Economy & Investment

Is our economy growing beyond oil?

Thriving Economy pillar30 sources14 metricsLast reviewed 2026-05-16

What this means for citizens

Every Saudi-made product that crosses a border is a job, a supplier contract, a customs handler, a logistics worker. The economy is no longer riding a single price curve — when oil moves, the rest of the economy increasingly holds steady on its own legs.

Hero metric

Non-oil exports (incl. re-exports)

SAR 325B

SAR 624B ($166B)

Full year 2025

2021 baseline · SAR 325BTarget

From SAR 325B (2021) → SAR 468B (2022) → SAR 477B (2023) → SAR 543B (2024) → SAR 624B (2025). Up 92% in four years. Saudi Arabia is now ranked #1 among G20 countries for non-oil export growth rate.

Record highOfficial4 sources2 official2 news

Publishers include: Economy Middle East · AGBI · GASTAT

The Story

Before

For decades, the Saudi economy was defined by one export: oil. Non-oil industries lived in oil's shadow. Building manufacturing, logistics and re-export capability meant working against the gravity of a petrostate.

Initiative

The National Industrial Strategy, the Made in Saudi program (3,700+ companies, 19,000+ products to 180 countries), special economic zones, port and rail investments, and trade-house support — backed by SAR 5B+ allocated specifically to international trading houses operating in 150+ markets.

Outcome

Non-oil exports hit SAR 624 billion ($166B) in 2025 — a record, up 15% year-over-year. Re-exports alone reached SAR 139B (up 53% YoY), crossing SAR 100B for the first time. Non-oil share of total exports rose to 44% — the highest in Saudi history.

For citizens

Supporting metrics

2024 non-oil exports

SAR 543B ($144.77B)

Full year 2024

Re-exports 2025

SAR 139B (+53% YoY)

2025

Non-oil share of total exports

44% (record high, up from 39%)

2025

Destination countries

180

as of 2025

Real GDP 2025

SAR 4,789B (+4.5% YoY)

2025

2025 record figure

SAR 624 billion

2025 — record, with steepest trajectory since 2021

Saudi Arabia activates its first quantum computer

Aramco and Pasqal formally inaugurate the kingdom's first quantum computer in Dhahran — a 200-qubit neutral-atom system — alongside the Middle East's first commercial Quantum Computing-as-a-Service platform. Use cases under deployment include port logistics, CO₂ storage, well placement, rig scheduling, and materials science.

Citizen impact: Sovereign deep-tech capability with high-skill domestic jobs — quantum hardware previously accessible only via a handful of US, European, and East Asian labs is now operating, and openly accessible to Gulf universities and industry, from Dhahran.

ReformMay 2026

Saudi Arabia enters Kearney FDI Confidence Index global top 10

Kearney's 2026 FDI Confidence Index — a survey of senior executives at global firms — ranks Saudi Arabia 10th worldwide, up from 13th in 2025 and 24th in 2023. The report singles out the kingdom alongside Singapore as the year's standout 'middle powers' and ranks Saudi Arabia 3rd on the Emerging Markets Index for the third consecutive year.

RecognitionApr 2026

Non-oil private sector PMI returns to expansion at 51.5

PMI rises to 51.5 in April 2026 (from 48.8 in March), signaling Saudi non-oil private sector growth.

RecognitionApr 2026

Business Confidence Index rebounds to 54.5

Business Confidence Index rises to 54.5 in April 2026 (from 52.1 in March) — corroborating PMI expansion.

Programs delivering these outcomes · 11

PIF

institution

Public Investment Fund

Saudi Arabia's sovereign wealth fund. Originally established in 1971 to hold state stakes in domestic industrial champions like SABIC, it was designated under Vision 2030 as the primary instrument for economic diversification. Assets grew from SAR 720B in 2017 to SAR 3.41T in 2025.

IKTVA

program

In-Kingdom Total Value Add

The local-content program in the energy sector. Requires Aramco and its supply chain to source a progressively higher share of inputs domestically, forcing the development of supplier industries that didn't exist a decade ago. Many of those suppliers now export.

Regional HQ Program

program

A program that requires foreign firms with regional operations to host their MENA headquarters in the kingdom if they want major government contracts. The number of qualifying regional HQs grew from 44 in 2021 to over 700 by 2025 — the most direct policy driver of the kingdom's FDI inversion.

mada

institution

Saudi Payments Network

The kingdom's national payment switch, operated by Saudi Payments (a subsidiary of SAMA). Connects every Saudi bank's debit cards to every Saudi point-of-sale terminal, ATM, and e-commerce gateway. Effectively universal in the kingdom — over 99% of Saudi debit cards are mada-enabled. Has expanded to support contactless, Apple Pay, Google Pay, and mada Pay, and to interoperate with the GCC's AFAQ cross-border settlement network.

STC Pay

program

The kingdom's largest digital wallet, owned by Saudi Telecom Company. Reached unicorn valuation (over $1.3B) in late 2020 after the Western Union investment — the first Saudi fintech to hit that mark. Operates as a digital bank under the SAMA framework since 2021, with 14M+ users by 2024. Now a regional payments brand expanding through Pakistan, Egypt, and Bahrain.

SRMG

institution

Saudi Research and Media Group

The kingdom's largest publishing and digital-media group, founded 1972 and listed on the Tadawul. Owns flagship Arabic newspapers Asharq Al-Awsat and Al Eqtisadiah, English-language daily Arab News, the publishing house Hachette Antoine, and a roster of digital and broadcast assets. Has transitioned aggressively into digital products since 2020, including Tahaduth (a digital-content joint venture) and SRMG Plus (subscription platform).

Evidence library · 12 sources

Filter coming in 2.1

Saudi non-oil exports post historic performance in 2025, surging 15% to $166.36 billion

Economy Middle EastMade-in-Saudi exports

Tier 22026-04

Saudi non-oil exports hit $82bn in first half of 2025

AGBIMade-in-Saudi exports

Tier 22025-12-17

Non-oil exports rise by 7.4% in December 2025; trade surplus +26.3% in Q4

GASTATMade-in-Saudi exports

Tier 12026-02

Real GDP statistics for 2025 and Q4 — +4.5% YoY