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In Q3 2024, Saudi Arabia continued to advance its economic diversification agenda under Vision 2030, driving growth in non-oil sectors and fostering a robust business climate. Non-oil activities expanded by 4.3% year-on-year, contributing to an overall GDP growth of 2.8% in Q3 2024, with key contributions from the chemical, plastics, and rubber industries, which collectively accounted for over 50% of non-oil exports.

The Kingdom also intensified its focus on foreign investment, issuing 3,810 licenses across sectors such as construction, manufacturing, information and communications, and professional services. Significant legislative updates, including a new investment law and enhanced regulatory frameworks, complemented these efforts.

Moreover, the entertainment sector emerged as a cornerstone of diversification, with the General Entertainment Authority issuing over 1,800 event permits and attracting global tourism. These initiatives underscore Saudi Arabia's commitment to reducing reliance on oil revenues and establishing a sustainable, innovation-driven economy.