Saudi Arabia’s non-oil sector growing

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00:00I'm just wondering what you think is driving this growth.

00:04Where are we seeing the strongest areas of performance,

00:08given that we are in this context, aren't we, of lower oil prices?

00:13Exactly, Tom.

00:14We witness right now lower oil prices,

00:18and yet we still have a positive GDP growth.

00:22What Saudi Arabia has been concentrating right now is in the non-oil GDP.

00:26It has been growing more than 4% in the past two or three years,

00:31with the exception of the COVID year.

00:37So if you go back in 2016,

00:40the contribution of the non-oil economy is less than 45%.

00:45Right now, by the end of 2024, it's more than 54%.

00:51And this is not a small number.

00:52This is huge, especially that Saudi Arabia relies heavily,

00:56in oil and to shift that from relying heavily in the oil

01:00to rely more in the non-oil economy.

01:04We saw that PMI numbers are now exceeding 60

01:06in the first quarter of this year.

01:09We project the non-oil GDP to continue growth in 2025, 2026.

01:14Thank you, Tom.

01:15Thank you, Tom.

01:16Thank you very much.