Minister of Investment: Investor confidence in the Saudi economy has become 50% higher

Engineer Khalid Al-Falih, Minister of Investment, confirmed on the sidelines of the 8th (Future Investment Initiative), during a dialogue session entitled (Promoting Optimism Instead of Caution), that the Kingdom seeks to enhance global security, and noted with regard to recovery from the pandemic, that the inflation rate has decreased alongside a decrease in interest rates and there was no recession in the G20 countries and their economies. He said that despite the shocks we witnessed during that period, including the shocks in the oil markets, the Saudi economy was the second fastest growing economy among the G20.

Al-Falih indicated that investor confidence in the Saudi economy has become 50% higher than it was previously, and that the tourism sector has returned to pre-Corona pandemic levels, indicating that 100 million tourist visits were recorded during the past year, and the number of foreign investor licenses has increased 10 times what it was before the vision, and he added that we have tremendous technological transformations, in addition to green energy and innovations. He stated that the Kingdom’s GDP has increased by 70% since the launch of Vision 2030, and that the non-oil economy has increased by 4% to 5% since 2017 in a balanced manner. He also pointed out that the Kingdom has achieved $3.3 trillion in direct investment. In addition to progress in foreign direct investment, which amounted to $26 billion. He added that the regional headquarters program targets 500 regional headquarters by 2030, and today we have reached 540 global companies. Regarding artificial intelligence, Al-Falih said that the Kingdom is working to achieve a balance between data privacy and security and enable artificial intelligence applications in several sectors, most notably health services.