Saudi Arabia’s economy has expanded from SAR2.6 trillion in 2016 to SAR4.7 trillion in 2024, nearly $1.3 trillion, as a result of policies implemented under Saudi Vision 2030, Investment Minister Khalid Al-Falih said on Tuesday.
Speaking at a press conference in Riyadh, Al-Falih said the beginning of 2026 will mark almost a decade since the launch of Vision 2030 by King Salman bin Abdulaziz Al Saud. The program is led by Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz Al Saud.
Al-Falih said economic diversification and increasing the private sector’s contribution to development remain central objectives of the vision. He said Vision 2030 was built on cooperation between government bodies, private companies and non-profit organisations, alongside international partners.
He said data show the economy recorded an average annual growth rate of about 8 percent between 2016 and 2024, describing the cumulative growth as unprecedented in the Kingdom’s history and notable for a G20 economy.
The minister said investment levels rose sharply following the launch of the National Investment Strategy under the direction of the Crown Prince. Gross fixed capital formation increased from about SAR672 billion in 2017 to SAR1.44 trillion by the end of 2024.
Al-Falih said several national companies established under Vision 2030 initiatives now reflect the growth and economic impact of long-standing firms such as Saudi Aramco and SABIC. He said these companies operate internationally, employ tens of thousands of Saudis, maintain hundreds of sites worldwide and affect millions of people.
He said the National Investment Strategy includes 41 initiatives across four pillars to promote investment through national platforms. Since its launch in 2021 and implementation in 2022, most initiatives are nearing completion, with many targets exceeded.