Since 2014, the non-oil industries have shown rapid growth in financial output, and as reported by Saudi’s General Authority for Statistics, 2019 saw a 3.3% financial increase in the non-oil economy, standing as the most rapid growth rate since 2014.
Retail, leisure, and financial sectors in the Kingdom have been the most lucrative industries for the country’s economy so far and have attracted investment over the past few years.
According to the chief economist at Abu Dhabi Commercial Bank, Monica Malik, told Arab News, “Positively, non-oil activity expanded at the fastest pace since 2014 thanks to a strengthening in non-oil growth. We believe that higher investment growth will remain a key support factor for non-oil activity in 2020 with greater progress with key projects.”
Yusuff Ali @Yusuffali_MA , an investor from India, after obtaining Premium Residency in Saudi Arabia:— الإقامة المميزة| Premium Residency (@SaudiPRCen) March 2, 2020
“The Kingdom became an attractive investment destination due to the remarkable growth in economy" pic.twitter.com/wqch8YCE93
Wholesale and retail trade, restaurants and hotels rank as the 3rd largest contributor to GDP, which accounts for a 10 percent share. With so much change happening in the Kingdom, and so fast, it is Crown Prince Mohammed Bin Salman’s Vision 2030 plan that is the driving force behind the progressive changes.