Saudi Arabia's Vision 2030 aims at diversifying the kingdom's economy beyond oil-related profits and it looks like it's already succeeding at that. On Wednesday, Ahmed Alkholifey, the governor of the Saudi Arabian Monetary Authority (SAMA), presented their 55th annual report to the country's King Salman.
The document covered economic and financial developments in the kingdom during 2018 and revealed a 2.02 percent growth in Saudi Arabia's non-oil GDP (Gross Domestic Product). The kingdom also witnessed a 22 percent increase in its non-oil exports which resulted in profits of up to 236 billion riyals ($62.9 billion). Similarly, the oil sector also saw a rise in its GDP — a 3.01 percent increase to be exact as prices remained stable with inflation at 2.05 percent.
In his speech at Al-Salam palace, Alkholifey said the growth of the non-oil sector was a direct result of the balanced economic policies the kingdom has been following in recent months. He also added that the country's economy achieved positive developments in most of its sectors in 2018. Based on the results, it's expected that the kingdom will maintain positive economic standing throughout 2019.
Alkholifey told the king that SAMA is also working on diversifying its investment portfolios. The authority is also closely monitoring the kingdom's banking systems to ensure and enhance their efficiency.
Vision 2030 is changing the kingdom's economy game
The ambitious blueprint is resulting in a major shift from the previously oil-dependent economic structures and bringing forth a more diverse strategy.
Under Vision 2030, the country has been strengthening several of its sectors in order to ensure profitability. The Saudi tourism industry, which has seen major growth in recent months, is just one example.
A key goal under the vision is to increase the number of tourists and revenues generated from tourism to 18 percent in the next 14 years. With a quick glance at recent happenings, the country seems to be right on track with this goal.
Another is the country's entertainment sector, which has been completely transformed under the governance of the kingdom's General Entertainment Authority.
In previous years, entertainment was contributing meager profits to the country but that is all changing. With festivals and concerts being held across Saudi Arabia, the industry is now expected to see a huge increase in its monetary contributions.