Deputy Minister of Finance: The Kingdom’s vision contributed to the growth of non-oil activities to 52% of GDP

Abdul Mohsen bin Saad Al-Khalaf, Deputy Minister of Finance, said that the reforms implemented under the Kingdom’s Vision 2030 helped grow non-oil activities to reach 52% of the real GDP until the third quarter of 2024, indicating that the momentum of non-oil GDP growth will continue in the medium term.

He pointed out during his participation today in the “Super Return” conference, which was held in Riyadh, in the presence of leaders of investment fund managers, venture capital, and financial experts, that the contribution of private investment to the GDP increased from 14.6% in 2016 to 23.4% until the third quarter of 2024, which reflects a competitive and dynamic environment aimed at enhancing investment in vital and promising sectors.

During his speech at the conference, Al-Khalaf highlighted the economic conditions the Kingdom is going through and future prospects, stressing the great strides the Kingdom has made towards its ambitious goals of Vision 2030, in which many aspirations have been achieved in terms of economic diversification.

Al-Khalaf noted that the Kingdom has one of the fastest growing capital markets in the world, and the assets of the Saudi banking sector have grown to more than one trillion dollars in 2023, and the number of small and medium-sized enterprises has nearly doubled since 2016, and the percentage of Saudi female ownership has risen to 45%.

Al-Khalaf stressed that these developments are an ongoing process that takes into account and builds on the views of all stakeholders, as the Kingdom works to put the private sector in the driver’s seat and achieve its full potential.

It is worth noting that the “Super Return” conference is one of the largest global conferences specialized in the fields of venture capital and private equity investment, as it brings together investors, fund managers and financial experts from all over the world to discuss the latest trends and opportunities in the financial and investment markets.