Saudi Minister of Investment Khalid Al-Falih said the Kingdom’s gross domestic product (GDP) rose to SAR 4.7 trillion ($1.25 trillion) by the end of 2024, up from SAR 2.6 trillion ($693 billion) in 2016, the year the Vision 2030 reform program was launched, representing growth of more than double in less than a decade.
Speaking at a government press conference in Riyadh on Monday, Al-Falih said the economic leap was not merely reflected in headline figures, but was underpinned by far-reaching reforms that strengthened the labor market and enhanced private-sector competitiveness.
The Saudi economy has created 800,000 new jobs, he said, highlighting the vitality of emerging sectors and their ability to generate employment opportunities.
He added that foreign investment had quadrupled by the end of 2024 and is expected to reach SAR 150 billion ($40 billion) in 2025.
Al-Falih said the number of Saudi investors has surpassed 1.86 million, which shows growing engagement in economic activity and the availability of growth incentives, particularly for small and medium-sized enterprises.
He noted that the number of registered foreign investors has reached 62,000, while emphasizing that Saudi nationals remain the dominant participants in the business sector.
Moreover, the minister also revealed that more than 700 multinational companies had obtained licenses to establish regional headquarters in Saudi Arabia by the end of 2025.
Al-Falih highlighted significant progress in national workforce participation, noting that women’s contribution to the Saudi economy has doubled. He also pointed to an important indicator of job quality: average wages for Saudi nationals in the private sector have risen by 45 percent.
As part of its drive to diversify income sources, Al-Falih said Saudi Arabia has reduced its reliance on oil, with non-oil sectors accounting for 56 percent of the national economy for the first time in the Kingdom’s history, an indication that the country has begun to reap the benefits of Vision 2030.
Commenting on Saudi Arabia’s recent participation in the World Economic Forum in Davos, Switzerland, Al-Falih said the Saudi economy had a strong and positive presence at a time when pessimism and uncertainty dominated many delegations’ views of the global economic outlook.
