Saudi GDP nearly doubles over past decade, says investment minister
Investment Minister Fahd Al-Saif says Saudi Arabia’s GDP has almost doubled in 10 years, reflecting robust economic expansion and rising foreign investment.
Key Takeaways
AIInvestment Minister Fahd Al-Saif stated that Saudi Arabia’s gross domestic product has nearly doubled over the past decade, with growth of around 50 percent in the last five years, reflecting the Kingdom’s ongoing economic expansion.
Speaking at a session titled “Vision 2030: Economic Transformation and Enhancing Global Competitiveness” during the World Petroleum Congress, Al-Saif said foreign direct investment in Saudi Arabia has reached $1.1 trillion, highlighting the energy sector as one of the main draws for international investors.
He added that investments in the Kingdom are increasingly integrated across the energy, industrial, and mining sectors, in line with the direction set by Crown Prince Mohammed bin Salman, who is also the Prime Minister.
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The minister also noted growing connectivity between different regions of the Kingdom, citing shipbuilding projects in Ras Al-Khair and logistics initiatives that are strengthening economic integration and supporting development.