Archive · 3 Oct 2026
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.
Oil remains central to India-Saudi trade, but its share of India’s imports from Saudi Arabia declined in the periods cited.
Bilateral trade reached about $41.1 billion in FY2025-26, with India exporting $10.28 billion and importing $30.79 billion.
Saudi investment in India, including investments by the Public Investment Fund, Saudi companies and the Vision Fund, was about $10 billion.
Saudi Arabia is seeking investment and expertise in sectors including manufacturing, technology, healthcare, logistics, mining and clean energy.
The countries are also expanding cooperation in defence, healthcare, technology, education, tourism and cultural exchange.
- Who
- India and Saudi Arabia, including their governments, businesses and investors.
- What
- The countries are broadening economic cooperation beyond oil as Saudi Arabia pursues Vision 2030.
- When
- The article describes developments through 2026, alongside earlier agreements and investment figures.
- Where
- India and Saudi Arabia.
- Why
- Saudi Arabia is diversifying its economy beyond hydrocarbons, while India offers trade, investment and business opportunities.
- 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.