2024-01-19 05:03:22
Al-Marsad newspaper: Finance Minister Mohammed Al-Jadaan said that oil now constitutes only 35% of the Saudi economy following it previously represented 70%.
Minister Al-Jadaan explained, in a special session on the future path in Saudi Arabia at the Davos Forum, that the non-oil GDP grew to 65%.
Alternative sources of oil
He added that the Kingdom’s approach is clear in public finances, revenues and revenues, and we are focusing on new sectors such as tourism, sports and entertainment, as well as the industrial and operational side.
The Kingdom’s oil production
He continued: “We produced the equivalent of 11 million barrels of oil per day during the past year, and reduced the price by 17%. This shows our flexibility and ability because our approach is clear in public finances.” The private sector has also created many jobs over the past 7 years and provided More than 800,000 jobs for men and women during the year 2023, indicating that women’s participation revitalizes the economy and is estimated at 36%, which is more than what was targeted by Vision 2030.
The Kingdom cares regarding its youth
For his part, the Kingdom’s ambassador to the United States of America, Her Highness Princess Reema bint Bandar, confirmed that the Kingdom cares regarding the nation’s youth.
Princess Reema bint Bandar said: “We in the Kingdom are making progress and developing our youth. Our most important youth, and in order for them to create the basis and positive impact of work in a dynamic manner, the economy must be encouraged through the youth, and they must commit to presenting the oldest version of themselves.”
Video | “With more efficiency and a lower budget deficit.”
Finance Minister Mohammed Al-Jadaan: We produced the equivalent of 11 million barrels of oil per day during the past year 2023 and reduced the price by 17%. This shows our flexibility and ability because our approach to public finance is clear.
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