Saudi Arabia recorded many economic achievements during the past year 2022, and the Vision 2030 report showed that the Saudi economy is moving steadily towards prosperity and achieving sustainability, and achieving its goal of reaching the 15 largest economies in the world, as the Kingdom’s economy achieved exceptional results last year, continuing its growth to exceed the expectations of the fund International Monetary as the world’s fastest growing economy.
The Vision 2030 report for the past year showed that, according to estimates issued by the Statistics Authority, the Saudi economy achieved more growth and economic sustainability, as the real GDP growth rate reached 8.7% compared to the previous year, in a number that represents the highest growth rates among the G20 countries, and the highest National growth rate since 2011.
The value of gross domestic product at current prices amounted to 4.1 billion riyals, achieving a growth of 27.6% over the previous year, while the growth rate of non-oil activities amounted to 6.2% over the previous year, and the increase in non-oil commodity exports by 37.7% compared to 2021.
The Public Investment Fund established five new regional companies, with the aim of investing in: The Hashemite Kingdom of Jordan, the Kingdom of Bahrain, the Republic of Sudan, the Republic of Iraq, and the Sultanate of Oman, with a total investment of 90 billion riyals in all sectors, and it also launched the Saudi Egyptian Investment Company, as part of the Fund’s strategy in Searching for new investment opportunities in the Middle East.
foreign investment flow
The Kingdom enjoys stability, which is the most important factor in attracting foreign investments. It also enhances interest in new sectors with huge potential, which enables attracting investments to exploit and develop these opportunities, in addition to the continuous efforts to improve and facilitate the business and investment environment in the Kingdom. The Kingdom has also strengthened its economic partnerships with a number of countries, through official visits and participation in and hosting international events, which resulted in many investment agreements with those countries.
The confidence of foreign investors in the investment environment in the Kingdom was reflected in the increase in foreign direct investment flows to it.
The percentage of foreign flows increased in the third quarter of last year 2022 by 10.7% compared to the same period in 2021.
Global change of the financial sector
The financial sector has witnessed a global change, and has become more focused on serving societies and facilitating their financial transactions. The Kingdom has taken early steps in this direction, by promoting innovation, opening the way for new companies to provide financial services, and removing obstacles that may limit the capabilities of institutions in this sector. To be a new and ambitious pillar that contributes to the development of the national economy and achieving the goals of Saudi Vision 2030. The percentage of financing for financial technology increased in the third quarter of 2022 at an annual growth rate of 266%, as a clear indicator of the expansion of the entrepreneurship environment in the Kingdom.