Arab News, Wed, Mar 20, 2024 | Ramadan 10, 1445
Saudi Cabinet hails economic progress after non-oil activity boost
Saudi Arabia:
Saudi ministers hailed the country’s economic progress after last week’s
announcement that non-oil activity made up half of the Kingdom’s gross domestic
product in 2023.
Meeting for a cabinet session on Tuesday chaired
by King Salman in Jeddah, the government said the landmark achievement was in
line with the Kingdom’s Vision 2030 objectives to achieve a prosperous economy
by diversifying growth sources.
The Ministry of Economy and Planning said on
Thursday that non-oil activity contributed to 50 percent to the GDP, the highest
level ever.
There was an unprecedented performance in
non-governmental investments over the past two years, with a growth rate of 57
percent, bringing their value in 2023 to a historically high level of $255
billion.
Arts and entertainment led the growth in non-oil
activity, more than doubling in value in 2021-2022. Other activities such as
accommodation, food, transport and storage services recorded strong growth rates
of 77 percent and 29 percent respectively.
Separately, the Cabinet commended the UN General
Assembly adoption of a resolution on measures to combat Islamophobia, and the
appointment of a UN special envoy concerned with combating it.
The ministers reiterated the Kingdom’s support for
international efforts aimed at combating extremist ideas, and its keenness to
encourage and adopt the values of peace and dialogue, and to promote a culture
of coexistence among peoples.
Ministers also welcomed the outcomes of the
international conference organized by the Muslim World League in Makkah under
the title “Building Bridges Between Islamic Sects.”
On local affairs, ministers praised the great
participation in the fourth Saudi annual national campaign for charitable
activities that was launched last Friday, which raised over a billion riyals on
it’s opening night. King Salman and Crown Prince Mohammed bin Salman contributed
SR40 and SR30 respectively.
Ministers signed off on a new regional office for
the International Monetary Fund to be established in Riyadh.
The ministers also approved designating the 27th
of March each year as an official day for the Saudi Green Initiative.