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Saudi Arabia Seeks India as Vision 2030 Broadens Beyond Oil

India and Saudi Arabia have long traded a lot of oil and gas.

Oil is still very important to both countries.

But Saudi Arabia wants its economy to depend on more than oil, and it is investing in other industries.

India can provide goods, services, businesses and expertise in areas such as technology, healthcare and construction.

Saudi investment can also support projects and businesses in India.

The two countries are working on rules to help protect investments.

They are also cooperating in areas like defence, education and culture.

Their relationship is growing wider, even though oil remains a major part of it.

Key facts

Bilateral trade: About $41.07 billion in FY2025-26, according to the Embassy of India.
India's crude imports: 33.14 million metric tonnes from Saudi Arabia in FY2024-25, or 13.58% of India's crude imports.
Saudi investment in India: About $10 billion, including investments by PIF, Saudi companies and the Saudi-backed Vision Fund.
Indian investment in Saudi Arabia: Approximately $3 billion as of August 2023; more than 6,000 Indian companies were registered in the Kingdom.
Proposed Saudi investment: Saudi Arabia had previously expressed an intention to invest about $100 billion in India.
PIF size: About $925 billion, as given in the Rubix report.
Indian community in Saudi Arabia: Around 2.74 million people, according to the Embassy of India.

financialexpress.com · 1 hr ago