Saudi non-oil sector hits record 54pc of GDP, says report
Saudi Arabia's non-oil activities have reached record levels, accounting for 54.8% of the kingdom's gross domestic product (GDP) in 2024, reported SPA, citing the Minister of Economy and Planning Faisal Alibrahim.
He was delivering the opening remarks at the Saudi-Spanish Business Forum, affirming that Saudi Arabia is undergoing a historic economic transformation driven by Saudi Vision 2030.
Alibrahim pointed out that Spanish investments in the kingdom have exceeded $3 billion over the past decade, with more than 200 Spanish companies active across infrastructure, healthcare, agriculture, real estate, and technology.
He also commended the pivotal role of the Saudi-Spanish Business Council in strengthening bilateral trade, underscoring both countries' commitment to fostering a stable, transparent, and opportunity-rich investment environment.
The minister of economy further emphasized that Saudi-Spanish relations extend beyond the economic domain to include cultural and sports collaboration such as the Spanish Super Cup, contributing to deeper ties between the two nations and reinforcing mutual respect, said the SPA report.
Alibrahim concluded with an open invitation to Spanish companies, innovators, and entrepreneurs to take part in shaping a shared and prosperous future between the two countries, it added.
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