Rubix Data Sciences has unveiled its 3rd edition of the Rubix Country Insights: Saudi Arabia report, shedding light on the Kingdom’s dynamic economic landscape and its growing importance in the global arena.
Key Findings:
- Economic Resilience: While Saudi Arabia faced a slight dip in real GDP in 2023 due to oil production cuts, the report forecasts a strong rebound in 2024 and even more robust growth in 2025. This growth will be fueled by higher oil revenues and a thriving non-oil sector.
- Diversification Success: A major milestone was reached in 2023 as non-oil activities contributed to half of Saudi Arabia’s GDP for the first time. This is attributed to a remarkable 57% increase in private-sector investment in the past two years.
- Vision 2030 in Action: The ambitious Saudi Vision 2030 plan is driving economic transformation through substantial investments in sectors like tourism, entertainment, and technology. The $500 billion NEOM city project is a prime example of this commitment.
- Stronger India-Saudi Ties: The report underscores the deepening trade relationship between Saudi Arabia and India, with over 50 agreements signed in 2023 across key sectors like ICT, energy, and advanced manufacturing. As India’s 5th largest trade partner and a major player in the global energy market, Saudi Arabia’s strategic ties with India are becoming increasingly vital.
The report provides a comprehensive analysis of Saudi Arabia’s economic trajectory, emphasizing its potential to reshape the future of the Middle East. It highlights the Kingdom’s proactive efforts to diversify its economy, reduce reliance on oil, and foster sustainable growth through strategic investments and partnerships.
