Minister of Investment Khalid Al-Falih Technicians revealed that foreign companies contributed to 1.5 million jobs, including 500,000 jobs in Saudi Arabia, and private sector wage rates for Saudis increased by about 45%.
He told a government press conference that the cumulative amount of foreign investment in the Kingdom will exceed SR 2,025 trillion by the end of the third quarter, and fixed capital formation will exceed SR 1.44 trillion for the first time by the end of 2024, which is more than 120% compared to 2017 levels, and is expected to exceed SR 1.5 trillion by the end of 2025.
He predicted that the amount of overseas investment in 2025 would be between 140 billion and 150 billion riyals.
Regional headquarters of international companies
The Minister noted that private investment accounts for more than 75% of total investment, while the contribution of government investment and public investment funds does not exceed 25%.
Al Falih said, “Regional headquarters of international companies represent the most important investment category in foreign investment in Saudi Arabia. The number of companies that have established regional headquarters in Saudi Arabia has increased from five to more than 700 regional headquarters, and within five years they account for the majority of international companies, some of which not only cover the region but also have expanded into Africa and Europe.”
Produced 500,000 cars
“Saudi Arabia is the biggest importer of cars, but it doesn’t have any factories, so it will start with three manufacturing companies and will produce about 500,000 cars over the next few years,” he said.
The Minister of Investment reported that there are fewer than 7,000 foreign licenses and the number of foreign investors registered in Saudi Arabia has increased to 62,000. As for Saudis, they have 1.8 million commercial records, so they are the majority.
Mr. Al Falih confirmed that after achieving the goals of the current strategy, work is currently underway to launch a modern investment strategy, namely a modern investment strategy, which will focus on directing investments to areas with the highest economic impact, especially artificial intelligence, advanced industries and knowledge localization.
Minister of Investment Khalid Al-Falih Technicians revealed that foreign companies contributed to 1.5 million jobs, including 500,000 jobs in Saudi Arabia, and that the wage rate of Saudis in the private sector increased by about 45%.
He told a government press conference that the cumulative scale of foreign investment in the Kingdom is expected to exceed SR1 trillion by the end of the third quarter of 2025, and that fixed capital formation will exceed SR1.44 trillion for the first time by the end of 2024, which is more than 120% compared to 2017 levels, and is expected to exceed SR1.5 trillion by the end of 2025.
He predicted that the amount of overseas investment in 2025 will be between SR140 billion and SR150 billion.
Regional headquarters of a global company
The minister pointed out that private investment accounts for more than 75% of total investment, while the contribution of government investment and public investment funds does not exceed 25%.
Al Falih said, “Regional headquarters of global companies represent the most important investment category for foreign investment in the Kingdom, and the number of companies that have established regional headquarters in the Kingdom has increased from five to more than 700 within five years, representing the majority of global companies, some of which are located not only in the region but also in Africa and Europe.”
Produced 500,000 cars
“Saudi Arabia is the largest importer of cars without a factory, so we will start with three manufacturing companies and plan to produce around 500,000 cars over the next few years,” he said.
The Minister of Investment reported that there are less than 7,000 foreign licenses and the number of registered foreign investors in Saudi Arabia has increased to 62,000, while the commercial records of Saudis have reached 1.8 million, with Saudis making up the majority.
Mr. Al Falih confirmed that work is currently underway to launch the latest investment strategy after achieving the goals of the current strategy. The latest investment strategy focuses on directing investments to the sectors with the greatest economic impact, particularly artificial intelligence, advanced industries, and knowledge localization.
