Five Key Areas Drive Social, Economic Growth in Saudi Arabia

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As Saudi Arabia’s public and private sectors strive to exceed expectations set by “Vision 2030,” an international report highlighted five key areas crucial for social and economic growth in the kingdom.
The recent report stressed the importance of developing regions outside the main urban centers to achieve the ambitious goal of making Saudi Arabia one of the world’s top 15 economies.
Published by Arthur D. Little, the report estimated a potential economic contribution of 27 billion riyals ($7.2 billion). The growth focused on five main areas: strategy, governance, human capital, infrastructure, and investment.
The report outlined success factors that can strengthen regional economies and boost national growth to meet Vision 2030 targets.
Saudi regions have significant potential to support GDP growth, especially major urban centers like Riyadh, Dammam, and Jeddah, which have a per capita GDP of around 107 riyals ($28.5).
Dr. Abdul Rahman Baashen, head of the Al Shorouk Center for Economic Studies in Jazan, highlighted that Saudi Arabia’s strategic approach is crucial for the kingdom’s development in various fields, including civilization, sports, culture, and economy.
Speaking to Asharq Al-Awsat, Baashen emphasized the successful collaboration between Saudi Arabia’s public and private sectors, which has greatly advanced the goals of “Vision 2030.”
He pointed out that achievements in economic growth, investment attraction, and innovation have been significant.
Baashen noted the impressive performance of the Saudi Public Investment Fund, which doubled its revenues to $88.5 billion in 2023, thanks to the growth in its portfolio’s market value and the strong performance of the National Industrial Development Program, which increased by 87%.
He also mentioned that rapid growth in key sectors like energy, industry, mining, and logistics has driven comprehensive development. Foreign direct investment (FDI) into Saudi Arabia increased by 5.6%, reaching 9.5 billion riyals ($2.5 billion) in the first quarter of this year.