Fixed capital formation hits 28% of GDP in Q3 2023: Al-Falih

19/02/2024 Argaam
Khalid Al-Falih, Minister of Investment

Khalid Al-Falih, Minister of Investment 


Minister of Investment Khalid Al-Falih said that fixed capital formation has increased to nearly 28% of gross domestic product (GDP) in the third quarter of 2023, up from about 22% at the start of the decade. This aligns with the national investment strategy's aim for a fixed capital formation rate of 30%.

 

At the Saudi Capital Market Forum (SCMF) 2024, Al-Falih emphasized the Kingdom's significant progress towards its investment goals within Vision 2030.

 

The Minister also highlighted the Saudi economy's GDP growth from SAR 2.6 trillion to more than SAR 4 trillion, propelling it to the 16th position among G20 nations in terms of GDP. He anticipates additional increases due to rising investments.

 

Foreign direct investments surged by 52% since the launch of Saudi Vision 2030, while the foreign investment inflow rate jumped from 1% to over 3% YoY of the GDP, Al-Falih said, adding that the goal is to raise this rate to 4%.

Comments {{getCommentCount()}}

Be the first to comment

loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.