Economy Minister Highlights Saudi Arabia’s Transition to Non-Oil Economic Activities, Accounting for 50% of GDP in 2023

During the press conference of the special meeting of the World Economic Forum in Riyadh, Minister of Economy and Planning Faisal bin Fadhil Alibrahim emphasised Saudi Arabia’s progression towards a sophisticated growth model, marked by innovation, inclusivity, and sustainability eight years after the launch of Saudi Vision 2030.

Alibrahim underscored the importance of balancing security and economy in the region, with discussions on environmental threats slated for the forum. He asserted that Saudi Vision 2030 serves as a blueprint for global economic transformation.

Highlighting Saudi Arabia’s success, Alibrahim noted that non-oil economic activities accounted for 50% of the gross domestic product in 2023, demonstrating the country’s capability to lead in sustainable development.