Saudi non-oil revenues reach $133.3 billion, deputy finance minister says

Saudi Arabia's non-oil revenues reached $133.3 billion (500 billion riyals/SAR) in 2023, according to Deputy Minister of Finance Abdulmohsen Al-Khalaf. Speaking at a ministerial session on Vision 2030 at the World Petroleum Congress (WPC Energy) in Riyadh, Al-Khalaf highlighted that non-oil activities now constitute approximately 55% of the Saudi economy. This represents a significant shift from the country's traditional reliance on oil revenues, reflecting the success of government initiatives in diversifying the economy.

Al-Khalaf noted that reforms launched under Vision 2030 have played a crucial role in building a more resilient and diversified economy capable of withstanding global challenges. The deputy minister emphasized that the Kingdom's economic transformation efforts, supported by the growth of non-oil economic activities, have been instrumental in achieving a more sustainable fiscal framework.

He pointed out that the unemployment rate among Saudis has dropped to 6%, its lowest level on record, indicating the effectiveness of government policies in strengthening the labor market and increasing employment rates.

The deputy minister's remarks underscore the progress made in reducing reliance on oil revenues, aligning with the strategic goals of Vision 2030. By diversifying income sources and enhancing fiscal sustainability, Saudi Arabia aims to ensure long-term economic growth and stability.