The General Authority for Statistics (GASTAT) of Saudi Arabia released its GDP and National Accounts First Quarter of 2024 report, where it revealed that real GDP decreased by 1.7 per cent year-on-year. However, seasonally adjusted real GDP grew by 1.4 per cent compared to the previous quarter.

According to the Saudi Press Agency (SPA), non-oil activities continued their upward trend, expanding by 3.4 per cent year-on-year. Government activities also rose by 2.0 per cent year-on-year. This diversification of the economy is a key pillar of Saudi Arabia’s Vision 2030.

Non-oil activities now contribute a significant 50 per cent of the GDP. This demonstrates the success of the vision’s programmes and reforms in fostering a more diverse and resilient economy.

Separately, Saudi Arabia is poised to raise more than $11.2 billion selling shares in oil giant Aramco to help fund its spending plans, after pricing the stock at the lower end of its expectations, the company said on Friday.

Aramco shares were priced at 27.25 riyals ($7.27) after the company set a price range of 26.7 to 29.0 riyals.

The offering was covered four to five times, a person familiar with the matter said. International demand was greater than for Aramco’s IPO in 2019, two people said, and included interest from China, elsewhere in Asia as well as Europe, another person said. Saudi Arabia has been seeking to lure international investment to pour tens of billions of dollars into projects to diversify away from its reliance on oil.

Saudi Crown Prince Mohammed Bin Salman’s Vision 2030 is funding endeavours as diverse as electric vehicles to building futuristic cities in the desert, mainly via its Public Investment Fund (PIF).

The $925 billion sovereign fund, after scaling back some of its flagship “giga-projects”, aims to sharpen its focus to drive forward the 2030 vision.