Saudi economy targeted to reach $1.7trln: Al-Falih

Saudi economy targeted to reach $1.7trln: Al-Falih

Saudi Arabia's economy is expected to grow from SR2.6 trillion ($694 billion) to SR6.4 trillion ($1.7 trillion) under the Vision 2030 programme and the private sector plays a key role in this economic growth, said Minister of Investment Eng. Khalid bin Abdulaziz Al-Falih.

Taking part in the PIF Private Sector Forum 2024 ministerial session, Al-Falih stressed that the private sector is the primary driver of economic diversification, and Vision 2030 prioritises the sector and places emphasis on achieving economic diversification, said a Saudi Press Agency report.

Al-Falih said the kingdom plans to launch the "Investor Confidence Index", which measures investor confidence levels biannually in order to provide insights into challenges, and into the requirements necessary for the private sector to grow.

He also highlighted the kingdom's stable legislative, regulatory, and legal environment, which fosters a favourable and sustainable development of the private sector.

$3.3 trillion opportunities

Addressing the Saudi-Switzerland Roundtable Meeting in Riyadh on Monday, Eng Al-Falih pointed out that the investment opportunities in the Kingdom will exceed $3.3 trillion by the end of this decade, which will create tremendous opportunities for companies and investors in all economic sectors.

The meeting was also attended by Minister of Industry and Mineral Resources Bandar bin Ibrahim AlKhorayef; Federal