Saudi Arabia reports record non-oil exports of $180 billion in 2024
Sign up now: Get ST's newsletters delivered to your inbox
A model of the Roshn Stadium set for hosting the Fifa 2034 World Cup in Riyadh. Saudi Arabia has spent more on infrastructure to boost industries like sports.
PHOTO: REUTERS
RIYADH – Saudi Arabia’s non-oil exports reached an all-time high of 515 billion riyals (S$180 billion) in 2024, the state news agency said on April 26, 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 per cent year on year, and over 113 per cent since the launch of Saudi Vision 2030, state news agency SPA added.
Mr Abdulrahman Althukair, chief executive officer 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 April 25, Saudi Arabia announced its 2024 annual report for the kingdom’s 2030 Vision plan, which saw the it attract foreign direct investment worth 77.6 billion riyals.
It has set itself a target to attract US$100 billion (S$131 billion) in annual foreign direct investment by the turn of the decade. REUTERS
