Saudi Arabia is undergoing a deep and sustained economic transformation under Saudi Vision 2030, which has reshaped the national economy by prioritizing diversification and empowering the private sector, Minister of Investment Khalid Al-Falih said.
Addressing a press conference in Riyadh, the minister noted that the beginning of 2026 marks nearly a decade since the launch of Saudi Vision 2030 under the leadership of Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, with its implementation overseen by Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz Al Saud.
Al-Falih said the vision places economic diversification at the core of its objectives, particularly by expanding the private sector’s role in economic development. He added that Vision 2030 was built on an unprecedented collaborative model involving government institutions, the private sector, and non-profit organizations, alongside global partners.
Highlighting key economic indicators, the minister said Saudi Arabia’s economy expanded from SAR 2.6 trillion in 2016 to SAR 4.7 trillion by 2024—nearly $1.3 trillion—reflecting an average annual growth rate of around eight percent. He described this cumulative growth as unprecedented in the Kingdom’s history, placing Saudi Arabia among the world’s fastest-growing major economies.
He emphasized that this performance is particularly notable as it has been achieved by a G20 economy rather than a small or emerging market.
Al-Falih further noted that investment indicators have recorded substantial growth following the launch of the National Investment Strategy on the directive of the Crown Prince. Gross fixed capital formation, he said, stood at around SAR 672 billion in 2017 and more than doubled to SAR 1.44 trillion by the end of 2024.
The minister said several national companies established under Vision 2030 initiatives are now mirroring the historic success of Saudi Aramco and SABIC, evolving from local enterprises into globally active corporations with wide international footprints and significant employment generation.
He added that the National Investment Strategy includes 41 initiatives across four strategic pillars to promote investment opportunities through national platforms. Since its launch in 2021 and implementation in 2022, most initiatives are nearing completion, with the majority of targets and performance indicators already exceeded.
Al-Falih concluded by stating that Saudi Arabia has made major strides in streamlining the investor journey and improving the business environment, strengthening its position as one of the world’s most attractive investment destinations.
