Al-Falih: Unemployment falls to 7.5% and GDP grows to 4.7 trillion
Minister of Investment, Engineer Khalid bin Abdulaziz Al-Falih, revealed new record figures achieved by the Saudi economy, stressing that the Kingdom’s gross domestic product witnessed a qualitative leap in less than ten years, as it rose from 2.6 trillion riyals to 4.7 trillion riyals, reflecting the success of the economic policies followed.
Al-Falih's remarks came during the government press conference, where he reviewed the most prominent achievements made under the Kingdom's Vision 2030. The minister pointed out that the unemployment rate had decreased significantly from 13% to about 7.5%, which is close to normal global rates, and reflects the vitality of the Saudi market and its ability to absorb national talent.
The context of economic transformation and Vision 2030
These figures represent the culmination of years of efforts since the launch of Vision 2030 in 2016, which aimed primarily to diversify income sources and reduce dependence on oil. Structural and legislative reforms have contributed to creating an attractive investment environment, resulting in the creation of 800,000 jobs in the Saudi economy, including 150,000 in the financial sector alone. Furthermore, women's participation in the labor market has doubled, marking a significant social and economic transformation.
Investment attractiveness and global company headquarters
Speaking about foreign investment, Al-Falih explained that the Kingdom has successfully attracted more than 700 international companies that have decided to relocate their regional headquarters to Saudi Arabia, taking advantage of the incentives and facilities offered. He confirmed that total gross fixed capital formation reached SAR 1.441 trillion, while foreign direct investment inflows amounted to SAR 119 billion in 2024, bringing the number of foreign investors to 62,000.
Economic impact and future
These indicators are strong evidence of the resilience of the Saudi economy and its enhanced position as a global logistics and investment hub connecting three continents. The Minister of Investment noted that all initiatives and targets related to the National Investment Strategy have been achieved, expressing his hope for the imminent launch of an updated strategy to meet future aspirations and ensure the sustainability of economic growth.
