Saudi Arabia Surpasses Investment Goals: GDP Exceeds $1 Trillion

KSA, February 22, 2024 :Saudi Arabia's gross domestic product (GDP) has surged to over SAR 4 trillion from SAR 2.6 trillion, announced Minister of Investment Khalid Al Falih at the third Saudi Capital Market Forum in Riyadh.

Al Falih highlighted that Saudi Arabia now ranks 16th among G20 countries, marking significant progress towards Vision 2030's investment targets.

The National Investment Strategy aims to increase capital formation to 30%, with gross capital formation already nearing 28% by Q3 2023. Foreign direct investment (FDI) stocks have grown by 52%, surpassing 3% of GDP, with a target of reaching 4%.

During the event, Mohammed ElKuwaiz, Chairman of the Saudi Capital Market Authority (CMA), noted a 30% annual increase in initial public offerings (IPOs) across the Saudi Exchange's (Tadawul) Main and Nomu-Parallel markets.

Source : https://www.zawya.com/en/uae