(Reuters) – Saudi Arabia’s non-oil exports reached an all-time high of 515 billion riyals ($137.29 billion) in 2024, the state news agency said on Saturday, as the kingdom continues its push to diversify its economy away from oil dependence.
The world’s leading oil exporter is investing billions of dollars to achieve its Vision 2030 plan, which focuses on reducing its reliance on oil and spending more on infrastructure to boost industries like tourism, sports and manufacturing.
Saudi Arabia is also working to attract more outside investment to ensure its ambitious plans stay on track.
Non-oil exports rose 13% year-on-year, and over 113% since the launch of Saudi vision 2030, state news agency SPA added.
Abdulrahman Althukair, CEO of the Saudi Export Development Authority, was quoted by SPA attributing the jump in non-oil exports to the “kingdom’s sustained efforts in economic diversification”.
On Friday, Saudi Arabia announced its 2024 annual report for the kingdom’s 2030 Vision plan, which saw the kingdom attract foreign direct investment worth 77.6 billion riyals ($20.69 billion).
It has set itself a target to attract $100 billion in annual foreign direct investment by the turn of the decade.
($1 = 3.7512 riyals)
(Reporting by Hatem Maher and Muhammad Al Gebaly; Editing by Alex Richardson and Aidan Lewis)
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