Saudi Arabia’s Non-Oil Sector Surges to 53% of GDP: A Vision 2030 Milestone

For the first time, Saudi Arabia’s non-oil sector now accounts for 53% of its real GDP. This milestone marks a significant shift since the launch of the Vision 2030 plan, according to Economy and Planning Minister Faisal Al Ibrahim.

Saudi Arabia’s Surge in Private Investment

During the Future Investment Initiative conference in Riyadh, Al Ibrahim announced that private investment in non-oil sectors has increased by 70%. The Saudi economy has also expanded by 20% since Vision 2030’s introduction.

Saudi Arabia’s Growing Role as Regional Business Hub

The Kingdom’s appeal as a regional business hub continues to rise. In the first half of this year alone, 184 companies relocated their regional headquarters to the country. Investment licenses have surged by 50% since Vision 2030’s inception.

Leading Energy Transition and AI Innovation

Al Ibrahim highlighted the Kingdom’s role in the global energy transition and its growing influence in artificial intelligence. Saudi Arabia aims to strengthen global connectivity and enhance supply chain resilience through these initiatives.

Saudi Arabia is also pursuing free trade agreements with Gulf states and other nations. These agreements support economic integration and enable the adoption of emerging technologies.

Vision 2030’s Focus on a Knowledge-Driven Economy

The Vision 2030 plan aims to build a competitive, knowledge-based economy that fosters innovation and diversification. Al Ibrahim described the Kingdom as an ideal destination for technology- and innovation-driven investments, solidifying its role as a regional investment powerhouse.

The Future Investment Initiative conference seeks to explore investment’s role in the global economy. Major trends like the energy transition and the rise of artificial intelligence are central to Saudi Arabia’s investment strategy.