Saudi Arabia seeks to boost non-oil activities: Minister of Economy

Faisal Al-Ibrahim, Minister of Economy and Planning

Faisal Al-Ibrahim, Minister of Economy and Planning, said non-oil activities grew by 6% over the past three years, as the Kingdom seeks to boost such activities.

In his speech at the launch of incentives for the industrial sector, Al-Ibrahim attributed this growth to sovereign decisions and political will, which led to the emergence of new sectors like tourism.

He emphasized that such growth would not have reached its current level without the expansion of these sectors.

Strategies and decisions were made to enhance and deepen the industrial base, which will significantly affect the overall non-oil economy, the minister noted.

The Kingdom seeks to boost and sustain non-oil activities, Al-Ibrahim said, highlighting the importance of launching incentives that do not create additional dependency on such activities, but instead foster a new dynamic in the private sector for sustainable growth, maturity, and competitiveness.