Minister of Economy: Non-oil activities represent 56% of the gross domestic product for the first time
Minister of Economy and Planning Faisal Al-Ibrahim said: The dependence of economic activity on oil decreased by about 90% in 2015 to 68% in 2024, and non-oil activities represent 56% of real gross domestic product for the first time.
The minister added during a dialogue session at the Future Investment Forum: What we seek to achieve before 2030 exceeds what has been achieved so far, and will be driven by smarter spending and an approach based on policies and reforms. Structural
He continued: "We are implementing a wide range of structural reforms to make the private sector more dynamic and able to connect to international markets"
The minister expected that Saudi Arabia would achieve a growth rate of 5.1% for the real domestic product by the end of this year, and about 3.8% for the non-oil domestic product, while we expect growth for next year to reach 7.7% for the total real domestic product, and 3.6% for non-oil activities.
The ninth edition of the Future Investment Initiative conference was launched yesterday, at the King Abdulaziz International Convention Center, under the slogan "The key to prosperity"It continues until October 30, 2025, under the patronage of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud – may God protect him.
The conference will witness a variety of sessions that will address vital topics such as: the impact of artificial intelligence and robotics on productivity, in addition to wealth creation in light of growing inequality, the geoeconomic impacts of resource scarcity, and demographic shifts that are reshaping the future workforce, in addition to strategies for achieving a balance between economic growth and environmental sustainability.
The conference attracts more than (8000) participants and (650) prominent speakers through (250) dialogue sessions. Which strengthens Riyadh’s position as a leading global center that brings together leaders and innovators from various countries of the world. To transform visions into practical strategies that shape the future of investment.
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