50.6% of Saudi Arabia's Economy Now Decoupled From Oil

The first thing that comes to your mind when someone mentions Saudi Arabia is oil. The Kingdom built massive wealth on the back of oil but is now diversifying its economy. The Prime Minister of the Kingdom, Mohammed bin Salman Al Saud (MBS), realized that revenue from oil can no longer run the country. Therefore, began investments in various sectors and plans to make the Vision 2030 a reality.

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Source: CNBCSource: CNBCSaudi Arabia’s Minister for Investment Khalid Al Falih said during the Future Investment Initiative (FII) in Riyadh that the Kingdom “completely decoupled” from oil and does not fully rely on it to run the economy. The other 50% “have nothing to do with oil,” he said. “This percentage is growing,” Al Falih told CNBC’s Dan Murphy at the conference.

“completely decoupled”****“have nothing to do with oil,” **“This percentage is growing,”**The Minister revealed that Saudi Arabia wants to further diversify their economy from the oil industry. “We’re seeing great results, but we’re not satisfied. We want to do more. We want to accelerate the Kingdom’s diversification and growth story,” he said during the

**“We’re seeing great results, but we’re not satisfied. We want to do more. We want to accelerate the Kingdom’s diversification and growth story,”**Also Read: Trump Seals $550B Rare Earths Pact With Japan’s First Female PM

Also Read: Trump Seals $550B Rare Earths Pact With Japan’s First Female PMThe Kingdom has also entered the ongoing artificial intelligence (AI) race and is doubling down on the fast-growing sector. “AI has emerged in the last three to four years, and it’s definitely going to define the future economy of every nation. Those who invest will lead, and those who lag behind, unfortunately, will lose,” he pointed out.

“AI has emerged in the last three to four years, and it’s definitely going to define the future economy of every nation. Those who invest will lead, and those who lag behind, unfortunately, will lose,” Al Falih stated that the Kingdom will be a “key investor” in AI in developing applications and large language models. It would also build data centres “at a scale and at a competitive cost not achieved anywhere else,” he said. In conclusion, Saudi Arabia would be known less for oil and more for innovation and diversification in the coming decades.

“key investor”****“at a scale and at a competitive cost not achieved anywhere else,”