Private investments in Saudi Arabia contribute 23.4% to GDP: Official

Abdulmuhsen Alkhalaf, Deputy Minister of Finance

Deputy Finance Minister Abdulmuhsen Alkhalaf stated that private investments have made significant progress, rising from 15.1% of GDP in the first quarter of 2016 to 23.4% in the same period of 2024. This growth reflects a competitive and dynamic environment aimed at boosting investments in promising and future-oriented sectors.

Speaking at the SuperReturn Saudi Arabia event, Alkhalaf highlighted that the private sector accounted for over 52% of the Kingdom's GDP in 2024. He added that unemployment rates dropped to slightly above 7%, the lowest level in decades, with private-sector employment reaching a record high.

He further noted that Saudi Arabia has made remarkable progress toward achieving its Vision 2030 goals, with the Kingdom's GDP surpassing $1 trillion in 2022 for the first time in its history.

The Deputy Minister also revealed that the number of small and medium-sized enterprises (SMEs) has doubled since 2016, with Saudis now owning 45% of these businesses. He emphasized that the Kingdom is transitioning its economy to be private sector-led and called on investors to actively participate in creating a more diversified and vibrant economy.