Saudi Arabia to Boost GDP to $1.7 Trillion

Saudi Arabia to Boost GDP to $1.7 Trillion

Saudi Arabia wants to raise economic output to reach SAR 6.4 trillion ($1.71 trillion) by 2030, said Investment Minister Khalid al-Falih on Wednesday in a remark aimed at current efforts and economic reforms carried out by the Kingdom.

In statements he made at a press conference for discussing the national investment strategy, al-Falih said that the launch of the plan in 2021 was deliberate and pre-designed, indicating that it aims to lay a solid ground for investment in Saudi Arabia.

According to Al-Falih, Saudi Arabia is working to replicate the experiences of countries such as South Korea and China in terms of attracting investments and achieving annual growth of more than 10%.

He stressed the Kingdom’s goals to bring economic investment to 30% rate from the gross domestic product, compared to 22% in the best past conditions.

He pointed to economic growth targets of more than 10% of GDP, and “we will jump the investment rate to 30% of this output.”

He explained that by adding these numbers, the target would be 12.4 trillion riyals by 2030, with a gradual, deliberate, and achievable increase to be sustainable.

By 2030, the annual rate of the Kingdom’s total investments will exceed two trillion riyals, compared to 650 billion