��������

RIYADH: Arabian Drilling Co., listed on ��������’s main market, has renewed contracts for 11 onshore gas drilling rigs, with the value of the agreement representing 15 to 20 percent of the company’s 2024 revenues. 

In a Tadawul statement, the company said the agreement, which has a tenure of one year, was signed with global technology firm SLB, which holds a 34.3 percent stake in the company. 

In a March bourse filing, Arabian Drilling reported a 2024 net profit of SR3.61 billion ($962 million), with 15 to 20 percent of that total equating to around SR542.4 million to SR723.8 million.

“This extension reinforces our market position as a preferred partner in the energy sector. Our ability to secure this extension is a testament to our client’s confidence in our capabilities and the consistent, high-quality service we deliver,” said Ghassan Mirdad, CEO of Arabian Drilling. 

“Extending the contract confirms our commitment to excellence and strategic insight, which are crucial in maintaining valuable, long-term partnerships within the industry,” he added. 

The company said that all 11 rigs are currently in operation, and Arabian Drilling will continue to provide drilling services to SLB under a lump sum turnkey contract. 

An LSTK contract is a comprehensive form of agreement used in construction and engineering projects. Under this type of deal, the contractor agrees to complete the project for a predetermined and fixed price. 

The contractor is responsible for both designing and constructing the project to meet specific requirements while ensuring that it is fully operational upon completion.

Arabian Drilling further said that the impact of the contract extension will be reflected in the company’s revenues starting from the current quarter. 

“Looking ahead, Arabian Drilling remains committed to driving operational excellence, maintaining robust partnerships, and delivering innovative, sustainable solutions to the energy sector,” said the company. 

“The successful extension of these rig contracts reinforces the company’s leadership in the Saudi drilling industry, highlighting its unwavering commitment to safety, quality, and long-term value creation for its stakeholders,” it added. 

In July, Arabian Drilling said it signed an international contract valued at SR75 million for offshore drilling operations with a company based in the Gulf Cooperation Council region, initiating its first offshore operation outside ��������. 

As �������� reimagines its economic and social landscape, well-being is no longer treated as a luxury — it is a strategic priority.

At the heart of this transformation is Vision 2030, which is redefining the role of health, happiness, and quality of life across policy, business, and community spaces.

This shift is characterized by a move from reactive care to proactive engagement, from siloed services to integrated ecosystems, and from ambitious ideals to tangible outcomes. According to Bonafide Research, the Kingdom’s mental wellness market is projected to surpass $1.8 billion by 2029 — a testament to the growing emphasis on personal and societal well-being.

Turning policy into progress

��������’s “Quality of Life” program under Vision 2030 is reshaping public and private sector engagement around wellness — promoting mental health access, workplace well-being, and recreational opportunities.

According to Janahan Tharmaratnam, Healthcare & Life Sciences partner at Arthur D. Little, mobile apps like Labayhand Sehhaty are helping normalize therapy among young Saudis by offering private, accessible mental health support and reducing social stigma.

“In the workplace, the picture is more uneven. There are early efforts — some led by SMEs, others nudged by government policy — to integrate wellness platforms that support employee health and productivity. The 40 percent physical activity target by 2030 has created a soft incentive for companies to act, but actual adoption and program quality still vary widely,” Tharmaratnam said.

He added that megaprojects like Qiddiya exemplify a shift toward proactive well-being, but their success will depend on how well they address access, affordability, and system-wide integration.

Samer Abi Chaker, principal at Oliver Wyman’s Health and Life Sciences practice in the India, Middle East, and Africa region, highlighted the broader impact of urban design: “By improving environments where people live, work, and socialize, it addresses critical factors like physical activity opportunities and stress reduction, which together help lower lifestyle-related diseases; flagship projects such as Riyadh’s King Abdullah Park exemplify these efforts by encouraging community interaction and active living.”

FASTFACT

Meanwhile, Turki bin Mamdouh Al-Shahrani, CEO of Orient Insurance KSA, emphasized the momentum of QoL initiatives. In 2024 alone, the program launched 173 initiatives, planted 1.1 million trees, created 149 parks, and increased tourism visits from 41 million in 2018 to 115.9 million — contributing to 3.9 percent non-oil gross domestic product growth and raising the Kingdom’s World Happiness Index score to 6.6.

“Clear targets like being ranked in the top 100 livable cities, creating 1 million direct jobs in the tourism sector, 10 percent contribution to the gross domestic product by 2030, and increased cultural employment, all provide a measurable path for progress. Government investment signals confidence, attracting further private sector involvement in wellness initiatives,” Al-Shahrani said. From the private sector, automotive firm BYD KSA is also contributing to this mission. Its managing director, Jerome Saigot, explained how electric vehicle adoption aligns with the national well-being agenda.

“With a 198 percent retail sales surge in early 2025, BYD KSA is advancing sustainability and economic growth in line with their global mission to ‘Cool the Earth by 1°C,’” he said.

“The firm supports Vision 2030 by driving electric vehicle adoption in �������� — improving air quality, easing travel, and creating jobs.”

At PwC Middle East KSA, Chief Operations Officer Hawazen Al-Hassoun noted that workplace dynamics are evolving in step with national goals.

“Workplaces aligned with Vision 2030 are adopting flexible, inclusive, and well-being-focused policies — benefiting both people and business,” Al-Hassoun explained.

“Throughout all this successful change, business leaders have a role to play, not just in strategy, but in how we shape culture, lead by example, and create opportunities for all generations to thrive.”

Emerging well-being sector

Looking ahead, ��������’s well-being economy is expected to converge policy innovation, digital transformation, and infrastructure development across sectors — from health and tourism to tech and culture.

Tharmaratnam identified three key domains shaping this evolution: mental health startups such as Ayadi, wellness destinations like AMAALA, and integrated government planning powered by digital platforms.

“So, looking toward 2025, we’ll likely see a mixed picture: a few fast-growing platforms, a handful of global-scale wellness destinations under development, and a slowly maturing policy apparatus that’s still learning to coordinate across ministries,” he said.

Chaker echoed the rise of culturally attuned mental health startups that cater to a young, digitally connected population.

“Mental health startups are rapidly emerging, offering culturally sensitive digital therapy platforms and wellness apps tailored to the needs of a young, tech-savvy population,” he said.

Al-Shahrani highlighted how heightened awareness is fueling both the startup scene and wellness-focused tourism.

“For insurers in the Kingdom, these trends offer exciting opportunities, including partnerships with mental health startups to offer insurance coverage for their services or collaboration with luxury wellness retreats to provide tailored insurance packages for their guests. However, insurers must take a proactive role in supporting these developments, not just reacting to trends but actively promoting wellbeing through preventative care initiatives and incentivizing healthier lifestyles,” he said.

BYD’s Saigot emphasized how zero-emission vehicles are contributing to urban wellness goals.

“These centers are designed to offer customers an exceptional experience with New Energy Vehicles, reflecting our commitment to driving a wellbeing-focused, sustainable mobility ecosystem in the Kingdom,” he said.

Al-Hassoun of PwC summed up the trend: The well-being economy is growing around real needs — digital care, wellness travel, and supportive workplaces.

“Continued collaboration between government, entrepreneurs, and organizations will be essential to sustain momentum and ensure well-being is embedded meaningfully across all sectors,” she said.

Investment opportunities

Mindfulness tourism and workplace wellness are becoming key investment themes within the Kingdom’s evolving economy.

Tharmaratnam highlighted dual trends: heritage-rich destinations like AlUla promoting healthful tourism, and businesses like Kayanee integrating well-being into their core identity.

“From an investor’s standpoint, both areas offer long-term potential but need stronger proof points. Reforms like 100 percent foreign ownership and economic zones have helped attract attention, especially from hospitality and digital health investors. But what many are waiting for is scale: platforms with meaningful user retention, data transparency, and regulatory clarity,” he said.

“Ultimately, these trends reflect a deeper question the Kingdom is asking: Can economic growth be designed around wellbeing, not just productivity? That’s a different kind of business landscape — and one that may take a decade to fully emerge.”

Oliver Wyman sees growing involvement from local investors and the Public Investment Fund in well-being projects, which could pave the way for more global capital as the sector matures.

Orient Insurance sees strong business incentives as well.

“Ultimately, we believe that investing in well-being is not just good for individuals, but also good for business. By promoting a healthier and happier society, insurers can contribute to creating a more prosperous and secure future for ��������,” Al-Shahrani said.

Al-Hassoun concluded that this transformation signals a fundamental redefinition of success in the Kingdom’s business landscape.

“This reflects a fundamental shift in how we define business success. Organizations will need to recognize these changes and invest early to build trust, attract talent, and grow with purpose in a well-being-driven economy,” she said.