Services contributed SR1.47 trillion ($392 billion) to the Saudi economy in 2020, a decrease of 1.6 percent, but made up a record 56.7 percent of GDP, which shrank 11.7 percent amid the coronavirus pandemic.
Saudi Arabia has invested heavily in the services sector and is expected to reap the rewards in the coming years as mega tourism and entertainment projects come online.
Qiddiya, an entertainment project in Riyadh began construction in 2019, with phase one slated to open in 2023. The Red Sea Development Company is creating a 28,000 square kilometer resort that is expected to create 70,000 jobs when complete. NEOM and the development of the city of Al-Ula are also underway.
