Saudi economy's diversification shows progress
Saudi Arabia has reached a significant milestone in its
Vision 2030 journey, with its non-oil economy now surpassing the oil sector in
size, according to Saudi Minister of Economy and Planning, Faisal Al Ibrahim.
He made this announcement during a dialogue session titled ‘What do we expect
from future growth?’ at the annual meeting of the New Champions Dalian 2024, an
initiative of the World Economic Forum in Dalian, China.
Al Ibrahim highlighted the robust growth of non-oil sectors,
which now constitute 51 percent of the country’s real gross domestic product
(GDP). He emphasized the substantial economic strides made since the inception
of Vision 2030, noting a remarkable 8.7 percent economic growth rate in 2022,
with non-oil activities expanding by 5.6 percent. This marks a pivotal shift
where Saudi Arabia's non-oil economy now exceeds its oil sector in size.
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Arabia's non-oil sector records robust 3.6% growth in Q3
Launched by the government in 2016, Vision 2030 aims to
diversify the economy away from oil dependence, structured around three main
pillars: a vibrant society, a thriving economy, and an ambitious nation.
Reflecting on the achievements, Al Ibrahim remarked,
"We have crossed the halfway mark towards achieving our Vision, marked by
substantial milestones and prioritised efforts accelerating economic diversification
and human capital development. We are poised at the threshold of a new economic
era, promising transformative changes over the decades ahead."
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activities in Saudi Arabia contributing 50 percent to GDP
He also addressed Saudi Arabia's role in energy security and
climate action, highlighting the country's leadership in producing the cleanest
hydrocarbon energy and its pioneering efforts in renewable energy, including
green hydrogen, solar, wind, and other sources.
Source: Arab News
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