Saudi Arabia's Minister of Investment, Khalid bin Abdulaziz Al-Falih, announced significant economic achievements, including a decrease in the unemployment rate from 13% to approximately 7.5%, and the creation of 800,000 new jobs across various sectors of the Saudi economy. These remarks were made during a government press conference, where he highlighted the successes achieved within the framework of the Kingdom's Vision 2030.
Al-Falih explained that these positive figures coincide with significant growth in the Kingdom's GDP, which jumped from SAR 2.6 trillion to SAR 4.7 trillion in less than ten years, reflecting the strength and resilience of the Saudi economy and its capacity for sustainable growth. He also noted that the financial sector alone created 150,000 jobs, underscoring its vital role as a key driver of growth.
General context: The fruits of Vision 2030
These achievements are a direct result of the programs and initiatives of the Kingdom's Vision 2030, launched by Crown Prince Mohammed bin Salman in 2016. From its inception, the Vision aimed to bring about a radical economic transformation based on diversifying income sources away from oil, strengthening the role of the private sector, and opening the Kingdom to global investments. The Vision's programs focused on developing new and promising sectors such as tourism, entertainment, technology, and advanced industries, which directly contributed to creating hundreds of thousands of high-quality job opportunities for Saudi citizens.
Empowering women and attracting foreign investment
One of the most prominent features of this transformation is the doubling of women's contribution to the Saudi economy, which Al-Falih considered a significant indicator of comprehensive social and economic development. Regarding attracting capital, the minister revealed that total fixed capital formation reached SAR 1.441 trillion, while foreign direct investment inflows reached SAR 119 billion in 2024. The number of foreign investors in the Kingdom also increased to 62,000, reflecting growing international confidence in the Saudi investment environment and the economic reforms that have been implemented.
Importance and future impact
This significant decrease in the unemployment rate is of paramount importance domestically, as it contributes to improving the standard of living for Saudi families and supports social stability. Regionally and internationally, the success of the Saudi economic model solidifies the Kingdom's position as a leading economic power in the region and a global hub for investment. These figures confirm that the Kingdom is steadily progressing towards achieving its goals of building a prosperous and sustainable economy for future generations, thus reinforcing its role as a pivotal player in the global economy.
