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Hydrocarbon Dependance in KSA vs GCC Average (2005-2022)
The Kingdom is working diligently to decrease the economy's reliance on hydrocarbons, which has dropped by 17 percentage points to an average of 22% of GDP between 2017 and 2022.
Manufacturing, tourism, and hospitality have been key sectors driving this shift. The Public Investment Fund (PIF) in accordance with the National Investment Strategy (NIS) have also been diversifying investments across various sectors, including tourism, logistics, transport, mining, and clean technology actively participating in this shift.
Related Report
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The Evolution of Saudi Arabia Startup Ecosystem 2010-2022
The first comprehensive overview of Saudi's startup ecosystem, its history, and its future. The Special Report hosts perspectives and insights from many of the country’s most active investors, highlights new investment trends, critical milestones hit by the Kingdom’s fast-growing startup ecosystem, and spotlights a handful of interesting startups coming out of the Kingdom. It is packed full of insights, data, and opinions from the thought leaders and market-makers in the Kingdom. Readers will gain a deep understanding of the unique factors driving Saudi Arabia's entrepreneurial spirit, the challenges faced by startups, and the opportunities that lie ahead. This report serves as an invaluable resource for anyone looking to navigate and invest in this vibrant and rapidly evolving market.
