provide a water treatment system for Tecnicas Reunidas, S.A. (TR). TR has been contracted to construct a new combined-cycle power plant in Saudi Arabia.
ICT
Humain and Qualcomm Partner to Power Next Global AI Frontier
Ahead of the ninth edition of the Future Investment Initiative in Riyadh, Saudi Arabia, Humain and Qualcomm Technologies announced a landmark partnership to deploy advanced artificial intelligence (AI) infrastructure in the country. The initiative will see the deployment of Qualcomm’s AI200 and AI250 rack services, targeting 200 megawatts of AI compute power, starting in 2026. Once operational, it will enable both Saudi Arabia and global enterprises to run AI inferencing at scale.
Construction & Real Estate
Parsons Wins $56 Million Diriyah Phase 2 Infrastructure Contract
U.S.-based Parsons Corp. has secured a SR210 million ($56 million) contract from Diriyah Co., backed by Saudi Arabia’s Public Investment Fund, to support infrastructure development in Phase 2 of the Kingdom’s heritage-led giga-project. Under the five-year agreement, Parsons will oversee the design and delivery of neighborhood parks, open spaces, and more than 55 km of streetscape across Diriyah’s second development phase.
Transportation & Logistics
Uber and WeRide Begin Offering Autonomous Robotaxi Passenger Rides in Saudi Arabia
WeRide, a global provider of autonomous driving technology, and Uber Technologies, Inc. have begun offering autonomous Robotaxi passenger rides in Riyadh, marking the first time autonomous vehicles are publicly available on the Uber platform in Saudi Arabia. The initiative represents a major milestone in Uber’s partnership with the Transport General Authority and aligns with the Kingdom’s Vision 2030 ambition to lead innovation in smart, sustainable mobility.
Aviation & Aerospace
Delta to Begin First Nonstop Flight to Riyadh, Saudi Arabia
Beginning October 2026, Delta will inaugurate nonstop service between the airline’s hub in Atlanta (ATL) to Riyadh, Saudi Arabia (RUH), strengthening the growing flow of commerce and investment between the U.S. and Saudi Arabia and supporting long-term economic collaboration across the region.
Medical & Pharmaceutical
Rubedo Life Sciences and SVAX Announce Strategic Partnership During FII Week in Riyadh
Rubedo Life Sciences, Inc. (Rubedo), an AI-driven, clinical-stage biotech specializing in selective cellular rejuvenation medicines, announced a strategic partnership with SVAX during the Future Investment Initiative week in Riyadh. This collaboration will focus on advancing RLS-1946, Rubedo’s promising lead candidate, through Phase 2 clinical trials in the Kingdom of Saudi Arabia and the Emirate of Dubai.
Co-Diagnostics, Inc., a molecular diagnostics company with a patented platform for the development of molecular diagnostic tests, has entered into a definitive agreement with Arabian Eagle Manufacturing, a regional manufacturing and distribution company based in the Kingdom of Saudi Arabia, to form a joint venture, CoMira Diagnostics, to research, develop, manufacture, assemble, distribute, and commercialize Co-Dx technologies and the company’s upcoming Co-Dx™ PCR point-of-care platform within Saudi Arabia and 18 other countries throughout the Middle East and North Africa.
