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RIYADH: ��������’s non-oil sector is expected to contribute up to 3.5 percent annually to the Kingdom’s gross domestic product growth between 2025 and 2028, according to an expert from S&P Global. 

In an interview with Asharq Al-Awsat, Hina Shoeb, head of analytics, cross practice ratings at S&P Global ��������, said that this growing contribution will be supported by both government and private investments in sectors such as real estate, tourism, and infrastructure. 

This comes as ��������’s real GDP grew 3.9 percent in the second quarter, driven by strong non-oil activity that extended its growth streak to 18 consecutive quarters.

Non-oil sectors rose 4.6 percent year on year in April–June, highlighting the Kingdom’s rapid economic diversification. 

She added that the growth of the non-oil sector aligns with the continued economic momentum in the country, resulting from Vision 2030 reforms, which aim to enhance economic diversification and reduce dependence on oil revenues. 

“Non-oil sectors have become a major driver of economic activity in the Kingdom, supported by housing programs, mortgage financing, and the expansion of mega-projects,” Shoeb told Asharq. 

The S&P official added that the economy in the Kingdom is moving toward a sustainable transformation driven by long-term investment spending. 

In August, the International Monetary Fund highlighted the resilience of the Saudi economy, stating that the Kingdom will see GDP growth of 3.6 percent in 2025, accelerating to 3.9 percent in 2026. 

Earlier this month, S&P Global noted that ��������’s Vision 2030 program is transforming the country’s economic landscape by creating substantial growth opportunities in the corporate sector and spurring project financing in infrastructure. 

The report added that non-oil activity is expected to contribute approximately 57 percent of GDP in 2025, with this share rising when oil prices decline and falling when they increase. 

In May, ��������’s General Authority for Statistics reported that GDP grew 2.7 percent year on year in the first quarter, driven by strong non-oil activity. 

Commenting on these figures at that time, Minister of Economy and Planning Faisal Alibrahim, who chairs GASTAT’s board, said the contribution of non-oil activities reached 53.2 percent of the Kingdom’s economic output — up 5.7 percent from previous estimates. 

He added that ��������’s economic outlook remains positive, supported by structural reforms and high-quality, state-led projects across multiple sectors. 

RIYADH: ��������’s mineral exploration spending has jumped to SR487 ($130) per sq. km, more than double its Vision 2030 target of SR200, signaling the Kingdom’s push to become a global mining hub, a senior official said. 

In an interview with Saudi newspaper Al-Eqtisadiah, Abdullah Al-Shamrani, CEO of the Saudi Geological Survey, said the Kingdom’s mineral exploration expenditure index has risen 600 percent over the past seven years.  

He attributed the jump to an accelerated geological survey and exploration program in the Arabian Shield, supported by government funding and matched by private sector investment. 

“In 2018, the exploration spending index in �������� was about SR80 per sq. km, while the Vision’s target was to raise the index to SR200 per sq. km,” Al-Shamrani told Al-Eqtisadiah. 

Spending reached SR226 per sq. km in 2023, already surpassing the Vision 2030 goal, before climbing to the current SR487. 

Al-Shamrani added that the Kingdom’s mineral discoveries are delivering tangible results, with the estimated value of discovered mineral wealth reaching $2.5 trillion by the end of 2024 — double the 2017 estimates.  

To boost investment, �������� plans to launch quarterly mineral data packages, designed to update the national geological database and provide investors with the latest mining information.  

“This unprecedented investment has enabled us to carry out our missions with remarkable success,” Al-Shamrani said, pointing to the expansion of exploration programs and advances in digital transformation. 

As a result of this digital push, the Kingdom has released major new data packages, including surface geochemical survey data and aerial magnetic geophysical survey data, covering the Arabian Shield in a detailed 1:100000 scale. 

By providing this pre-competitive exploratory data, the SGS aims to lower entry barriers and give investors the clarity needed to operate with confidence. 

�������� has also climbed global rankings for geological data, rising from 108th place in 2017 to 23rd currently. Al-Shamrani attributed the improvement to unified regulations, better investment laws, and proactive provision of geological information to investors. 

The primary focus of the exploration campaign is the Arabian Shield, an ancient geological formation rich in minerals like gold, copper, zinc, and iron that covers roughly a third of the Kingdom’s land area. 

Al-Shamrani detailed the extensive work undertaken, stating that nearly 88,000 field survey samples have been collected from valleys across the Shield. Furthermore, a comprehensive aerial survey of the entire region is 93 percent complete and analyzed. 

Speaking at the first GEOMIN forum, which attracted experts from over 30 countries, Al-Shamrani connected these national efforts to a global context. He emphasized that the worldwide drive toward decarbonization and the rising demand for critical minerals present a significant challenge. 

The top official noted that it is essential for experts to innovate and transcend traditional methods to accelerate the discovery and supply of these essential resources to meet the needs of humanity.