RIYADH: According to the program’s annual performance report, the Kingdom’s non-oil GDP benefited from the SR986 billion ($262.8 billion) contribution of the National Industrial Development and Logistics Program in 2024, or 39% of the total. This amount is a rise from SR949 billion in 2023 and highlights the vital role that NIDLP plays in achieving Vision 2030’s objectives to diversify the Saudi economy away from oil.
Significant advancements were noted in the report’s critical areas of industry, mining, energy, and logistics, indicating what NIDLP called a “qualitative transformation” in the country’s economy. The manufacturing sector alone grew by 4%, while the mining and transportation/storage sectors also expanded by 5%, bringing the total contribution of non-oil activity to the overall GDP to 55%.
According to figures from the General Authority for Statistics, Saudi Arabia’s overall GDP grew by 1.3 percent in 2024, mostly due to growth in non-oil industries, demonstrating resilience in the face of oil price volatility.
NIDLP was introduced in 2019 to create a diverse and value-added economic foundation by integrating important sectors, utilizing local content, and utilizing the Fourth Industrial Revolution. The 2024 report lists some accomplishments that show sustained progress toward these long-term objectives for economic change.
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