The economic stature of Saudi Arabia has experienced a remarkable surge, with its Gross Domestic Product (GDP) escalating from SR2.6 trillion, equivalent to $690 billion, to surpassing the SR4 trillion mark, which is over $1.07 trillion. This growth has catapulted the nation to the 16th position among the influential G20 countries, as disclosed by Khalid Al-Falih, the Saudi Minister of Investment.
Al-Falih highlighted the strides made by Saudi Arabia in meeting its investment objectives outlined in Vision 2030. He emphasized that the kingdom’s GDP expansion is bolstered by significant investments within the country.
Addressing attendees at the third Saudi Capital Market Forum in Riyadh, he underscored that the gross capital formation in Saudi Arabia has witnessed a rise from being under 22% to nearly 28% by the third quarter of 2023. This is in line with the National Investment Strategy’s aim to increase the kingdom’s capital formation to 30%.
FDI stocks grow 52%
The Minister also pointed out a substantial 52% growth in Foreign Direct Investment (FDI) stocks since the inception of Vision 2030. He noted that the annual inflows have escalated from below 1% of the GDP to over 3%, with a goal of reaching 4% of the GDP.
The insights from Al-Falih came as he participated in a panel alongside Faisal Alibrahim, Minister of Economy and Planning of Saudi Arabia, and Mohamed AlTuwaijri, Vice Chairman of the Board of Directors at the Saudi National Development Fund.