Kuwait air traffic returns to normal, flights resume QatarEnergy announces new oil discovery offshore Namibia UAE developer Alef launches $1.1bln mixed-use development in Sharjah ADNOC eyeing Canada upstream and LNG opportunities via XRG arm, executive says Dubai real estate deals in April surge to $18.7bln Saudi's SAMA mandates advance notification of investment rounds by financing companies Qatar maritime trade activity accelerates in May Oil steadies as uncertainty over US-Iran talks keeps markets on edge Qatar: Relatively hot daytime conditions expected, moderate night Dubai Centre for Family Businesses explores ways to strengthen business adaptability Saudi Crown Prince, UAE President discuss regional security and cooperation UAE President and Qatar’s Emir discuss fraternal ties and regional developments in phone call Flydubai operates 3,800 flights in March, posts high net promoter score Oman Investment Bank names new CEO Saudi sovereign investor PIF mandates 3yr, 7yr, 30yr USD issuance Abu Dhabi's TA’ZIZ Methanol JV secures $2bn financing for methanol plant Emirates airline posts record net profit despite war impact Qatar unveils support package to steady markets, boost investor confidence Saudi Vision 2030 milestones forge a stronger, diversified, and resilient economy Abu Dhabi non-oil trade jumps 36% to $113bln in 2025; exports rise 63% Qatar's GTA extends 2025 tax return submission deadline until June 30 Qatar targets strategic FDI as global competition intensifies New pharma plant opens in Nizwa, boosting Oman’s drug security Jeddah Tower hits new construction milestone; tops 100 floors Qatar’s banking assets touch $596bln in February: QNBFS Dubai Holding Real Estate, ENBD partner to offer financing for key projects Ajman DED issues 1,617 new licences, renews 8,777 in Q1 Saudi: SFDA begins classifying fines according to size of establishment in bid to support MSMEs Burjeel Holdings strengthens growth outlook Saudi Arabia raises its oil price for Asia

Log in

عربي

Media Centre

Home » Media Centre

Non-oil activities account for 52% of Saudi Arabia’s GDP in 2024, says finance minister

Non-oil activities account for 52% of Saudi Arabia’s GDP in 2024, says finance minister

Non-oil activities account for 52% of Saudi Arabia’s GDP in 2024, says finance minister

Feb 04, 2025

RIYADH — Finance Minister Mohammed Al-Jadaan stated that non-oil activities accounted for 52% of Saudi Arabia’s real GDP in the third quarter of 2024, driven by private sector investment and exports.

He also highlighted that the Kingdom has one of the fastest-growing and most developed capital markets in the world.

Al-Jadaan made these remarks while chairing the Saudi-German roundtable meeting on Sunday in Riyadh, which aimed to strengthen bilateral economic ties and explore avenues for joint cooperation.

The meeting brought together leading private sector companies from both countries.

He emphasized that Germany remains a key economic partner for Saudi Arabia, with both nations working to enhance their economic collaboration over the years.

He also outlined the achievements of Vision 2030, particularly the legislative reforms that have enabled greater private sector participation in the Kingdom’s economic development.

The minister noted Saudi Arabia’s strong financial position, citing its low debt-to-GDP ratio and the steady growth of non-oil revenues as indicators of a resilient economy.

He reiterated the role of private investment and exports in driving the Kingdom’s economic diversification efforts.

Al-Jadaan also highlighted the synergy between Saudi Arabia’s expertise in both traditional and renewable energy and Germany’s industrial and manufacturing strength, reinforcing their ongoing economic relationship.

He pointed out that Saudi Arabia is a major importer of German goods and mechanical vehicles, further strengthening trade ties between the two nations.

The discussions covered key economic developments in sectors such as renewable energy, petrochemicals, mining, healthcare, digital transformation, artificial intelligence, infrastructure, transportation, logistics, financial services, and tourism.

Additionally, representatives from the Ministry of Investment, the National Center for Privatization, and the Financial Sector Development Program presented investment opportunities and outlined the latest achievements in their respective fields.