Saudi non-oil GDP likely to rise over 5% in next years, international investors see on-ground results: Al-Jadaan

Minister of Finance Mohammed Al-Jadaan

Saudi Arabia’s non-oil GDP is anticipated to rise over 5% in 2023 and the following years, Minister of Finance Mohammed Al-Jadaan told Argaam on the sidelines of the Future Investment Initiative (FII) Conference.

He stressed that non-oil GDP matters as it reflects economic diversification and growth, pointing out that the non-oil sectors include industry, tourism, technology, amongst others.

The minister also expected that GDP will grow in 2022 by up to 8%, one of the highest rates among the G20 nations.

International investors are seeing the results of the ongoing strategies on the ground and in numbers, he added, saying, "Numbers do not lie."

Meanwhile, Al-Jadaan pointed out that investment in Saudi Arabia achieved a 19% year-on-year (YoY) growth by the end of the first nine months of 2022.

Besides, he noted that there is no liquidity challenge in the Kingdom, as the Saudi Central Bank (SAMA) is one of the world’s strongest central banks with international acknowledgement. Additionally, the Saudi banking sector is one of the top four worldwide.