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 Dubai's ruler via "X": Whoever bets on the UAE is betting on growth, prosperity, and a better future Saudi Crown Prince, UAE president affirm GCC commitment to support regional security Mohammed bin Rashid issues Decree on Central Grievances Committee for Dubai Government employees Saudi Arabia updates Nitaqat Saudization calculation through Qiwa contracts Medcare launches its second hospital in Sharjah Iraqi-UAE consortium plans $700mln fast data cable network Kuwait oil price up $1.22 to $66.40 pb GCC businesses to maintain strong credit profiles in 2026: S&P Saudi, US firms to partner on northeast Syria energy project Saudi: Al-Khateeb says tourism GDP target doubled to $160bln as private sector urged to scale up investment ADNIC: Strong economy helps insurer deliver positive performance Saudi Arabia, Spain agree for cooperation in civil aviation and modern transportation modes UAE World’s Coolest Winter campaign generates $3.4bln in hotel revenues Qatar, Germany sign agreement to launch innovation hub in Doha Kuwait’s real estate sees shift in investor behavior Abu Dhabi's Aldar, Mubadala form $2.7bln luxury retail joint venture Ras Al Khaimah seeks investments from China and Hong Kong in real estate, green sectors QatarEnergy signs long-term helium sales agreement with Air Liquide Oman, Kuwait fund sign $32.2mln financing deal for Duqm roads project Kuwait scraps oil tenders worth $10bln after bids exceed budget Qatar successfully conducts self-driving Robotaxi public trials at Old Doha Port Dubai's Emirates NBD posts net profit rise in 2025 driven by record lending growth Saudi ministry recalls 1,778 BAIC BJ40 vehicles due to a defective brake system Oman signs power deals with Qatar's Nebras and Korea Western Power worth $2.6bln

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.