Saudi Arabia’s economy has been hit hard by the decline in oil production, but despite this setback, the country remains a strong emerging market in 2024. The key driver of this growth is the non-oil sector, which has seen significant expansion due to the social transformation initiated by the Vision 2030 program launched by Crown Prince Mohammed bin Salman eight years ago.
The Vision 2030 program has played a crucial role in diversifying the economy and creating job opportunities for a growing local workforce. As a result, Saudi Arabia’s non-oil economy has become one of the most resilient emerging markets in 2024. Members of our community can gain access to in-depth coverage of key markets, insights from financial leaders and policymakers, regional and national bank rankings, and awards by activating their free trial today.
Overall, Saudi Arabia’s economic transformation continues to progress, with the government committed to maintaining its focus on diversification and job creation. As such, it remains an exciting market for investors and businesses looking for opportunities to grow their operations in the Middle East region.