Saudi Crown Prince: Non-Oil Sector Now Contributes 56% of GDP

 Saudi Crown Prince Mohammed bin Salman, during the opening session of the Shura Council on Wednesday marking the second year of its ninth term, revealed that non-oil activities have, for the first time in the Kingdom’s history, contributed 56% of the GDP, which surpassed SAR 4.5 trillion (approximately USD 1.2 trillion).

In his address to the Shura Council members, the Crown Prince emphasized that Saudi Arabia’s economy is steadily diversifying and reducing its dependence on oil.

“All of these achievements have positioned the Kingdom as a global hub attracting diverse activities,” he said. “The selection of 660 international companies to establish their regional headquarters in Saudi Arabia—exceeding targets set for 2030—reflects the progress in infrastructure and advanced technological services, confirming the strength and promising future of the Saudi economy.”

Crown Prince Mohammed bin Salman also highlighted the Kingdom’s focus on future-oriented investments, particularly in artificial intelligence. He noted that agreements signed in this field complement aspects of Vision 2030 programs, aiming to position Saudi Arabia as a global center for AI in the coming years.

On the defense front, the Crown Prince affirmed ongoing efforts to elevate military capabilities to globally advanced levels. He added that collaboration with the Kingdom’s strategic partners is accelerating the localization of the military industry, which has now reached over 19%, up from less than 2% previously.

He further stressed the importance of maintaining strong public finances independent of a single fluctuating revenue source, describing it as essential for sustainable economic diversification and creating varied job opportunities.

“Since the launch of Vision 2030, the state has built this foundation, resulting in a robust economy that attracts investment,” he said. “We have also achieved significant objectives, including reducing unemployment to record lows, raising women’s participation in the workforce to unprecedented levels, and lowering the proportion of low-income citizens.”