Saudi Arabia’s Non-Oil Sector Now Comprises Over Half of Economy: Finance Minister.

Riyadh: Saudi Minister of Finance Mohammad Al-Jadaan announced on Wednesday that the kingdom's non-oil sector now makes up 52 percent of its economy, a milestone attributed to the country's Vision 2030 strategy. This revelation was made during a panel discussion at the eighth edition of the "Initiative of Future Investment" seminar. According to Kuwait News Agency, Al-Jadaan emphasized that Saudi Arabia is collaborating with global partners to position itself as a hub for stability. This strategic move is seen as a key factor in attracting investors to the kingdom, even amidst regional geopolitical tensions. The minister highlighted the significant drop in unemployment rates, which have decreased from 13 percent to 7.1 percent, with expectations to lower even further by 2030. Al-Jadaan also noted that 87 percent of the goals outlined in the kingdom's development strategy have been achieved. While acknowledging existing challenges, he stated that the priority is to safeguard these accomplishments, maintain financial strength, and ensure financial restraint along with adequate reserves.