Saudi Arabia Hits Major Economic Diversification Milestones, With Non-Oil Sectors Booming

Saudi Arabia's non-oil revenues hit 50% of GDP in 2023, the highest level ever. The non-oil economy was valued at 1.7 trillion Saudi Riyals.

The Kingdom's private sector investments expanded 57% in 2023, reaching a record 959 billion Saudi Riyals.

Exports, investment, and consumer spending drove steady growth in the non-oil economy. Arts, entertainment, real estate exports grew 100%+

The growth reflects Saudi Vision 2030's goals to privatize state assets and develop new industries like renewable energy and tourism.

Diversification efforts in the Gulf region are paying off overall. Non-oil sectors are expected to grow nearly 4% yearly through 2025.