Saudi Arabia has solidified its status as one of the fastest-growing economies among the G20, driven by the transformative Vision 2030.
The Context: Saudi Investment Minister Fahad Al-Saif made the announcement on Thursday during his speech at the Saudi-Canadian Investment Forum in Jeddah, reported the Saudi Press Agency (SPA).
He noted that Saudi-Canada relations are entering a new phase of economic and investment partnership, backed by a joint vision to advance growth and innovation.
The Details: Al-Saif highlighted the massive growth in Saudi Arabia’s economy since the launch of Vision 2030.
- The Kingdom’s GDP expanded by 85%, scaling from $720 billion in 2017 to over $1.3 trillion.
- Non-oil activities account for more than 50% of total GDP.
- Saudi Arabia’s 2027 economic growth forecast was recently upgraded by the IMF to 5%.
- Inflows of Foreign Direct Investment (FDI) have multiplied fivefold since 2017.
- Total cumulative FDI stock in Saudi Arabia has reached $293 billion.
- Total gross fixed capital formation doubled, reaching more than $370 billion in 2025.
- Non-oil and non-governmental investments now account for approximately 77% of total investment.
What’s Next: Al-Saif pointed to the shared ambitions of Saudi Arabia and Canada to build more competitive, innovative, and open economies capable of creating opportunities, attracting investments, and driving long-term economic value.
He noted that 625 Canadian companies are operating in the Kingdom, including 13 regional headquarters, with around 250 investment licenses issued last year.
Al-Saif added that Saudi Arabia is building integrated ecosystems in AI, mining, and finance, sectors where Canadian technical expertise directly maps onto Saudi market opportunities.
Upcoming major events like Expo 2030 and FIFA World Cup 2034, as well as the new Saudi-Canadian Coordination Council, will drive long-term, mutually beneficial investments.
