Khalid Al-Falih. Image courtesy: SPA
The contribution of Saudi Arabia’s private sector to the gross domestic product (GDP) has doubled in ten years, rising from SAR1.1 trillion ($293.31 billion) in 2016 to about SAR2.3 trillion ($613.28 billion) today, said Minister of Investment Khalid Al-Falih.
He underlined the importance of further expanding this contribution over the next five years to exceed SAR2.4 trillion, said a Saudi Press Agency report.
Al-Falih made the remarks on Sunday as he met with Chairperson of the Federation of Saudi Chambers (FSC) Hassan Alhwaizy, along with heads and representatives of Saudi chambers of commerce, joint Saudi-foreign business councils, and national committees at the FSC headquarters.
Assistant Minister of Investment Ibrahim Al-Mubarak, CEO of the Saudi Investment Promotion Authority (SIPA) Khaled Alkhattaf, and several deputies, general directors, and senior officials at the ministry also attended the meeting.
Al-Falih emphasised the private sector’s crucial role in driving economic growth, noting that the sector recorded a 76 percent increase in domestic investment in 2024, with local investment now accounting for around 30 percent of the Saudi GDP.
He further highlighted that foreign investment inflows have quadrupled since the launch of Saudi Vision 2030, reaching nearly SAR120 billion in 2024.
He added that the total stock of foreign direct investment has surpassed SAR1 trillion ($266.65 billion), representing a 100 percent increase compared with 2016. These positive indicators, he emphasised, reflect that the Kingdom’s economic transformation journey requires continued collaboration and integration between the public and private sectors.
The meeting aimed to strengthen and expand strategic partnerships between the ministry and the FSC, open new horizons for collaboration with the private sector, and address investment challenges in line with the objectives of Saudi Vision 2030 and the National Investment Strategy derived from it.
