Saudi Arabia, the world’s leading oil exporter, is investing billions of dollars to achieve its Vision 2030 plan, which aims to reduce reliance on oil and boost sectors like tourism, sports, and manufacturing through major infrastructure spending.
The Kingdom is also working to attract more foreign investment to keep its ambitious plans on track.
According to the Saudi Press Agency (SPA), non-oil exports rose 13 percent year-on-year and have surged over 113 percent since the launch of Vision 2030.
Abdulrahman Althukair, CEO of the Saudi Export Development Authority, credited the rise to the Kingdom’s sustained efforts in economic diversification.
On Friday, Saudi Arabia released its 2024 annual Vision 2030 report.
The report highlighted that the Kingdom attracted foreign direct investment worth 77.6 billion riyals ($20.69 billion) during the year.
Saudi Arabia’s non-oil exports also reached an all-time high of 515 billion riyals ($137.29 billion) in 2024, SPA reported on Saturday, underscoring the country’s continued progress in shifting its economy away from oil dependence.
