Investment Minister Khalid Al-Falih said on Monday that the gross domestic product of Saudi Arabia has more than doubled since the start of the Vision 2030 program, reaching SR4.7 trillion ($1.25 trillion) by the end of 2024, up from SR2.6 trillion ($693 billion) in 2016.
In an interview with a government press conference in Riyadh, Al-Falih remarked that economic growth is not just about numerical growth but a profound structural change that has transformed the labor markets and enhanced competition in the private sector.
He stated that the Saudi economy has created 800,000 new jobs and highlighted the dynamism of the emerging sectors, and with their increasing ability to generate jobs.
Al-Falih stated that the foreign direct investment has quadrupled by the end of 2024, and is projected to reach SR150 billion ($40 billion) in 2025.
With regards to investor activity, the minister stated that the Saudi investor has surpassed 1.86 million, with high levels of engagement in the economic activity and increased incentives for growth, especially of small-scale and medium-scale enterprises.
He observed that the registered foreign investors have topped 62,000, as Saudi nationals are the leading force in the business sector, backed by 1.8 million Saudi commercial registrations.
However, Al-Falih added that more than 700 multinational firms have secured licenses to create regional headquarters in Saudi Arabia by the end of 2025.
Emphasizing workforce engagement, he mentioned that the contribution of women to the Saudi economy has increased by two times, and that the salaries of Saudi workers in the private sector have increased by 45 percent, citing the improved job quality.
In an attempt to diversify the source of income, Al-Falih reported that the contribution of non-oil industries to reach 56 percent of the national economy was the first in the history of the Kingdom and showed that the benefits of Vision 2030 were also tangible.
Speaking at the Saudi Arabian representation in the World Economic Forum in the city of Davos, Switzerland, Al-Falih remarked that the economic prospects of the Kingdom remained positive at a time when pessimism and concern dominated discussions among several global delegations.
