Tourism-related sectors are expected to continue growth: Minister

Faisal Alibrahim, Minister of Economy and Planning

The Saudi non-oil sector is expected to grow by 5% to 6% in 2023 and 2024. Gross domestic product (GDP) is also forecast to expand by 4% to 5% next year, Faisal Alibrahim, Minister of Economy and Planning, said.

The sectors related to tourism, sports and entertainment are also projected to continue growth. The logistics, education, technology, as well as research and development sectors have growth potential in the next period.

These new sectors will create growth in the non-oil sector, and will provide infrastructure to attract visitors and talents, Alibrahim told Al-Arabiya TV on the sidelines of the Future Investment Initiative (FII) Conference.

The defense sector and localization of the related fields affect other industries. Localization in the defense sector rose to 15% compared to the target 50% by 2030. Further, the entry into the electric vehicle industry has a great impact on supply chains, which supports growth in export industries in a competitive manner. The ministry focuses on exportable industries in a competitive manner.

Saudi Arabia aims higher growth in non-oil exports, with diversified exports and additional products to drive competition regionally and globally.