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Riyadh Governor: Saudi Arabia Ranked among World’s Top Economies

A panel discussion at the Riyadh Economic Forum. (SPA)
A panel discussion at the Riyadh Economic Forum. (SPA)
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Riyadh Governor: Saudi Arabia Ranked among World’s Top Economies

A panel discussion at the Riyadh Economic Forum. (SPA)
A panel discussion at the Riyadh Economic Forum. (SPA)

The progressive policies of Custodian of the Two Holy Mosques King Salman bin Abdulaziz have paved the way for Saudi Arabia to become among the world’s top economies, said to Riyadh Governor Prince Faisal bin Bandar.

Under the patronage of King Salman, Prince Faisal inaugurated on Monday the eighth edition of the "Riyadh Economic Forum" at the King Faisal Hall, where he addressed over 300 delegates.

The event is held under the theme “Plan Today for Tomorrow’s Economy” and is sponsored by the Riyadh Chamber of Commerce and Industry.

Prince Faisal stated that the government’s support to the private sector reflects its trust in its vital role in the economic development of the Kingdom and activating its role in facilitating economic reforms and development goals embodied in Vision 2030.

The Riyadh governor said the recent economic reforms introduced in the Kingdom under the "wise leadership of King Salman” created a conducive climate for the growth of the Kingdom’s economy and enhancement of investments.

The importance of the eighth edition of the forum can be noticed in the changes in Saudi Arabia’s national economy, such as in restructuring, building an economic base on diversifying sources of income, optimizing the Kingdom's natural and human resources and integrating the philosophy of innovation and technological knowledge in production.

During the first session of the forum, adviser to the Ministry of Energy, Industry and Mineral Resources Abdullah al- Dabbagh chaired a debate panel on a study on mineral resources and investments. The discussion saw the participation of partner and board member of al-Kifah Holding Saleh Bin Hassan Abdullah al-Afaleq and CEO of Saudi Arabian Mining Company (Ma'aden) Khaled bin Saleh al-Mudaifer.

Saudi economic circles and public and private sectors consider the Riyadh Economic Forum an important economic event given that it focuses on the in-depth research of the national economy and its main problems.

The forum also addresses the government's efforts to achieve Vision 2030, as well as efforts to raise the efficiency of the national economy against local, regional and global economic challenges.

Additionally, the Riyadh Economic Forum aims to promote the effective partnership between the public and private sectors.

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Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
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Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)

Saudi Arabia’s non-oil exports soared to a two-year high in May, reaching SAR 28.89 billion (USD 7.70 billion), marking an 8.2% year-on-year increase compared to May 2023.

On a monthly basis, non-oil exports surged by 26.93% from April.

This growth contributed to Saudi Arabia’s trade surplus, which recorded a year-on-year increase of 12.8%, reaching SAR 34.5 billion (USD 9.1 billion) in May, following 18 months of decline.

The enhancement of the non-oil private sector remains a key focus for Saudi Arabia as it continues its efforts to diversify its economy and reduce reliance on oil revenues.

In 2023, non-oil activities in Saudi Arabia contributed 50% to the country’s real GDP, the highest level ever recorded, according to the Ministry of Economy and Planning’s analysis of data from the General Authority for Statistics.

Saudi Finance Minister Mohammed Al-Jadaan emphasized at the “Future Investment Initiative” in October that the Kingdom is now prioritizing the development of the non-oil sector over GDP figures, in line with its Vision 2030 economic diversification plan.

A report by Moody’s highlighted Saudi Arabia’s extensive efforts to transform its economic structure, reduce dependency on oil, and boost non-oil sectors such as industry, tourism, and real estate.

The Saudi General Authority for Statistics’ monthly report on international trade noted a 5.8% growth in merchandise exports in May compared to the same period last year, driven by a 4.9% increase in oil exports, which totaled SAR 75.9 billion in May 2024.

The change reflects movements in global oil prices, while production levels remained steady at under 9 million barrels per day since the OPEC+ alliance began a voluntary reduction in crude supply to maintain prices. Production is set to gradually increase starting in early October.

On a monthly basis, merchandise exports rose by 3.3% from April to May, supported by a 26.9% increase in non-oil exports. This rise was bolstered by a surge in re-exports, which reached SAR 10.2 billion, the highest level for this category since 2017.

The share of oil exports in total exports declined to 72.4% in May from 73% in the same month last year.

Moreover, the value of re-exported goods increased by 33.9% during the same period.