• Home
  • Business
  • Economy
  • Finance
  • Investment
    • PIF
  • Technology
  • Real Estate
  • Events
  • Vision 2030
  • Projects
    • NEOM
    • Qiddiya
    • The Line
Saudi Business News
Wednesday, May 14
01:53
32 °c
Riyadh
No Result
View All Result
Saudi Business News
  • Home
  • Business
  • Economy
  • Finance
  • Investment
    • PIF
  • Technology
  • Real Estate
  • Events
  • Vision 2030
  • Projects
    • NEOM
    • Qiddiya
    • The Line
No Result
View All Result
Saudi Business News
No Result
View All Result

HomeEconomySaudi Arabia’s Economic Shift: Non-Oil Revenues Soar

Saudi Arabia’s Economic Shift: Non-Oil Revenues Soar

The Kingdom's Diversification Milestone: A 50% GDP Contribution

May 10, 2024
in Economy, Vision 2030
Reading Time: 2 mins read
152
SHARES
1.9k
VIEWS
Share on FacebookShare on XShare on LinkedInShare on Telegram

Saudi Arabia’s Transformation: A Non-Oil Economic Surge

Saudi Arabia, traditionally known for its pivotal role in the global oil market, has achieved a significant milestone in economic diversification. In 2023, the Kingdom’s non-oil revenues reached a historic high, accounting for half of its Gross Domestic Product (GDP). The non-oil sector’s robust performance, valued at 1.7 trillion Saudi Riyals (about 453 billion U.S. dollars), was powered by growth across various industries, including private sector investments, which soared by 57 percent to 959 billion Saudi Riyals (approximately 254 billion U.S. dollars).

RelatedPosts

Saudi Arabia’s Hydrogen Economy: Leading the Clean Energy Shift

Saudi Arabia’s Fiscal Stability Amid Low Oil Prices

Saudi Economic Growth Slows Amid Oil Price Drop

As part of the Saudi Vision 2030, the country’s blueprint for reducing oil dependence, investments have poured into underdeveloped sectors, spurring growth. Notably, arts & entertainment and real service exports expanded by 106 percent and 319 percent, respectively, turning the Kingdom into a burgeoning hub for tourism and entertainment. Additionally, the food sector, transport and storage services, and health and education sectors witnessed significant growth, contributing to the overall economic upswing.

Renewable Energy and Non-Oil Sectors Fuel GCC’s Progress

Saudi Arabia’s ambitious goals include generating approximately 60 gigawatts (GW) of renewable energy by 2030, a stark increase from its current 2.8 GW capacity. The Kingdom is also investing heavily in the Jafurah gas field development and constructing a $5 billion green hydrogen plant to support the energy needs of the future city of Neom. The strategic shift towards renewable energy is complemented by the country’s first shipment of blue ammonia to Japan, highlighting its commitment to cleaner fuel alternatives.

The success of Saudi Arabia’s economic overhaul is reflected across the Gulf Cooperation Council (GCC) region. The World Bank’s Gulf Economic Update indicates that diversification efforts are effectively creating new employment opportunities and contributing to economic resilience, despite a downturn in oil production. The GCC’s GDP is projected to recover, with an expected growth of 3.6 and 3.7 percent in 2024 and 2025, respectively, driven by non-oil sectors.

Tags: economic diversificationGCCNon-oil Revenuesaudi arabiaSaudi Vision 2030
Share61Tweet38Share11Share

© 2025 Copyright, Saudi Business News

No Result
View All Result
  • Home
  • Business
  • Economy
  • Finance
  • Investment
    • PIF
  • Technology
  • Real Estate
  • Events
  • Vision 2030
  • Projects
    • NEOM
    • Qiddiya
    • The Line

© 2025 Copyright, Saudi Business News

Go to mobile version