Saudi Cabinet Commends Economic Advancement Following Increase in Non-Oil Sector Activity

Saudi Cabinet Commends Economic Advancement Following Increase in Non-Oil Sector Activity

Economic Advancement In a recent cabinet session chaired by King Salman in Jeddah, Saudi ministers lauded the remarkable economic progress achieved by the Kingdom, particularly highlighting the significant milestone where non-oil activity contributed to half of the gross domestic product (GDP) in 2023. This achievement aligns closely with the objectives outlined in Saudi Arabia’s Vision 2030, aimed at fostering a robust and diversified economy to ensure sustainable growth.

Economic Milestone: Non-Oil Activity Surges

The Ministry of Economy and Planning revealed that non-oil activity’s contribution to the GDP reached an unprecedented 50%, marking a historic high. This milestone underscores the success of efforts to diversify the Kingdom’s economic landscape and reduce dependence on oil revenues. Notably, non-governmental investments experienced remarkable growth, surging by 57% over the past two years to reach a record value of $255 billion in 2023.

Economic Advancement-Diverse Growth Sectors: Arts, Entertainment, and Beyond

The surge in non-oil activity was propelled by various sectors, with arts and entertainment leading the growth charge by more than doubling in value from 2021 to 2022. Additionally, sectors such as accommodation, food, transport, and storage services recorded impressive growth rates of 77% and 29% respectively. This diversification across multiple industries reflects the Kingdom’s proactive approach to nurturing a vibrant and resilient economy.

Global Engagement: Combatting Islamophobia

Amidst celebrating economic achievements, the Cabinet also commended global initiatives aimed at fostering inclusivity and combating extremism. The UN General Assembly’s adoption of a resolution addressing measures to combat Islamophobia was hailed as a significant step forward. Additionally, the appointment of a UN special envoy dedicated to combating Islamophobia underscores the Kingdom’s commitment to promoting tolerance, peace, and interfaith dialogue on the international stage.

Economic Advancement

Local Philanthropy: Saudi Annual National Campaign

On the domestic front, ministers expressed admiration for the overwhelming participation in the fourth Saudi annual national campaign for charitable activities. Launched with great enthusiasm, the campaign raised over a billion riyals on its opening night, demonstrating the generosity and solidarity of the Saudi community. Notably, King Salman and Crown Prince Mohammed bin Salman led by example, contributing SR40 and SR30 million respectively to support charitable endeavors.

Regional Initiatives: IMF Office in Riyadh, Saudi Green Initiative

In furthering its role as a regional hub for economic cooperation, ministers approved the establishment of a new regional office for the International Monetary Fund (IMF) in Riyadh. This decision reflects Saudi Arabia’s commitment to fostering collaboration and facilitating economic development across the region. Additionally, the designation of the 27th of March each year as the official day for the Saudi Green Initiative reaffirms the Kingdom’s dedication to environmental sustainability and conservation efforts.

Conclusion: Towards a Prosperous and Inclusive Future

The recent cabinet session in Jeddah showcased Saudi Arabia’s multifaceted approach to driving economic progress and fostering global cooperation. From celebrating economic milestones to championing initiatives combating extremism and promoting philanthropy, the Kingdom reaffirms its commitment to building a prosperous, inclusive, and sustainable future for its citizens and the global community alike. As Saudi Arabia continues on its path of transformation and development, these efforts serve as a testament to its unwavering dedication to realizing the aspirations outlined in Vision 2030.

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