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Both countries are keen to expand cooperation in logistics, shipping, fisheries, advanced manufacturing, tourism, digitalization, healthcare, education and creative industries Even with the projected increase in debt, the Kingdom's government debt will likely remain lower than Aa2-A1 peers Non-oil sector's contribution is projected to exceed 52 percent of the overall GDP and grow beyond 4 percent in 2024 Oil activities expanded by 0.3 percent year-on-year, while non-oil activities experienced a notable growth of 4.2 percent This represents a $505.86 million increase over the previous year Macroeconomic impact of the entire energy sector is estimated to represent 40 percent of the Kingdom’s GDP The report highlights the sector's contribution to economic diversification, investment attraction, revenue generation, and job creation Seasonally adjusted real GDP rose by 1.4 percent compared to the first quarter of 2024 Saudi Arabia is now earning more from international visitors than it is spending on outbound tourism, shifting service balance to a surplus Brent crude to average $84 per barrel in 2024, broadly in line with the average over the last 18 months Tech and government investments are transforming the Kingdom's esports sector, creating 39,000 jobs by 2030 National Industrial Strategy seeks to raise the number of factories across the country 3.5 fold to 36,000 factories by 2035 The season invited visitors to explore Jeddah's historic UNESCO site, preserving 400 years of ancient social life  The sector reached $3.54 billion in 2023, showcasing remarkable growth Saudi Arabia achieved 60 million visits during the first half of 2024 The Kingdom’s travel and tourism sector grew by over 32 percent in 2023 Non-oil activities also rose by 0.9 percent in the first three months of 2024 compared to the previous quarter Magna will prioritize cutting-edge technology, world-class architecture, and ultra-modern amenities in line with Vision 2030 Robust inventory growth continued as companies sought to prepare for strong sales performances in the future, the report said Brent oil futures for July delivery held steady at $83.61 per barrel The Kingdom's GDP is expected to expand by 2.3 percent in 2024 and accelerate to 5.8 percent in 2025, the report said The rating reflects the government's significant progress in implementing a broad-based reform agenda since 2016 Al Khateeb outlines plans to add over 250,000 hotel rooms, attract young Saudis to the industry The sector supports 241,000 jobs, with a further estimated 717,000 jobs in the tourism sector
