Saudi Cabinet hails economic progress after non-oil activity boost

Saudi ministers hailed the country’s economic progress after last week’s announcement that non-oil activity made up half of the Kingdom’s gross domestic product in 2023.

Meeting for a cabinet session on Tuesday chaired by King Salman in Jeddah, the government said the landmark achievement was in line with the Kingdom’s Vision 2030 objectives to achieve a prosperous economy by diversifying growth sources.

The Ministry of Economy and Planning said on Thursday that non-oil activity contributed to 50 percent to the GDP, the highest level ever.

There was an unprecedented performance in non-governmental investments over the past two years, with a growth rate of 57 percent, bringing their value in 2023 to a historically high level of $255 billion.

Arts and entertainment led the growth in non-oil activity, more than doubling in value in 2021-2022. Other activities such as accommodation, food, transport and storage services recorded strong growth rates of 77 percent and 29 percent respectively.

Separately, the Cabinet commended the UN General Assembly adoption of a resolution on measures to combat Islamophobia, and the appointment of a UN special envoy concerned with combating it.

The ministers reiterated the Kingdom’s support for international efforts aimed at combating extremist ideas, and its keenness to encourage and adopt the values of peace and dialogue, and to promote a culture of coexistence among peoples.

Ministers also welcomed the outcomes of the international conference organized by the Muslim World League in Makkah under the title “Building Bridges Between Islamic Sects.”

On local affairs, ministers praised the great participation in the fourth Saudi annual national campaign for charitable activities that was launched last Friday, which raised over a billion riyals on it’s opening night. King Salman and Crown Prince Mohammed bin Salman contributed SR40 and SR30 respectively.

Ministers signed off on a new regional office for the International Monetary Fund to be established in Riyadh.

The ministers also approved designating the 27th of March each year as an official day for the Saudi Green Initiative.