Private Sector Drives Saudi Economy Diversification
After a decade since the launch of Saudi Vision 2030, the non-oil sector now accounts for 59% of the Kingdom's economy, and the private sector represents 55% for the first time in history, reflecting the success of economic diversification efforts. This transformation is primarily driven by sectors such as manufacturing, financial services, retail trade, tourism, and entertainment, which have experienced significant growth since the vision was launched, with increases exceeding 50% in some sectors. The focus remains on developing the private sector and strengthening its role through restructuring the Public Investment Fund, privatizing traditional sectors, and attracting foreign investments, with the goal of reaching a 65% share of the non-oil economy by 2030.
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