Engineer Khalid Al Farih, Minister of Investment, revealed that gross domestic product has doubled in less than 10 years, increasing from 2.6 trillion riyals in 2016 to approximately 4.7 trillion riyals in 2024, with an annual growth rate of 8%, and the non-oil sector contributing 56% of gross domestic product.
Speaking at a government press conference on Saudi economic and investment transformation indicators in Riyadh today (Monday), he explained that the assessment of Vision 2030 achievement is now based on “numeric measurements”, given the country’s increased investment attraction and the localization of qualitative opportunities.
unemployment rate has fallen
Regarding the labor market, the Minister of Investment said that the Saudi economy has provided about 800,000 jobs since 2016, while the unemployment rate has fallen from 13% to just over 7%, to about 7.5%, according to local reports, which corresponds to a cumulative growth rate of over 45% in Saudi Arabia’s average wage in the private sector.
Al-Farih pointed out that women’s participation in the labor market has doubled and a “quantum leap” has been achieved in women’s empowerment, stressing that this reflects the depth of social and economic transformation along the vision line.
investment flow
Regarding foreign investment, he revealed that preliminary forecasts are that foreign direct investment flows will reach SR119 billion in 2024, rising from only around SR28 billion in 2017 to over SR140 billion in 2025.
In terms of total investment, it is expected to increase from approximately 672 billion riyals in 2017 to 1.44 trillion riyals by the end of 2024 and exceed 1.5 trillion riyals in 2025, with total fixed capital formation reaching 1.441 trillion riyals.
The minister mentioned the expansion of the investor base, noting that the number of licensed foreign companies has increased from about 6,000 in 2016 to 62,000, and foreign investments will exceed 1 trillion riyals in 2025, in addition to the issuance of more than 700 licenses to companies that have relocated their regional headquarters to the Kingdom, at a time when the number of Saudi business records reached about 1.8 million.
The Minister of Investment, Engineer Khalid al-Falih, revealed that the gross domestic product (GDP) will double in less than 10 years, increasing from 2.6 trillion riyals in 2016 to approximately 4.7 trillion riyals in 2024, an annual growth rate of 8%. He pointed out that non-oil contributors accounted for 56% of total GDP.
At a government press conference on Saudi economic and investment transformation indicators in Riyadh today (Monday), the prime minister explained that the assessment of Vision 2030 achievement is now based on “number measurements” given the country’s expansion in attracting investment and localizing quality opportunities.
Decrease in unemployment rate
Regarding the labor market, the Minister of Investment said that the Saudi economy has provided approximately 800,000 jobs since 2016, while the unemployment rate has declined from 13% to just over 7% and is approaching 7.5% according to local reports, which corresponds to cumulative growth in Saudi average wages in the private sector of more than 45%.
Al-Farih noted that labor market participation had doubled and a “qualitative leap forward” had been achieved in women’s empowerment, asserting that this reflected the depth of the social and economic transformation that accompanied the vision line.
investment flow
Regarding foreign investment, he revealed that preliminary forecasts are that foreign direct investment flows will reach 119 billion riyals in 2024, compared to approximately 28 billion riyals in 2017, and exceed 140 billion riyals in 2025.
Total investment increased from approximately 672 billion riyals in 2017 to 1.44 trillion riyals by the end of 2024 and is expected to exceed 1.5 trillion riyals in 2025, with total fixed capital formation reaching 1.441 trillion riyals.
The Minister also mentioned the expansion of the investor base, noting that the number of licensed foreign companies has increased to 62,000 compared to about 6,000 in 2016, and more than 700 licenses have been issued to companies that have relocated their regional headquarters to the Kingdom, while foreign investments will exceed 1 trillion riyals in 2025 and the number of Saudi business registrations will reach about 1.8 million.
