Saudi Vision 2030 Drives Economic Transformation And Growth, Says Minister Of Investment

Saudi Arabia is reporting strong economic gains as Saudi Vision 2030 reshapes growth and investment trends. Minister of Investment Khalid Al-Falih said the reform programme is driving a wide economic shift, with higher output, rising capital spending and deeper private-sector participation across key sectors of the national economy.

Al-Falih reported that key indicators show rapid expansion in overall economic size since the start of the reforms. Official data indicates that gross domestic product increased from SAR2.6 trillion in 2016 to SAR4.7 trillion in 2024, around $1.3 trillion, reflecting average annual growth close to 8 percent.

The minister stressed that this pace of expansion is significant for a G20 member. Saudi Arabia is now ranked among the fastest-growing major economies worldwide, despite not being a small or emerging market. Al-Falih said this sustained rise in output marks a clear shift in the Kingdom’s long-term economic performance.

He explained that Saudi Vision 2030 was launched in 2016 under the leadership of Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud. His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, continues to supervise and drive the programme’s implementation and direction.

Al-Falih said the vision places economic diversification at the centre of national planning. A core objective is to raise the private sector’s contribution to development and reduce dependence on limited revenue sources. He noted that the framework was built through wide cooperation involving government entities, private businesses and non-profit organisations.

According to the minister, this collaborative model is considered unusual in scale at the global level. State institutions and economic actors worked together to align policies, regulations and investment priorities. Al-Falih stated that this shared approach supports national platforms designed to channel capital into productive and sustainable opportunities.

The minister highlighted that investment performance has strengthened, especially after the directive of HRH the Crown Prince to launch the National Investment Strategy. He described total investment, measured as gross fixed capital formation, as the most important yardstick for the health and momentum of any economy.

In Saudi Arabia, gross fixed capital formation was about SAR672 billion in 2017. By the end of 2024, this figure had more than doubled to SAR1.44 trillion. Al-Falih linked this increase to reforms that simplify the investor journey and improve the wider business environment across the Kingdom.

Al-Falih said the National Investment Strategy includes 41 initiatives, grouped under four strategic pillars. Launched in 2021 and activated in 2022, the programme is progressing strongly. Most initiatives are close to completion, and the majority of related targets and performance indicators have already been surpassed.

He added that several large national companies created under Saudi Vision 2030 initiatives now rival long-established entities such as Saudi Aramco and SABIC in scale and influence. These newer firms have expanded from local operations into international groups with broad global footprints and diverse revenue streams.

According to the minister, these companies employ tens of thousands of Saudis and operate across hundreds of locations worldwide. Their activities reach millions of people, reflecting growing Saudi participation in global value chains. Al-Falih said their development illustrates how Vision 2030 supports private-sector empowerment and job creation.

Looking ahead to the beginning of 2026, which marks almost ten years since Saudi Vision 2030 was launched, Al-Falih stated that the programme continues to guide economic policy. With diversification and investment at its core, the Kingdom is maintaining efforts to enhance growth, attract capital and strengthen its position as a key investment destination.

With inputs from SPA