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.
Oil, Gas, & Petrochemicals
Saudi Aramco, ExxonMobil, Samref Ink Deal to Study Yanbu Refinery Upgrade
Energy giants Saudi Aramco, ExxonMobil, and Samref have signed a venture framework agreement to upgrade the Yanbu refinery and expand it into an integrated petrochemical complex. As a part of the deal, the companies will explore capital investments to upgrade and diversify production, including high-quality distillates that result in lower emissions and high-performance chemicals, according to a joint press statement.
Aramco and Exxon Mobil Corporation are members of the Business Council.
KBR announced that it has been awarded a contract for its PureMSM green methanol technology by Fikrat Al-Tadweer for a pioneering biomethanol plant in Saudi Arabia for transforming landfill-gas into clean fuels. KBR’s PureM solution is designed for commercial-scale deployment with a low cost of renewable methanol production, utilizing a wide range of feedstocks, including biogas, gasification-derived syngas, hydrogen, and pure CO₂.
Power & Water
GameChange Solar Secures 1,200 MWp Tracker Order for Khulis Solar PV Plant in Saudi Arabia
GameChange Solar, a leading global supplier of solar tracker and fixed-tilt racking technology, announced that it has been selected to supply its Genius Tracker™ 1P system for the Khulis Solar PV Independent Power Plant being developed by ACWA Power. The project is being executed by a joint venture of CEEC, GPEC, and NWEPDI as the EPC partners.
Finance & Investment
Evercore Receives License and Opens Riyadh Office, as Firm Continues to Build in the Middle East
Evercore announced that it has received its Arranging License from the Capital Markets Authority in the Kingdom of Saudi Arabia and is opening an office in Riyadh to provide independent advice to clients in the Kingdom of Saudi Arabia. The office will be led by Mohammed Aldekmary, who will be based in Riyadh, as CEO of Saudi Arabia and Head of Arranging.
Defense & Aviation
U.S. Approves Potential Sale of Helicopter Support, Training to Saudi Arabia for $1 Billion
The U.S. State Department has approved the potential sale of support and training for military helicopters and related equipment to Saudi Arabia for an estimated cost of $1 billion, the Pentagon said. The potential sales cover requisition orders for spares and repair parts as well as aviation training services for the Royal Saudi Land Forces Aviation Corps’ helicopter fleet.
Saudi Aviation Club Partners with Switchblade Flying Car Manufacturer to Further Saudi Vision 2030
Samson Sky, makers of the Switchblade Flying Car, announced they have signed a memorandum of understanding with the Saudi Aviation Club. A signing ceremony was held on Opening Day of the spectacular Sand & Fun 2025 Air Show in Riyadh, Saudi Arabia between Samson Sky CEO Sam Bousfield and H.E. Dr. Ahmed Alfahaid, President of the Saudi Aviation Club.
GACA, Archer Aviation Sign Deal to Launch Air Taxi Services in Saudi Arabia
The General Authority of Civil Aviation (GACA) announced the signing of a memorandum of understanding with Archer Aviation, a leading U.S. company specializing in vertical take-off and landing (VTOL) aircraft, to operate air taxi services across the Kingdom. The announcement was made during the CoMotion Global Summit, themed “Urban Mobility: Innovation Without Limits,” held at the Riyadh Financial Center.
Tourism & Entertainment
Agreement Made to Boost Saudi Music Sector
The Saudi Music Commission, one of 11 sector-specific commissions under the Ministry of Culture, has signed an agreement with Steinway & Sons, the U.S.-based piano manufacturer. The deal aims to empower and accelerate the development and professionalization of the Saudi music sector.
Just Unveiled: Saudi Arabia’s First-Ever MICHELIN Guide Selection
The MICHELIN Guide Saudi Arabia has launched in the Kingdom for the first time, introduced digitally in three stages via a dedicated MICHELIN Guide platform. A total of 52 restaurants, spanning across Riyadh, Jeddah and AlUla, make up the MICHELIN Guide Saudi Arabia 2026 selection, with 11 establishments earning the Bib Gourmand distinction, while 41 others join the selected category.
