Saudi private sector playing a major role in economy
Saudi Arabia’s Minister of Investment, Khalid Al-Falih, has
underscored the expanding role of the private sector in the Kingdom’s economy,
revealing that its contribution to GDP has doubled over the past decade —
rising from SAR 1.1 trillion in 2016 to approximately SAR 2.3 trillion today.
Speaking at a meeting on Sunday at the Federation of Saudi
Chambers (FSC) headquarters, Al-Falih highlighted the need to push this figure beyond
SAR 2.4 trillion within the next five years. The session brought together FSC
Chairperson Hassan Alhwaizy, Assistant Minister Ibrahim Al-Mubarak, SIPA CEO
Khaled Alkhattaf, and senior representatives from Saudi chambers of commerce,
joint Saudi-foreign business councils, and national committees.
Al-Falih emphasized that the private sector remains the
cornerstone of Saudi Arabia’s economic transformation, noting that domestic
investment grew by 76% by 2024 and now accounts for around 30% of the nation’s
GDP.
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He also pointed to the strong performance of foreign
investments since the launch of Saudi Vision 2030. Inflows have quadrupled to
nearly SAR 120 billion in 2024, while foreign direct investment (FDI) stock has
doubled to exceed SAR 1 trillion compared with 2016 levels.
The meeting focused on enhancing strategic partnerships
between the Ministry of Investment and the FSC, exploring new opportunities for
collaboration with the private sector, and addressing investment challenges in
line with Vision 2030 and the National Investment Strategy.
Al-Falih stressed that these encouraging indicators reflect
the success of Saudi Arabia’s ongoing economic reforms, calling for continued
coordination between public and private sectors to sustain the Kingdom’s growth
momentum.
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The gathering, attended by ministry officials, directors,
and key stakeholders, reaffirmed the government’s commitment to fostering a
dynamic, investment-driven economy through innovation, partnership, and
long-term strategic planning.
Saudi Arabia continues to expand its investment landscape,
leveraging both local and international capital to achieve sustainable,
diversified growth in line with its Vision 2030 ambitions.
Source: One Arabia
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