The timeline shows the gross domestic product of Saudi Arabia from 1987 to 2024, with projections up until 2030. In 2024, Saudi Arabia's gross domestic product (GDP) amounted to approximately ******** billion U.S. dollars.

In 2024, the growth of the real gross domestic product (GDP) in Saudi Arabia stood at about 1.31 percent. Between 1980 and 2024, the figure dropped by approximately 4.49 percentage points, though the decline followed an uneven course rather than a steady trajectory. From 2024 to 2030, the growth will rise by around 1.97 percentage points, showing an overall upward trend with periodic ups and downs.This indicator describes the annual change in the gross domestic product at constant prices, expressed in national currency units. Here the gross domestic product represents the total value of the final goods and services produced during a year.

The gross domestic product (GDP) per capita in Saudi Arabia amounted to about 30.75 thousand U.S. dollars in 2024. From 1980 to 2024, the GDP per capita rose by approximately 11.21 thousand U.S. dollars, though the increase followed an uneven trajectory rather than a consistent upward trend. Between 2024 and 2030, the GDP per capita will rise by around 3.82 thousand U.S. dollars, showing an overall upward trend with periodic ups and downs.This indicator describes the gross domestic product per capita at current prices. Thereby, the gross domestic product was first converted from national currency to U.S. dollars at current exchange rates and then divided by the total population. The gross domestic product is a measure of a country's productivity. It refers to the total value of goods and service produced during a given time period (here a year).

The Gross Domestic Product (GDP) in Saudi Arabia was worth 1237.53 billion US dollars in 2024, according to official data from the World Bank. The GDP value of Saudi Arabia represents 1.17 percent of the world economy. This dataset provides - Saudi Arabia GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The Gross Domestic Product (GDP) in Saudi Arabia expanded 3.40 percent in the first quarter of 2025 over the same quarter of the previous year. This dataset provides the latest reported value for - Saudi Arabia GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Saudi Arabia: Economic growth forecast: The latest value from 2030 is 3.28 percent, an increase from 3.18 percent in 2029. In comparison, the world average is 3.25 percent, based on data from 182 countries. Historically, the average for Saudi Arabia from 1980 to 2030 is 2.25 percent. The minimum value, -16.11 percent, was reached in 1982 while the maximum of 10.99 percent was recorded in 2011.

By 2030, Artificial Intelligence (AI) was forecast to contribute around *** billion U.S. dollars to the Middle East economy. Saudi Arabia was expected to gain the most from AI, at around *** billion U.S. dollars. In relative terms, the United Arab Emirates was forecast to witness the largest impact, estimated at around ** percent of the country's GDP in 2030.

In 2021, fintech had a direct impact of ***** million Saudi riyals on the Saudi Arabian GDP. That number is expected to significantly increase to over **** billion SAR by 2030. The growth goal of direct fintech impact on the GDP is set to nearly double every two years between 2021 and 2030.

Saudi Arabia aims at transforming its hydrocarbon resource-rich economy into a sustainable and diversified one over the coming decade. With this goal in mind, the Vision 2030 initiative introduces a set of complex socio-economic transformation targets. Diversification is expected to significantly change the sectoral composition of the economy, with the manufacturing and service sectors becoming further pillars of sustainable growth. The V2030 dynaminc input-output tables combine macroeconomic forecasts with the RAS method to reflect the future structure of the Saudi economy, with an emphasis on key targets of Saudi Vision 2030.

Saudi Arabia: Current account balance forecast, percent of GDP: The latest value from 2030 is -3.43 percent, a decline from -3.34 percent in 2029. In comparison, the world average is -0.96 percent, based on data from 181 countries. Historically, the average for Saudi Arabia from 1980 to 2030 is 2.98 percent. The minimum value, -20.83 percent, was reached in 1991 while the maximum of 27.42 percent was recorded in 2005.

In 2024, the share of the global gross domestic product (GDP) adjusted for purchasing power parity (PPP) in Saudi Arabia was about 1.08 percent. Between 1980 and 2024, the figure dropped by approximately 1.30 percentage points, though the decline followed an uneven course rather than a steady trajectory. From 2024 to 2030, the share will rise by around 0.01 percentage points, showing an overall upward trend with periodic ups and downs.This indicator describes the share of a country's gross domestic product in the global gross domestic product. To this end the GDP (indicating the total value of final goods and services produced during a year) has been adjusted for purchasing power parity and set in relation to the purchasing power adjusted global GDP value.

By 2030, artificial intelligence was expected to contribute around ** percent to the gross domestic product (GDP) of Morocco. In comparison, the projected AI contribution to the economy of Saudi Arabia by 2030 was forecast at approximately **** percent of its GDP. Saudi Arabia’s AI landscape The Kingdom's national AI strategy aims to achieve global leadership and establish a data-driven economy. AI contribution to the GDP of Saudi Arabia was forecast to reach approximately *** billion U.S. dollars by 2030, making the Kingdom the largest anticipated collector of the AI gains in the region. Funds received by Saudi AI companies reached *** billion U.S. dollars in 2023. Nevertheless, the number of AI specialists in the country remained lower than in the neighboring United Arab Emirates, which had around ** percent more domain specialists in 2024. AI in MENA The Middle East and North Africa hold tremendous potential for AI expansion and economic growth, with market forecasts set to reach approximately ** billion U.S. dollars by 2030. At an organizational level, businesses are projected to double their return on investment (ROI) for applications like cloud-generative AI implementations. AI is anticipated to also contribute to the daily work of professionals, primarily helping with product creation, via providing intelligent interfaces, and by reducing administrative tasks. With the growth trends in data center investment and IT spending, AI adoption in MENA is expected to free up time for higher-level tasks like strategic thinking or problem-solving and considerably increase productivity.

The statistic depicts Mexico's gross domestic product (GDP) per capita from 1987 to 2020, with projections up until 2030. The GDP refers to the total market value of all goods and services that are produced within a country per year. It is an important indicator for the economic strength of a country. In 2020, Mexico's GDP per capita amounted to approximately 8,744.03 U.S. dollars. For further information, see Mexico's GDP. Economy of Mexico Mexico is the third largest economy in North America and is swiftly becoming a modernized nation with more industrial and service sectors to maintain and promote economic growth nationwide. Mexico is primarily an export-oriented economy and has seen constant growth in regards to the export of goods every year over the past decade, with the exception of 2009. Mexico is also considered to be one of the premier exporters in the world, exporting more goods and services than other export-prominent countries such as Saudi Arabia and India. Like many other industrial countries worldwide, Mexico experienced an economic downturn during the global financial crisis. Several indicators of Mexico’s economic slump would be a spike in unemployment as well as a significant drop in GDP in 2009. Additionally, inflation rates slightly increased over the course of 2 years. However, Mexico’s economy evidently recovered, in particular with its inflation rate, which reached a decade low, as well as its gross domestic product per capita, which attained decade high values, both in 2014.

In 2024, the ratio of government expenditure to GDP in Saudi Arabia stood at approximately 33.78 percent. Between 1990 and 2024, the figure dropped by around 5.50 percentage points, though the decline followed an uneven course rather than a steady trajectory. The forecast shows the ratio will steadily decline by about 3.83 percentage points from 2024 to 2030.Shown here is the general government expenditure as a share of the national gross domestic product. As defined by the International Monetary Fund, the general government expenditure consists of total expense and the net acquisition of nonfinancial assets. The gross domestic product represents the total value of final goods and services produced during a year.

About the Project The project explores alternative methods of measuring economic diversification and investigating its associated impacts on the Saudi Arabian economy and other GCC countries. By utilizing a financial portfolio framework reconciled with economic growth theory, the economy is viewed as a portfolio of economic sectors, each contributing to the overall output growth. Results demonstrated that diversification policies have been effective, as the economy moves towards higher growth with lower instability. Key Points Evidence confirms that there is a positive correlation between the economic growth rate and its volatility/risk in the Gulf Cooperation Council (GCC) region. In other words, there is a trade-off between the benefits of oil and gas activity and the volatility resulting from unpredictable commodity price swings in such resource dependent economies. Our analysis uses a financial portfolio framework approach (and more specifically an efficient frontier analysis), treating economic sectors as individual investments. We calculate a relative risk measure termed the ‘beta coefficient’ and assemble a portfolio of sectors with varying weights to find the efficient frontier. If the beta of the portfolio representing the economy is above global average, the economy will generally grow faster than the global average but with greater volatility – the upturns will be higher and the downturns deeper. We aim to shed light on diversification policy from this novel, if not yet widely accepted, perspective. The GCC economies exhibit ‘high beta,’ particularly Qatar. Saudi Arabia sits in the middle of the group, but above the global average, while Oman has the lowest coefficient of the group. Saudi Arabia’s National Transformation Plan to 2020 and economic Vision 2030 envisage an economy that is still invested in oil and gas activity at 45 percent of total output. While diversification policies in these plans promote economic growth, it still leaves the economy exposed to the volatility of energy markets. In comparison, the optimal mix of economic sectors could increase the growth rate by more than 1 percent annually and nearly halve the expected volatility (to less than 60 percent of growth rate). Saudi Arabia’s historical economic policies were effective in achieving some diversification. However, their benefits could be increased by policies that balance productive efficiency with diversification of economic activity. The difference between policy-optimized portfolio and non-constrained optimization can be used to estimate the size of the fiscal stabilization fund needed to protect the economy from stop/go risks to diversification objectives.

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Saudi Arabia IT Market Size 2025-2029

The Saudi Arabia IT market size is forecast to increase by USD 5.6 billion at a CAGR of 6.9% between 2024 and 2029.

The market is experiencing significant growth, driven by the Saudi Vision 2030 national transformation program and the increasing adoption of e-governance. This strategic initiative aims to modernize the economy and reduce the dependence on oil, creating a conducive environment for IT investments. The e-governance initiative is expected to drive the demand for IT solutions in areas such as cloud computing, data analytics, and cybersecurity. However, this market is not without challenges. The increasing threat of cyber crimes poses a significant risk to IT infrastructure, requiring security measures. 
According to a recent report, cybercrime costs the Saudi Arabian economy an estimated USD 1.5 billion annually. To mitigate this risk, organizations are investing in advanced security solutions and implementing stringent security policies. Despite these challenges, the market presents significant opportunities for companies seeking to capitalize on the digital transformation trend and provide innovative solutions to meet the evolving needs of businesses and government entities. Companies that can offer secure and efficient IT solutions, particularly in the areas of cloud computing, data analytics, and cybersecurity, are expected to thrive in this market.

What will be the size of the Saudi Arabia IT market during the forecast period?

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The Saudi Arabia IT market is experiencing growth, driven by increasing demand for digital transformation across various sectors. With a population of over 34 million and a growing economy, the country presents significant opportunities for hardware, software, and services providers. The market encompasses various sub-segments, including internet, mobile phones, computers, networks, data processing, real-time communication, telecommunications, data centers, cloud computing, cybersecurity, and more. Key trends include the adoption of fast internet and wireless connections for enhanced connectivity, the proliferation of 5G networks, and the integration of artificial intelligence and edge computing for improved efficiency. The healthcare sector is witnessing digitalization, with a focus on data analytics and telemedicine.
Industry 4.0 is gaining traction, driving demand for consulting, integration services, and data and analytics solutions. Cybersecurity remains a critical concern, with businesses investing in advanced solutions to mitigate data theft risks. Overall, the Saudi Arabian IT market is poised for continued expansion, fueled by the country's digital transformation initiatives.

How is this market segmented?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Component

  Hardware
  Software
  Services


End-user

  Government
  IT and Telecommunication
  BFSI
  Oil and gas
  Retail and E-commerce
  Others


Deployment Type

  On-Premises
  Cloud-Based
  Hybrid


Geography

  Saudi Arabia

By Component Insights

The hardware segment is estimated to witness significant growth during the forecast period. In Saudi Arabia, organizations are investing in IT infrastructure to efficiently manage business data. This involves the deployment of servers, storage devices, network equipment, and devices such as computers, laptops, tablets, and mobile phones. The country's emerging economy is driving the demand for advanced technologies, including telecommunication networks, high-speed internet, and cloud computing. The adoption of e-governance, IoT, and Industry 4.0 is increasing in sectors like oil and gas, healthcare, pharmacy, construction, and consumer goods. Telecommunication companies are expanding their 5G networks to support real-time communication and data processing. Additionally, the rise of digital innovation and the increasing penetration of smartphones are transforming the way businesses operate.

Saudi Arabian enterprises are embracing mobility, enabling employees to work remotely and share information in real-time. Networking and security solutions are essential to ensure data protection and communication privacy. Data centers and edge computing are also gaining popularity to facilitate faster data processing and reduce latency. Cybersecurity is a significant concern as the digitalization of businesses increases the risk of data theft. Companies are investing in consulting, integration services, data and analytics, and IT management to mitigate these risks and maintain a competitive edge. The adoption of artificial intelligence and client computing is also on the rise, offering new opportunities for innovation and growth.

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The Jeddah commercial real estate market, valued at $2.26 billion in 2025, is projected to experience robust growth, driven by a Compound Annual Growth Rate (CAGR) of 9.88% from 2025 to 2033. This expansion is fueled by several key factors. Firstly, significant infrastructure development projects in Jeddah, including those related to Vision 2030, are attracting substantial foreign and domestic investment, boosting demand for office, retail, and hospitality spaces. The growing tourism sector, fueled by mega-projects like the Red Sea Development, further contributes to the demand for commercial properties. Secondly, the burgeoning population and a thriving economy are creating a strong need for commercial spaces across various segments. The increasing number of multinational companies establishing a presence in Jeddah contributes to the high demand for office spaces. Finally, government initiatives aimed at diversifying the Saudi Arabian economy are creating a positive business environment, encouraging further investment in the commercial real estate sector. These factors collectively paint a picture of a dynamic and expanding market. However, the market also faces certain challenges. Competition among developers could lead to price fluctuations, potentially affecting profitability. The global economic climate and any unforeseen geopolitical events may influence investor confidence and impact market growth. Furthermore, the sustained availability of skilled labor and construction materials will be critical to meeting the projected demand. Despite these potential restraints, the long-term outlook remains positive, given the strong underlying economic fundamentals and strategic government investments in Jeddah's development, signaling substantial opportunities for investors and developers in the coming years. Careful consideration of these factors is crucial for successful navigation of the Jeddah commercial real estate market. Recent developments include: November 2023: Saudi Ports Authority 'Mawani' and CMA CGM launched a new logistics park in Jeddah Islamic Port with a total area of more than 130,000 square meters and an investment value exceeding SAR 487 million (USD 12.9 million) over the project's duration., February 2023: The Saudi Ports Authority signed an agreement worth SAR 1 billion (USD 0.26 billion) with the Jeddah Chamber of Commerce and Industry to develop an integrated logistics area in the Al-Khumra region south of Jeddah. The integrated logistics zone spans 3 million sq. m divided into three sub-areas of shared modular warehouses, single warehouses, large yards, and on-demand warehouses.. Key drivers for this market are: Increasing Spending on the Commercial Construction. Potential restraints include: Increasing Spending on the Commercial Construction. Notable trends are: The Office and Retail Industry is Expected to Dominate the Market.

The budget balance in relation to the gross domestic product (GDP) in Saudi Arabia was approximately -2.84 percent in 2024. Between 1991 and 2024, the budget balance rose by around 0.44 percentage points, though the increase followed an uneven trajectory rather than a consistent upward trend. The budget balance is forecast to decline by about 0.25 percentage points from 2024 to 2030, fluctuating as it trends downward.The indicator describes the general government net lending / borrowing, which is calculated as revenue minus total expenditure. The International Monetary Fund defines the general government expenditure as consisting of total expenses and the net acquisition of nonfinancial assets. The general government revenue consists of the revenue from taxes, social contributions, grants receivable, and other revenue.

Entaj announces a 30% IPO on the Saudi Exchange, aligning with Vision 2030 to expand its poultry market presence and bolster Saudi food security.

The Saudi Arabian real estate market, currently valued at XX million (estimated based on the provided CAGR and market trends), is experiencing robust growth, projected at a CAGR of 8.65% from 2025 to 2033. This expansion is fueled by several key drivers, including substantial government investment in infrastructure projects like Neom and Vision 2030, a burgeoning population and expanding middle class increasing housing demand, and the diversification of the Saudi economy away from oil dependence. The market is segmented by property type (offices, retail, industrial, logistics, multi-family, hospitality) and key cities (Riyadh, Jeddah, Makkah), reflecting varied growth patterns across these sectors and geographic locations. While the hospitality sector benefits from increased tourism and mega-events, the residential (multi-family) segment is primarily driven by population growth and government initiatives to increase affordable housing. The industrial and logistics sectors are experiencing significant growth due to the kingdom’s strategic location and focus on expanding its non-oil sectors. Major players like Al Saedan Real Estate, Kingdom Holding Company, and SEDCO Development are shaping the market landscape alongside international firms like JLL and Century 21, indicating a blend of domestic and international investment. Growth within the Saudi real estate market faces potential restraints. These include fluctuating global oil prices which impact investor confidence, and potential regulatory changes affecting construction and development. Moreover, land scarcity in certain prime locations, especially in major cities, could constrain supply and impact pricing. However, the long-term outlook remains positive, driven by the government's ongoing commitment to Vision 2030, which aims to transform the Saudi economy and improve the quality of life for its citizens. The continued diversification of the economy and the development of new cities and infrastructure projects will act as significant catalysts for sustained growth in the coming years. The market is likely to witness a shift towards sustainable and technologically advanced real estate developments, aligning with global trends in the sector. Recent developments include: May 2023: Rotana, one of the leading hotel management companies, has signed four 'Edge by Rotana' and one 'Rayhaan by Rotana' properties in partnership with Memar Development & Investment at the Future Hospitality Summit 2023. Rotana currently operates 73 hotels in the Middle East, Africa, Eastern Europe and Turkiye, serving more than six million guests per year, including 10,012 keys across 36 hotels in the UAE alone., October 2022: ROSHN, the national real estate developer of the Kingdom of Saudi Arabia, and Esri, the world authority in location intelligence, signed a memorandum of understanding (MOU). ROSHN is supported by the PIF, the nation's Public Investment Fund. With the help of the partnership, ROSHN will be able to better design and create 200 million square meters of sustainable neighborhoods across Saudi Arabia by utilizing Esri's spectrum of geographic information system (GIS) products and solutions.. Key drivers for this market are: Increasing Spending on the Commercial Construction, Increasing Demand for Commercial Spaces Due to Increasing E-commerce. Potential restraints include: Increasing Spending on the Commercial Construction, Increasing Demand for Commercial Spaces Due to Increasing E-commerce. Notable trends are: Rise in the retail sector in Riyadh driving the market.