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Saudi Arabia’s non-oil exports surged to an all-time high of 515 billion riyals ($137.29 billion) in 2024, according to the Saudi Press Agency (SPA). The 13% year-on-year increase highlights the kingdom’s drive to diversify its economy under its ambitious Vision 2030 plan, which aims to reduce reliance on oil and expand sectors like tourism, sports, and manufacturing.
The world’s largest oil exporter is investing billions into infrastructure and strategic industries to fuel long-term economic growth. Since the launch of Vision 2030, Saudi Arabia’s non-oil exports have risen by over 113%, a milestone attributed to sustained diversification efforts, said Abdulrahman Althukair, CEO of the Saudi Export Development Authority.
In addition to boosting exports, Saudi Arabia is focusing heavily on attracting foreign direct investment (FDI). In 2024, the kingdom secured 77.6 billion riyals ($20.69 billion) in FDI, as revealed in the latest Vision 2030 annual report. Saudi Arabia has set an ambitious goal to attract $100 billion in FDI annually by 2030 to support its economic transformation.
The surge in non-oil exports and rising investment inflows reflect growing international confidence in Saudi Arabia’s reform agenda. As the kingdom accelerates efforts to build a resilient, diversified economy, initiatives under Vision 2030 are expected to play a critical role in shaping its post-oil future.
