Saudi Arabia’s GDP has risen from SR2.6 trillion ($690 billion) in nominal terms to over SR4 trillion ($1.07 trillion), and its standing among G20 countries has leapfrogged to number 16, said Khalid Al-Falih, Saudi Minister of Investment.

 

Commenting on the progress of Saudi Arabia against its investment targets under Vision 2030, he said that underpinning the GDP growth will be investment made in the kingdom.

 

Speaking at the third Saudi Capital Market Forum in Riyadh, 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%.

 

FDI stocks grow 52pc

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.

 

Al-Falih made the comments at during a panel session with 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.--TradeArabia News Service