The Council of Saudi Chambers noted that the investment promotion policies pursued by the Kingdom of Saudi Arabia at the financial and monetary level and openness to the outside world contributed to the increase in private investment, the growth of the size of the private sector, the expansion of its contribution to the development process, the increase in the contribution of the national workforce in the labor market, and the empowerment of the private sector to achieve the sustainable growth of the local economy.
According to a report issued by the Council of Saudi Chambers, the Saudi private sector has continued its strong performance as an effective partner in the comprehensive development process and the realization of “Vision 2030”, as this is evident through the indicator of the increase in the gross domestic product of the non-oil private sector from $275.3 million in 2018 to $286.1 million in 2019, acheiving a growth of 3.8 percent, increasing its contribution to the GDP to 40.68 percent, compared to 39.3 percent in 2018.
According to the same report, the total bank credit granted to the private sector for all economic activities during the second quarter of 2020 amounted to about 1.671 billion riyals (426.6 million dollars), achieving an annual growth of approximately 13.2 percent, compared to the same period last year, which amounted to about 1.4 billion. Riyals ($384 million), while the net lending provided by the Saudi Industrial Development Fund at the end of 2019 amounted to about 1.1 billion riyals ($506 million).
Source (Al-Sharq Al-Awsat Newspaper, Edited)
