Non-oil exports up 155% since 2016, says Crown Prince

Crown Prince Mohammed bin Salman revealed a staggering 155% surge in non-oil exports since 2016, underscoring the expanding influence of the private sector. The crown prince and prime minister emphasized that non-oil exports have surged to 155% compared to the figures from 2016, signaling the burgeoning significance of this sector.

He further revealed that the private sector's contribution to the economy has climbed to 51%. During his annual royal address at the start of the ninth session of the Shoura Council, the crown prince highlighted the adaptability of the transport and logistics system in adjusting to evolving supply chains and ensuring the seamless movement of goods and services.

The crown prince added that the Public Investment Fund has unveiled its strategy for the next five years, with a focus on cultivating highly competitive local economic ecosystems in close collaboration with the private sector. He also pointed out the initiatives aimed at augmenting local content to drive economic transformation and ensure sustainable financial returns.

Meanwhile, the National Development Fund is supporting the expansion of various sectors, with annual allocations to guarantee the achievement of set targets.