For the first time on record, non-oil revenues represented half of Saudi Arabia’s GDP in 2023. Per the kingdom’s Ministry of Economy and Planning, the country’s non-oil economy was valued at about $453 billion at constant prices. Saudi Arabia’s private-sector investments expanded by a brisk 57 percent in 2023, reaching a record high of $254 billion. The categories for arts and entertainment and real service exports grew by 106 percent and 319 percent, respectively.

Saudi Arabia has experienced a boom in its tourism and travel industries, as well as the booming value of its mineral resources, which are lighting the path forward for an oil economy that must begin diversifying to prepare for a future beyond peak oil. Though Amin Hassan Nasser, CEO of the state-run Saudi Aramco petroleum and natural gas company, asserted in March that the current phaseout of fossil fuels is “visibly failing on most fronts” and does not envision oil demand peaking by 2030, Saudi Arab