Saudi Arabia’s non -oil exports increased to a high level of $ 515 billion Riyals ($ 137.29 billion) in 2024, Saudi Arabia’s Press Service (SPA) said, as the kingdom proceeded with economic diversification plans.
The largest oil exporter in the world is seeking Vision 2030, an economic strategy aimed at reducing hydrocarbon dependence and expanding sectors, including tourism, sports and construction.
Non -oil exports increased by 13% compared to 2023 and increased more than 113% since the start of vision 2030, Spa said.
Abdulrahman Althukair, CEO of Saudi Arabia’s export development Authority, acknowledged growth in the “continuous efforts of Basel in economic differentiation”, according to Spa.
Separately, Saudi Arabia said it attracts $ 77.6 billion Riyals ($ 20.69 billion) in direct foreign investment in 2024, as described in detail in the latest Vision 2030 annual report.
The government aims to secure $ 100 billion annually in foreign investment by the end of the decade as part of the efforts to transform its economy and create new industries.
Repetitions increased to 90 billion riyals, up 205% since 2016, with mobile phones representing a significant share. Services exports also hit 207 billion Riyals, increasing 14% on a yearly basis, is largely driven by the travel and tourism sector.
Over 180 countries have introduced the goods, reviews and services of Saudi Arabia in 2024, with the UAE, Bahrain, Iraq and Spain between those who publish record volumes.
Travel and tourism contributed 74% of total exports, backed by about 30 million international tourism arrivals in 2024.
Transport services made up 12% of exports of services, showing an annual increase of 5%.
a href=”https://tribune.com.pk/story/2542562/saudi-arabias-non-oil-exports-reach-record-137b-in-2024″>Source link
