Saudi Arabia Sets Sights on $3 Trillion Investment Goal by 2030

KSA, 27 May, 2024 : Saudi Minister of Investment, Khalid Al-Falih, has unveiled plans to attract investments and financial flows exceeding $3 trillion by 2030.

Participating in the inaugural Sino-Gulf Cooperation for Industries and Investments Forum in Xiamen, China, Saudi Arabia showcased its ambitious Vision 2030. Led by Minister Al-Falih, the Saudi delegation comprised key representatives from both the government and private sectors.

Minister Al-Falih emphasized the economic resources and strategic advantages of the Gulf Cooperation Council (GCC) countries. He highlighted the potential for fruitful partnerships between the GCC and China, offering unprecedented opportunities for economic and investment expansion. With a combined GDP of $2.2 trillion, accounting for 65% of the Middle East's GDP, the GCC represents a dynamic and promising market.

The minister also highlighted the robust trade relations between Saudi Arabia and China, with trade volume reaching approximately SR362 billion in 2023, the highest level since 2014. Moreover, he noted significant growth in direct Chinese investments in the Kingdom, increasing by 5.1% in 2022 compared to the previous year and by 37.3% since 2018.

Throughout the forum, Minister Al-Falih engaged in bilateral meetings with senior officials from various Chinese government agencies and leading companies. These discussions aimed to enhance investment cooperation, aligning with Saudi Arabia’s commitment to economic growth and development under Vision 2030.

Source : www.zawya.com