Finance Minister: Non-oil GDP represents 52% of Saudi economy

Finance Minister Mohammed Al-Jadaan revealed during a dialogue session titled “How will finance solve the risks of a fractured world?”, which was held as part of the activities of the 8th edition, which included the (Future Investment Initiative), that non-oil GDP represents 52% of the Saudi economy, adding that the global economy is becoming more flexible, with inflation under control, and that sovereign debts represent a major challenge in light of the growth of global trade despite difficult circumstances.

He stressed the importance of international cooperation to confront geopolitical challenges.

Al-Jadaan pointed out that according to a government agency monitoring performance, the Kingdom has achieved 97% of the targets of Vision 2030, and pointed out that the unemployment rate in the Kingdom has decreased to 7.1%.

He noted the successes achieved by the Kingdom’s Vision 2030 in terms of non-oil GDP, women’s empowerment and participation in the workforce, and human capital development, where their participation rate has reached more than 35%, exceeding the vision’s target of 30%, and they have now become employees and entrepreneurs, addressing the decline in the unemployment rate in the Kingdom to 7.1%, indicating that the number of small and medium enterprises in the Kingdom led by women has doubled in the last 7 years, and this has been reflected in household income, large activities, and new sectors. He praised the growth achieved by the tourism sector, which exceeded expectations, and achieved more than 100 million tourists by the end of 2023, stressing that the Kingdom plays a pivotal role as a factor of stability in the region and globally, and works with its partners around the world to achieve the pillar of stability, and this is what investors need to be part of the national transformation. Al-Jadaan explained that one of the priorities of the Ministry of Finance is to maintain the financial and economic strength of the state, which motivates investors, especially when they see a state with financial discipline that maintains large reserves. The 8th edition of the Future Investment Initiative in Riyadh continues under the slogan (Infinite Horizons, Investing Today to Shape Tomorrow) until October 31, with wide international participation. The initiative is a strategic platform that brings together investors and decision-makers, and hosts 180 dialogue sessions with the participation of 600 speakers from political and business leaders and innovators, to discuss important issues including finance, artificial intelligence, sustainability, energy, and geoeconomics.