Saudi Arabia’s trade in services reached SAR 540 billion in 2023, up 7% year-on-year, Minister of Commerce Dr Majid Al-Kassabi said at the World Economic Forum in Davos. He emphasised the services sector’s global significance, constituting approximately 65% of the world’s GDP and 60% of foreign investments, and serving as the largest provider of jobs worldwide, particularly benefiting women. Dr Al-Kassabi called for global collaboration to reduce regulatory and procedural obstacles in the services sector, stating that simplifying these systems would enhance competitiveness and alleviate burdens on small and medium enterprises (SMEs), thereby boosting their economic contribution.
He outlined Saudi Arabia’s significant investments in digital infrastructure, including SAR 93.7 billion already spent and an additional SAR 75 billion allocated for future projects to support digital transformation, enhance businesses and attract foreign investments. The Kingdom has partnered with international organisations to establish legislative frameworks that protect investments and advance human resource development and has created a Center for Distinguished Residence to attract skilled talents.
The World Economic Forum emphasised the importance of collaboration between the public and private sectors for the future of trade in services. It highlighted its partnership with the National Competitiveness Center on the Facilitating and Developing Trade in Services initiative, focusing on key sectors such as information and communications technology (ICT), finance, transportation and logistics services, and mining, which underpin all economic activities.
