Saudi Arabia’s private sector is becoming a key driver of the Kingdom’s economic diversification, with its contribution to gross domestic product (GDP) doubling over the past decade — from $293 billion in 2016 to around $613 billion, according to Minister of Investment Khalid Al Falih. He said the government aims to raise this figure to more than $639 billion within five years.

Speaking at a meeting with Federation of Saudi Chambers (FSC) Chairperson Hassan Alhwaizy and business leaders in Riyadh, Al Falih emphasized the private sector’s growing role in supporting national investment goals under Saudi Vision 2030. The meeting, held at the FSC headquarters, also included senior officials from the Ministry of Investment and the Saudi Investment Promotion Authority (SIPA).

The minister highlighted that domestic investment rose by 76% in 2024, with local investors now accounting for about 30% of Saudi GDP. 

Foreign investment inflows, he added, have quadrupled since the launch of Vision 2030, reaching nearly $31.9 billion in 2024. The total stock of foreign direct investment has surpassed $266 billion, doubling since 2016.

“These positive indicators show that Saudi Arabia’s transformation relies on continued collaboration between the public and private sectors,” Al Falih said.

The meeting focused on strengthening cooperation between the ministry and the FSC, addressing investment challenges, and advancing strategic partnerships to sustain growth and further diversify the national economy.