RIYADH — Minister of Investment Khalid Al-Falih emphasized that the Saudi economy has recorded cumulative growth of 80 percent since the launch of Vision 2030, despite the fluctuations in oil prices during that period. Addressing a dialogue session with private sector representatives in Riyadh on Monday, Al-Falih said that the private sector's contribution to the gross domestic product (GDP) amounted to approximately SR2.8 trillion in 2016, equivalent to 40 percent. "At present, the value of the Saudi economy has risen to SR4.8 trillion, with the private sector contributing SR2.3 trillion, representing 51 percent," he said. Al-Falih pointed out that the goals of Vision 2030 focus on increasing the private sector's contribution to 65 percent of the GDP, stressing that the pace of growth in this direction is accelerating. The minister also spoke about the two most important elements of the investment system: the formation of fixed capital in the economy and foreign direct investment. He noted that the total investment volume in the Saudi economy increased from 22 percent to 30 percent of GDP, while the private sector's contribution to this investment increased from 60 percent to 76 percent. Regarding foreign direct investment, Al-Falih explained that the Kingdom has recorded a significant leap, with foreign investment volume rising to more than SR120 billion annually, compared to previous rates of no more than SR20 billion to SR30 billion annually. "The target is to increase this figure tenfold by 2030, in parallel with the expansion of domestic investment and investments by Saudi companies abroad," he said. "The number of regional headquarters of international companies established in the Kingdom has reached 670 headquarters during the past period," he said while expecting that the number will rise to more than 700 headquarters within a year. Al-Falih stated that Saudi Arabia is confidently moving toward achieving the goals of Vision 2030 by enhancing the investment environment, increasing partnerships with the private sector, and attracting quality investments from around the world. "The investment environment in the Kingdom has witnessed qualitative transformations thanks to new regulations and the efforts of the Saudi Investment Marketing Authority," he added.
