WEF 2025: Saudi Arabia's services trade hits $144 billion with 7 percent annual growth

Saudi Arabia's Minister of Commerce, Dr. Majid Al-Qasabi, reported that the Kingdom's service trade reached 540 billion riyals (approximately $144 billion USD) in 2023, with an annual growth rate of 7%. This figure highlights the significant growth of the service sector in Saudi Arabia.

At the World Economic Forum's Service Trade Conference 2025 in Davos, Al-Qasabi emphasized the global importance of the service sector. He pointed out that the service sector accounts for approximately 65% of global Gross Domestic Product (GDP), absorbs 60% of foreign investment, and is the world's largest source of employment, particularly providing more opportunities for women. He stressed that international cooperation is crucial to reducing regulatory and procedural barriers in the service sector.

Dr. Al-Qasabi also highlighted Saudi Arabia's significant investments in digital infrastructure, with 93.7 billion riyals already invested and a further 75 billion riyals planned for future investment. These investments aim to support digital transformation, improve the business environment, and attract foreign investment. He also noted that Saudi Arabia has established partnerships with international organizations to develop legal frameworks that protect investments and promote human resource development, including the establishment of a center for distinguished talent residency.

The World Economic Forum emphasized the collaborative role of the public and private sectors in the future development of service trade. The forum also highlighted the cooperation with the National Competitiveness Center in promoting and developing service trade initiatives, focusing on key sectors such as information and communication technology (ICT), finance, transportation and logistics services, and mining, which are crucial for all economic activities.