Riyadh, January 27, 2026(Kamran Raja): Minister of Investment Khalid Al-Falih affirmed that Saudi Arabia is undergoing a profound economic transformation under Saudi Vision 2030, which in less than a decade has reshaped the national economy by placing diversification and private-sector empowerment at its core.
He 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, and that it continues to be overseen and driven by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister. He stated that the vision places economic diversification at the core of its objectives by increasing the private sector’s contribution to economic development.
During a press conference held yesterday in Riyadh, the minister stated that Saudi Vision 2030 was built on an unprecedented collaborative approach at the global level, involving all state entities, including government bodies, the private sector, and non-profit organizations. He noted that key economic indicators, including gross domestic product and overall economic size, demonstrate the scale of transformation, with data showing that the economy expanded from SAR2.6 trillion in 2016 to SAR4.7 trillion by 2024, equivalent to nearly $1.3 trillion, reflecting an average annual growth rate of around 8 percent.
He pointed out that this cumulative annual growth is unprecedented in the Kingdom’s history and places Saudi Arabia among the fastest-growing major economies globally. He emphasized that this growth has been achieved by a G20 economy, not a small or emerging one.
He added that investment indicators have recorded significant growth, particularly following the directive of HRH the Crown Prince to launch the National Investment Strategy. He noted that total investment, measured by gross fixed capital formation, represents the most critical benchmark for any economy. In the Kingdom, this figure stood at approximately SAR672 billion in 2017 and more than doubled by the end of 2024, reaching SAR1.44 trillion.
Al-Falih affirmed that a number of leading national companies established under the initiatives of Saudi Vision 2030 have come to mirror the historic success of major national champions such as Saudi Aramco and SABIC, both in their growth trajectories and economic impact. He added that these companies have evolved from local enterprises into globally operating entities with extensive international footprints, employing tens of thousands of Saudis, operating across hundreds of locations worldwide, and positively impacting the lives of millions.
The minister stated that the National Investment Strategy comprises 41 initiatives across four strategic pillars aimed at promoting investment opportunities through national platforms. Since its launch in 2021 and implementation in 2022, the strategy has progressed strongly, with most initiatives nearing completion and the majority of targets and performance indicators exceeded.
The minister highlighted that the Kingdom has achieved significant progress in streamlining the investor journey and improving the business environment, strengthening its position as one of the world’s most attractive destinations for investment.