Saudi Arabia Sets New Record with $137 Billion in Non-Oil Exports in 2024

Report By Safarti Tarjuman Business Desk

Saudi Arabia’s non-oil exports soared to an unprecedented 515 billion riyals ($137.29 billion) in 2024, highlighting the kingdom’s strong push toward economic diversification, according to a report from the Saudi Press Agency (SPA).

This major achievement aligns with Saudi Arabia’s ambitious Vision 2030 initiative, which aims to reduce the country’s reliance on oil by developing new industries, including tourism, sports, manufacturing, and infrastructure.

The SPA report revealed that non-oil exports grew by 13% compared to 2023 and have more than doubled—up by 113%—since the Vision 2030 plan was launched.

Abdulrahman Althukair, CEO of the Saudi Export Development Authority, attributed the remarkable increase to the kingdom’s focused efforts on building a more diverse and sustainable economy.

In addition to export growth, Saudi Arabia secured 77.6 billion riyals ($20.69 billion) in foreign direct investment (FDI) during 2024. This progress was highlighted in the latest Vision 2030 annual report, reinforcing the country’s goal of attracting $100 billion in FDI each year by the end of the decade.

Saudi Arabia’s leadership remains committed to strengthening its economic foundations, attracting global investors, and positioning the kingdom as a dynamic hub for trade and innovation.