Saudi Arabia's Non-Oil Export Boom: A 16.8% Surge Drives Vision 2030 Ambitions
Saudi Arabia's non-oil exports surge 16.8% in Q3 2024, fueling Vision 2030 diversification efforts amidst declining oil exports.
In the latest economic news, Saudi Arabia's non-oil exports have seen an impressive surge of 16.8% in the third quarter of 2024, highlighting the Kingdom's ongoing efforts to diversify away from oil under Vision 2030. Despite a decline in oil exports, the growth in non-oil sectors comes largely from chemical and plastic products, with key markets including China, the UAE, and India.
Building on this momentum, Saudi Arabia has launched its first national committee for energy and petrochemicals, opening doors for a potential $600 billion investment by 2030. This initiative aims to foster collaboration among ministries and the private sector, providing exciting opportunities for local and international investors alike.
Continuing with Saudi Arabia, the nation has reported a 22.8% increase in non-oil exports in September 2024, propelling non-oil exports to represent 37.1% of total exports. Despite a decrease in oil exports, the rise in imports indicates a shifting trade landscape, with the trade balance surplus decreasing by 56.9% from the previous year.
Shifting gears to the United States, Pam Bondi's nomination as attorney general by President-elect Donald Trump has raised eyebrows concerning the Department of Justice's independence. Her past support for Trump and involvement in contentious political matters have fueled concerns about possible political influence on the DOJ.
Over in Australia, the government has decided to shelve its misinformation bill due to lack of Senate support; however, attention is turning to new social media age restrictions. This proposal aims to prohibit children under 16 from joining social media platforms and is gaining bipartisan support, despite pushback from tech and human rights groups.
And in sports, Al Khaleej stunned Al Hilal with a thrilling 3-2 victory, ending the leaders' impressive 46-match unbeaten streak in the Saudi Pro League. This historic win not only lifts Al Khaleej to sixth place but also puts Al Hilal’s lead at risk, with rival Al Ittihad ready to pounce in the next match, adding drama to the 2023-24 season.
Building on this momentum, Saudi Arabia has launched its first national committee for energy and petrochemicals, opening doors for a potential $600 billion investment by 2030. This initiative aims to foster collaboration among ministries and the private sector, providing exciting opportunities for local and international investors alike.
Continuing with Saudi Arabia, the nation has reported a 22.8% increase in non-oil exports in September 2024, propelling non-oil exports to represent 37.1% of total exports. Despite a decrease in oil exports, the rise in imports indicates a shifting trade landscape, with the trade balance surplus decreasing by 56.9% from the previous year.
Shifting gears to the United States, Pam Bondi's nomination as attorney general by President-elect Donald Trump has raised eyebrows concerning the Department of Justice's independence. Her past support for Trump and involvement in contentious political matters have fueled concerns about possible political influence on the DOJ.
Over in Australia, the government has decided to shelve its misinformation bill due to lack of Senate support; however, attention is turning to new social media age restrictions. This proposal aims to prohibit children under 16 from joining social media platforms and is gaining bipartisan support, despite pushback from tech and human rights groups.
And in sports, Al Khaleej stunned Al Hilal with a thrilling 3-2 victory, ending the leaders' impressive 46-match unbeaten streak in the Saudi Pro League. This historic win not only lifts Al Khaleej to sixth place but also puts Al Hilal’s lead at risk, with rival Al Ittihad ready to pounce in the next match, adding drama to the 2023-24 season.
