The Kingdom of Saudi Arabia says it recorded $453 billion in revenue from its non-oil sector — the highest level ever.
The Arab nation’s non-oil economy, valued at 1.7 trillion Saudi Riyals , was driven by growth in exports, investment, and consumer spending, said a report byThe Kingdom’s private-sector investments expanded by 57 percent, reaching a record high of 959 billion Saudi Riyals in 2023, while arts and entertainment, and real service exports grew in triple-digits to the tune of 106 percent and 319 percent, respectively.
The growth in the non-oil sector is said to align with the country’s plan to diversify its economy, following the unveiling of the ‘Saudi Vision 2030’ by Mohammed bin Salman, Saudi Arabia’s crown prince, in 2016.
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