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Economic Overview<br />
Economy<br />
Saudi Arabia’s 10x10 Vision<br />
» SAGIA and <strong>the</strong> Kingdom of Saudi Arabia as a whole are fully <strong>com</strong>mitted <strong>to</strong>wards <strong>the</strong><br />
Kingdom’s ambitious project of 10 x 10, which aims at positioning Saudi Arabia amongst<br />
<strong>the</strong> <strong>to</strong>p ten most <strong>com</strong>petitive nations by 2010.<br />
» The realization of 10x10 vision will require substantial steps and effective initiatives,<br />
which are facilitated through a series of development plans that have reached Eighth<br />
Developmental Plan (2005-09).<br />
» The Eighth Plan marks a new phase in a development process that has spanned more than<br />
three decades. Although <strong>the</strong> oil sec<strong>to</strong>r remains a dominant contribu<strong>to</strong>r <strong>to</strong> <strong>the</strong> Kingdom’s<br />
GDP, its contribution may <strong>com</strong>e down in <strong>com</strong>ing years as <strong>the</strong> government takes on various<br />
plans <strong>to</strong> enhance its economic diversification.<br />
» In <strong>the</strong> <strong>com</strong>ing five years (2005–09), <strong>the</strong> Eighth Development Plan aims at increasing<br />
real GDP from around SR722.2bn in 2004 <strong>to</strong> around SR895.2bn in 2009. The Plan also<br />
envisages that by 2009, <strong>the</strong> share of <strong>the</strong> non-oil sec<strong>to</strong>r in GDP would have increased <strong>to</strong><br />
more than 70%.<br />
Global Investment House 11 Saudi Arabia Economic Overview - January 2009
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