Saudi non-oil GDP seen to grow 5% in 2024: Minister

Faisal Al-Ibrahim, Minister of Economy and Planning

Saudi Arabia’s non-oil economy is projected to grow between 4.5% and 5% this year, Faisal Alibrahim, Minister of Economy and Planning, said during a discussion at the World Economic Forum (WEF) in Davos.  

He also expected that the tourism sector will grow by nearly 4.4% this year.

The Kingdom is witnessing continuing transformation and momentum. Thus, there is a need for long-term thinking and planning, with follow-up implementation despite obstacles, and integration with the region, the minister said.

He clarified that there are two groups of countries in the Middle East; the first is undergoing transformation processes and need to complete these processes through the strength points they enjoy, while the other group is facing a large number of challenges and difficulties.

GDP in the Middle East is set for a growth by 3.4% for the year 2024, which is a qualitative leap compared to what it was in the past, said Alibrahim, indicating that there are interconnected opportunities that should be worked on together and leveraged to partaking in reshaping the global economy.