For first time, Saudi Arabia’s non-oil sector accounts for 53% of GDP
Non-oil investments surge by 70%, economy expands 20% under Vision 2030
Dubai: Saudi Arabia’s non-oil sector has reached a milestone, now accounting for 53 per cent of the country’s real gross domestic product, an unprecedented achievement since the launch of Vision 2030, Saudi Minister of Economy and Planning Faisal Al Ibrahim said on Thursday.
Speaking on the final day of the Future Investment Initiative conference in Riyadh, Al Ibrahim highlighted that private investment in the non-oil sector has surged by 70 per cent, and the economy has grown 20 per cent since the ambitious reform plan was unveiled.
Al Ibrahim also pointed to Saudi Arabia's growing appeal as a regional business hub. In the first half of this year alone, 184 companies relocated their regional headquarters to the Kingdom. Investment licenses have jumped by 50 per cent since the inception of Vision 2030.
“The Kingdom is leading the global energy transition while also positioning itself as a leader in artificial intelligence,” Al Ibrahim said, noting the country’s commitment to boosting global connectivity and improving supply chain resilience.
Saudi Arabia is also pursuing free trade agreements with Gulf states and other nations to foster economic integration and embrace emerging technologies.
In line with Vision 2030, Al Ibrahim emphasized that economic diversification is feasible in challenging times and essential for sustainable progress. He noted that Saudi Arabia’s strategy focuses on building a competitive, knowledge-driven economy capable of producing new products and services to diversify growth sources.
The minister described Saudi Arabia as an ideal destination for technology- and innovation-driven investments, with the country solidifying its position as a regional powerhouse for investment. He added that the ongoing Future Investment Initiative is designed to explore investment as a critical component of the global economy, particularly in the context of major trends such as the energy transition and the rise of artificial intelligence.