Saudi Arabia’s non-oil exports rose to an all-time high of 515 billion riyals ($137.29 billion) in 2024, the Saudi Press Agency (SPA) reported, as the kingdom pressed ahead with its economic diversification plans.
The world’s largest oil exporter is pursuing Vision 2030, an economic strategy designed to reduce reliance on hydrocarbons and expand sectors including tourism, sports, and manufacturing.
Non-oil exports increased by 13% compared to 2023 and have surged more than 113% since the launch of Vision 2030, SPA said.
Abdulrahman Althukair, chief executive of the Saudi Export Development Authority, credited the growth to “the kingdom’s sustained efforts in economic diversification,” according to SPA.
Separately, Saudi Arabia reported attracting 77.6 billion riyals ($20.69 billion) in foreign direct investment during 2024, as detailed in its latest Vision 2030 annual report.
The government aims to secure $100 billion annually in foreign investment by the end of the decade as part of efforts to transform its economy and create new industries.
Re-exports surged to 90 billion riyals, marking a 205% increase since 2016, with mobile phones accounting for a major share. Services exports also hit a record 207 billion riyals, rising 14% year-on-year, driven largely by the travel and tourism sector.
Over 180 countries imported Saudi goods, re-exports, and services in 2024, with the UAE, Bahrain, Iraq, and Spain among those posting record import volumes.
Travel and tourism contributed 74% of total service exports, supported by approximately 30 million international tourist arrivals in 2024. Saudi Arabia reported a 148% rise in tourism revenues compared to 2019 and led the G20 in tourism growth.
Transportation services made up 12% of service exports, showing a 5% annual increase.
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