The Saudi Minister of Investment, Eng. Khalid Al-Falih, announced that the Kingdom aims to reach a gross domestic product of 6.4 trillion riyals.
He stressed the Kingdom’s goals to reach the investment rate of the gross domestic product to approximately 30%, compared to 22% in the best past conditions.
He pointed to economic growth targets of more than 10% of GDP, and “we will jump the investment rate to 30% of this output.”
He explained that by collecting these numbers, the target will be 12.4 trillion riyals by 2030, with a gradual, studied and achievable increase to be sustainable.
By 2030, the annual rate of the Kingdom’s total investments will exceed two trillion riyals in 2030, compared to 650 billion riyals, and this reflects a threefold doubling.
Al-Falih said that this leap requires effort to empower the private sector, achieve profitability and sustainability of its investments, and provide the integrated investment environment provided by the national investment strategy in the Kingdom.
Saudi Arabia aims to increase the net foreign direct investment flowing into the country by 1816% within 10 years from 2021 to 2030, doubling it by more than 19 times.
This comes with the launch of Crown Prince Mohammed bin Salman, the National Investment Strategy, which aims to increase net foreign direct investment flows to the Kingdom to 388 billion riyals ($103.5 billion) annually by 2030.
Foreign direct investment reached 20.2 billion riyals ($5.4 billion) last year.