Saudi non-oil revenues reach $133.3 billion, deputy finance minister says

Saudi Deputy Minister of Finance Abdulmohsen Al-Khalaf announced that the Kingdom’s non-oil government revenues have reached approximately $133.3 billion (500 billion riyals/SAR).

He made the remarks during a ministerial session on Vision 2030 at the World Petroleum Congress (WPC Energy) in Riyadh.

Al-Khalaf explained that Saudi Vision 2030 has provided a comprehensive framework to support economic transformation and strengthen fiscal sustainability. He noted that reforms launched in recent years have helped build a more diversified economy capable of withstanding global challenges and changes.

The deputy minister added that the Saudi economy has demonstrated exceptional resilience in the face of recent challenges, supported by the growth of non-oil economic activities and the continued implementation of reform and economic diversification programs.

Al-Khalaf stated that non-oil activities now account for about 55% of the Saudi economy, while the unemployment rate among Saudis has fallen to 6%, its lowest level on record. This, he said, reflects the success of government initiatives in strengthening the labor market and increasing employment rates.

He emphasized that the rise in non-oil revenues to 500 billion riyals demonstrates the progress made in diversifying income sources and reducing reliance on oil revenues, in line with the goals of Vision 2030 to enhance fiscal sustainability and support long-term economic growth.