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

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%.