RIYADH — Minister of Investment and Engineering Khalid Al Falih announced that the average salary of Saudis in the private sector has increased by more than 45% cumulatively.
He said the number of Saudis working in the private sector will increase to 2.48 million by the end of 2025, doubling job opportunities in key sectors including tourism.
“There has been a significant leap forward in women’s participation in the labor market, and the unemployment rate has fallen significantly from 13% to just over 7%,” he said at a government press conference in Riyadh on Tuesday.
Al-Falih explained that since 2016, approximately 800,000 jobs have been created in the national economy, and women’s contribution to the Saudi economy has more than doubled. He emphasized that all Saudi citizens are important and essential partners in the development and implementation of Saudi Vision 2030.
He pointed out that the non-oil sector now accounts for 56% of the total economy, and the Kingdom’s GDP has more than doubled in less than 10 years, increasing from 2.6 trillion riyals in 2016 to 4.7 trillion riyals in 2024.
Mr. Al-Falih stressed that Saudi Arabia’s participation in the World Economic Forum reflects the Kingdom’s presence as a unique and positive model, confident in its vision, path and future, at a time when uncertainty, pessimism and lack of clarity were prevalent among most delegations due to changes in the global economy. This emphasized that Saudi Arabia is an independent country with its own vision and achievements.
Regarding investments, Al-Falih explained that foreign direct investment (FDI) inflows reached SR119 billion in 2024, and total fixed capital formation reached SR1,441 billion. Based on preliminary figures, he predicted that FDI inflows would exceed SR140 billion in 2025.
The minister pointed out that total investment in Saudi Arabia will increase from approximately 672 billion riyals in 2017 to 1.44 trillion riyals by the end of 2024, and will surpass the 1.5 trillion riyal mark for the first time in 2025.
Al-Falih revealed that licenses have been issued to more than 700 international companies that have decided to move their regional headquarters to Saudi Arabia. The number of foreign investors also increased to 62,000. He also noted that there are approximately 1.8 million commercial registrations in Saudi Arabia and that foreign investment will exceed SAR 1 trillion in 2025.
He emphasized that the pharmaceutical and accounting sectors reflect the strength of the Saudi economy, the sustainability of its growth and its increasing attractiveness as a global investment destination.
Al Falih pointed out that the Kingdom is moving from facilitating investment procedures to empowering professional investors, with the impending launch of a modern investment strategy that increases sustainability and improves the quality of investments.
The minister said Humane will become Saudi Arabia’s “Aramco” in the field of artificial intelligence, noting that three major companies have started manufacturing cars in the kingdom. He predicted that in the coming years, the combined production of both companies in the Kingdom will reach approximately 500,000 units, contributing to a reduction in import volumes and an improvement in the trade balance.
Al-Farih said that large-scale IPOs are expected in the Saudi stock market, especially the bond market, and several initiatives are underway in cooperation with the Capital Market Authority and Tadawul (Saudi Stock Exchange) to attract more investors.
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