During the third Saudi Capital Market Forum in Riyadh, H.E. Khalid Al-Falih, Saudi minister of Investment, provided an update on Saudi Arabia’s progress towards achieving its investment targets under Vision 2030. He highlighted that the country’s gross domestic product (GDP) has experienced significant growth, increasing from SAR2.6 trillion ($693.27 billion) in nominal terms to over SAR4 trillion ($1.06 trillion). As a result, Saudi Arabia’s position among G20 countries has advanced to number 16. Al-Falih highlighted that investment will continue to play a crucial role in driving the country’s GDP growth.
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Moreover, Al-Falih stated that gross capital formation has risen from less than 22 percent to approximately 28 percent by the third quarter of 2023. The National Investment Strategy aims to further expand capital formation in the Kingdom to 30 percent.
Al-Falih also highlighted the positive trends in foreign direct investment (FDI). Since the initiation of Vision 2030, FDI stocks have grown by 52 percent, and year-on-year flows have increased from below 1 percent of GDP to over 3 percent. The target for FDI is set at 4 percent of GDP.
These remarks were made by H.E. Al-Falih during a panel session alongside H.E. Faisal Alibrahim, Saudi minister of Economy and Planning, and H.E. Mohamed AlTuwaijri, vice chairman of the Board of Directors at the Saudi National Development Fund.
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