Saudi Arabia’s non-oil sectors accounted for 54.8% of the nation’s GDP in 2024, according to Minister of Economy and Planning Faisal Alibrahim at the Saudi-Spanish Business Forum in Riyadh. This marks a significant shift from the Kingdom’s traditional oil dependency.
Alibrahim noted that more than 200 Spanish companies have invested over $3 billion in Saudi Arabia over the past decade, engaging in infrastructure, healthcare, agriculture, real estate, and technology sectors.
In 2024, bilateral trade between the two countries reached SAR 22.9 billion, with Saudi exports at SAR 12.4 billion and imports from Spain at SAR 10.5 billion.
A memorandum of understanding was signed between Alibrahim and Spanish Minister of Economy, Trade and Business Carlos Cuerpo to enhance cooperation between small and medium-sized enterprises (SMEs) in both nations. The agreement focuses on joint efforts in economic modelling and policy-making.
