Saudi Arabia is Ahead of Investment Targets, Saudi Minister of Investment States

Riyadh, 19 February 2024: Commenting on the progress of Saudi Arabia against its investment targets under Vision 2030, H. E. Khalid Al-Falih, Minister of Investment of Saudi Arabia, said that Saudi Arabia’s GDP has increased from 2.6 trillion SAR in nominal terms to over 4 trillion SAR, and its standing among G20 countries has leapfrogged to number 16. Underpinning the GDP leapfrog going forward will be investment. 

Speaking at the third Saudi Capital Market Forum in Riyadh today, he asserted gross capital formation has gone from less than 22% to close to 28% by the third quarter of 2023, with the target of the National Investment Strategy to grow capital formation in the Kingdom to 30%. 

H. E. Khalid Al-Falih noted that FDI stocks have grown by 52% since Vision 2030 was started, with year-on-year flows going from below 1% of GDP to over 3%, noting that the target is 4% of GDP. 

H. E. Al-Falih made the comments at during a panel session with H. E. Faisal Alibrahim, Minister of Economy and Planning of Saudi Arabia, and H. E. Mohamed AlTuwaijri, Vice Chairman of the Board of Directors at the Saudi National Development Fund.