Saudi economy on track to surpass Vision 2030 targets: Al-Falih

Minister of Investment Khalid Al-Falih

The Saudi economy is poised to grow from SAR 2.6 trillion to exceed the digital target of SAR 6.4 trillion by 2030, Minister of Investment Khalid Al-Falih said.

During the second edition of the PIF Private Sector Forum held today, Feb. 6, Al-Falih underscored that the private sector's contribution to the economy is expected to reach 65% by 2030, marking a quadruple increase compared to pre-Vision levels.

The minister emphasized that the Public Investment Fund (PIF) serves as the engine of growth for the private sector, and each entity in this journey represents a robust company enhancing opportunities in the Saudi economy. The private sector benefited from opportunities exceeding SAR 300 billion through partnerships with the fund and government initiatives, he added.

Al-Falih noted that each government entity has a systematic mechanism for private sector engagement under a common umbrella, which includes the Public Consultation Platform (Istitlaa) and the Competitiveness Program.

The targeted investment volume during Vision 2030 reached SAR 12.4 trillion, necessitating massive projects, the minister said, noting that the investment volume in the contracting sector alone is SAR 1.8 trillion in the form of contracts entering the market. Consequently, there is a specific need for the private sector to enhance its capabilities and engage in international partnerships.

The minister pointed out the introduction of sector-specific stimulus packages in various sectors. In the industry sector, a budget exceeding SAR 10 billion was allocated to empower a working team. Over 1,900 items were prioritized in the localization program, surpassing localization goals, with ambitions to enter global markets.

Special economic zones, including the Ras Al-Khair Special Economic Zone, are targeted to compete with global zones, Al-Falih added.