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Saudi Arabia’s non-oil economy shrugs off regional tensions

Burgeoning domestic economy set to return country to growth this year as oil revenues lag
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Saudi Arabia’s non-oil economy shrugs off regional tensions’The Line’ is just one of the Kingdom’s flagship gigaprojects that is presenting a significant funding challenge (Image: Balkis Press/ABACAPRESS.COM)

Even as oil production cuts eat into Saudi Arabia’s top-line GDP, the country remains one of the most buoyant emerging markets in 2024, supported by ongoing growth in its burgeoning non-oil economy.

The country’s social transformation — which began in earnest eight years ago with the launch of the Vision 2030 programme by Crown Prince Mohammed bin Salman — continues to support the country’s economic growth beyond its long-established hydrocarbon sector, creating jobs for a rapidly expanding local workforce.

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John Everington is the Middle East and Africa editor. Prior to joining The Banker, John was the deputy business editor of The National in the UAE, and has also worked for Dealreporter, Arab News and The Telegraph. He has also covered the telecom sector in Africa and the Middle East, living and working in Qatar and the UK. John has a BA in Arabic and History and an MA in Middle Eastern Studies from the School of Oriental and African Studies (SOAS) in London.
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