Saudi Arabia is making remarkable progress toward its economic diversification. The kingdom reported a record-breaking Saudi non-oil exports value of 515 billion riyals ($137.29 billion) for 2024. This achievement reflects the country’s efforts to reduce its dependence on oil, as part of its Vision 2030 plan.
Vision 2030 focuses on diversifying the economy and investing heavily in sectors beyond oil. As part of this ongoing effort, Saudi Arabia is pouring billions into infrastructure, tourism, sports, and manufacturing. Moreover, the government is committed to increasing non-oil exports to further support these key industries.
The growth in Saudi non-oil exports was impressive, rising 13% year-on-year. It also showed a 113% increase since the Vision 2030 plan was introduced. This significant surge highlights the kingdom’s successful efforts in diversifying its economic base, moving away from its heavy reliance on oil resources.
Furthermore, Saudi Arabia is attracting substantial foreign investments to fuel its ambitious plans. In fact, the kingdom reported an impressive 77.6 billion riyals ($20.69 billion) in foreign direct investment in 2024. These investments are crucial for achieving the goals set in Vision 2030, including enhancing industries like tourism and manufacturing.
Abdulrahman Althukair, CEO of the Saudi Export Development Authority, noted that the growth in Saudi non-oil exports is a direct result of sustained efforts in economic diversification. These efforts are a key part of Saudi Arabia’s strategy to ensure a balanced, sustainable economy in the future.
As part of its long-term strategy, Saudi Arabia has set an ambitious target. The country aims to attract $100 billion in foreign direct investment annually by 2030. This goal will require continued commitment to economic reforms and international partnerships.
The kingdom’s Vision 2030 is now more important than ever, as Saudi Arabia looks to secure a prosperous and sustainable future without over-relying on its oil exports.
