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.
Gross domestic product (GDP) in Saudi Arabia has nearly doubled over the past decade, according to Investment Minister Fahd Al-Saif. The minister stated that the country's economy has grown by around 50 percent in the last five years, reflecting robust expansion and increasing foreign investment.
Addressing the “Vision 2030: Economic Transformation and Enhancing Global Competitiveness” session at the World Petroleum Congress, Al-Saif highlighted that foreign direct investment in Saudi Arabia has reached an impressive $1.1 trillion. He emphasized that the energy sector is a major attraction for international investors.
Al-Saif also pointed out that investments in the Kingdom are becoming more diversified, spanning the energy, industrial, and mining sectors, in line with the strategic direction set by Crown Prince Mohammed bin Salman, who serves as both Prime Minister and Deputy Crown Prince.
Furthermore, the minister noted the growing connectivity between various regions of Saudi Arabia. He cited ongoing shipbuilding projects in Ras Al-Khair and logistics initiatives as examples of strengthening economic integration and supporting development across the nation.
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