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RIYADH: ����ֱ��’s National Industrial Development and Logistics Program contributed SR986 billion ($262.8 billion) to the Kingdom’s non-oil gross domestic product in 2024, accounting for 39 percent of the total, according to the program’s annual performance report. 

This figure marks an increase from SR949 billion in 2023 and underscores NIDLP’s central role in advancing the goals of Vision 2030 to diversify the Saudi economy beyond oil. 

The report highlighted substantial progress across the program’s strategic sectors — industry, mining, energy, and logistics — demonstrating what NIDLP described as a “qualitative transformation” in the national economy. 

The total contribution of non-oil activities to the broader GDP reached 55 percent, with the manufacturing sector alone growing by 4 percent, and both mining and transport/storage sectors expanding by 5 percent. 

����ֱ��’s broader economic performance in 2024 reflected resilience amid oil market fluctuations, with overall GDP growing by 1.3 percent for the year, driven primarily by expansion in non-oil sectors, according to data from the General Authority for Statistics. 

Launched in 2019, NIDLP aims to integrate key sectors and leverage local content and the Fourth Industrial Revolution to build a diversified and value-added economic base. 

The 2024 report details a range of achievements that indicate continued momentum toward these long-term economic transformation goals. 

"The number of executive initiatives under the program reached 284 by the end of 2024, of which 163 have been completed, with a completion rate of 57 percent, confirming the pace of achievement and the program’s ability to deliver impact,” the report quoted Minister of Industry and Mineral Resources Bandar Alkhorayef, also chairman of the NIDLP Committee, as saying.  

“The total number of employees in NIDLP sectors surpassed 2.43 million, including more than 508,000 new jobs created during the year. Among those, over 81,000 were taken up by Saudi nationals,” he added in the report. 

Non-oil exports reached a total value of SR514 billion in 2024, reflecting a 13.2 percent year-on-year increase. 

Of this, SR217 billion came from non-oil goods exports, which rose by 4 percent. 

Re-exports surged 42 percent to reach SR90 billion, while services exports climbed 14 percent to SR207 billion. 

Chemicals topped the export categories with SR78.5 billion, followed by electrical equipment at SR42.9 billion, metals and metal products at SR23.3 billion, and food and beverage products at SR10.5 billion. 

The labor market also saw strong gains. Total employment across NIDLP sectors reached 2.433 million workers in 2024. 

The program created more than 508,000 new jobs last year, including over 81,000 roles for Saudi nationals — 42,000 for men and 39,000 for women. 

Key employment drivers included manufacturing, mining and quarrying, electricity and gas, and logistics. 

Non-government investments in program sectors reached SR665 billion. The Saudi Industrial Development Fund’s cumulative loan approvals totaled SR198 billion, while export credit facilities issued by the Saudi Export-Import Bank stood at SR69.14 billion. 

Industrial activity expanded significantly, with 12,589 industrial establishments recorded by year-end. 

The number of ready-built factories reached 1,511. Non-government investments in industrial cities and special zones totaled a cumulative SR1.41 trillion.    

The local defense industry also advanced, with cumulative sales by domestic companies hitting SR34.32 billion. 

The national industrial strategy continues to push for the localization of supply chains in sectors like medical supplies, automotive, energy-related products, and petrochemicals. 

In renewable energy, the program recorded significant progress. Total renewable energy capacity initiated in 2024 reached 20 gigawatts, including 3.7 GW of new solar project agreements and 3.6 GW of new commercial operations. 

The lowest recorded wind energy cost globally was also achieved, at 5.87 halalas per kilowatt-hour. These efforts contributed to an annual carbon emissions reduction of approximately 1.7 million tonnes. 

In mining, exploration spending reached SR228 per sq. km. The number of mining sites offered for competitive bidding increased 380 percent from the previous year. 

The sector aims to contribute SR176 billion to GDP and create 219,000 jobs by 2030. ����ֱ�� was ranked second globally for mining license environment quality, the report stated. 

Logistics witnessed similar advances. A total of 1,056 logistics licenses were issued, while re-export logistics centers expanded to 23 in 2024, up from just two in 2019. 

Port utilization rose to 64 percent, compared to a baseline of 50.2 percent. Customs clearance time was reduced to just two hours, and container throughput reached 7.5 million units. 

Key performance indicators exceeded several targets. Military industrialization localization reached 19.35 percent, surpassing the 12.5 percent goal and up from a 7.7 percent baseline. 

Local content in non-oil sectors reached SR1.231 trillion, above the target of SR1.11 trillion. The number of final licenses issued for promising industries hit 3,107, compared to a target of 845 and a baseline of 169. 

Cumulative exports of promising industries reached SR135.6 billion, exceeding the target of SR98.7 billion. 

The number of re-export-linked logistics centers also surpassed targets, with 23 centers established versus a target of 16. 

At the highest level, NIDLP contributes to three primary pillars of Vision 2030: fostering a vibrant society, creating a thriving economy, and building an ambitious nation. 

One of the six first-tier Vision 2030 objectives that the program directly supports is the development and diversification of the national economy, particularly through job creation and enhanced government performance to promote social responsibility. 

NIDLP also addresses second-tier goals by strengthening private sector participation and maximizing value across key economic sectors. 

The program seeks to improve the competitiveness of ����ֱ��’s energy sector, enhance local content in oil and gas industries, and promote the development of renewable energy sources. 

Additionally, the program supports the creation of specialized economic zones and the rehabilitation of industrial cities to attract investment and facilitate growth. 

Another key strategic focus of the program is the expansion of non-oil sectors, including mining and downstream industries. 

NIDLP targets the localization of high-potential sectors such as advanced manufacturing and defense industries, while increasing local content across non-oil value chains. 

These initiatives are designed to unlock the full economic potential of the Kingdom’s natural resources and industrial capabilities. 

As part of its logistics mandate, the program also works to establish and improve the performance of logistics hubs, while enhancing domestic, regional, and international connectivity across trade and transport networks.   

These efforts are central to NIDLP’s ambition to solidify ����ֱ��’s position as a global logistics hub, reinforcing the Kingdom’s strategic role in global supply chains. 

Overall, the program encompasses 96 detailed targets at the third level of Vision 2030 planning, 12 of which are directly linked to NIDLP initiatives. 

These targets serve as the operational backbone for achieving the broader national goals of economic diversification and industrial competitiveness. 

RIYADH: ����ֱ��’s official reserve assets reached SR1.72 trillion ($459 billion) in May, marking a roughly 4.5 percent increase from the previous month. 

Data from the Saudi Central Bank, also known as SAMA, shows the reserve boost was primarily driven by a jump in foreign currency and deposits held abroad, which surged 15.5 percent from April to SR671.27 billion — the highest level in nearly six years. 

The rise in reserves comes as ����ֱ�� navigates a shifting global economic landscape marked by volatile oil prices and rising project-driven imports. 

While oil revenues remain a core contributor to external inflows, the Kingdom has also seen growing non-oil export activity and expanding tourism receipts under its Vision 2030 diversification push.   

These factors, along with disciplined financial account management, have supported external balances and bolstered reserve accumulation, even as the current account surplus narrows.  

Despite this sharp monthly uptick, reserves were still about 2 percent lower compared to May of the previous year, according to SAMA data. 

The central bank’s largest reserve component — investments in foreign securities — fell by roughly 2 percent month on month to around SR955 billion.   

Together, these two categories — foreign currency deposits abroad and foreign securities — accounted for approximately 94.5 percent of ����ֱ��’s total reserve assets in May.  

This suggests a deliberate allocation of reserves into more liquid foreign deposits, even as longer-term foreign securities slightly declined. Shifting more funds into overseas bank deposits could enhance liquidity, allowing the Kingdom quicker access to reserves when needed.   

Other components include monetary gold, which has remained unchanged at SR1.62 billion since 2008; Special Drawing Rights, or SDRs, steady at SR80.16 billion; and ����ֱ��’s reserve position at the International Monetary Fund, totaling SR12.65 billion.  

The IMF reserve position reflects the amount the Kingdom can access on demand from the fund without any conditions attached. 

According to a January report from Fitch Ratings, in 2024, ����ֱ�� had strong foreign financial reserves. It could cover 14.4 months’ worth of imports and external payments using its reserves — well above the average of around 2 months for countries with a similar credit rating.  

Also, ����ֱ��’s net foreign assets — total assets abroad minus external liabilities — stood at 63.7 percent of gross domestic product, compared to an average of just 8.7 percent for other “A”-rated countries. This highlights the Kingdom’s robust financial cushion.   

Overall, the rise in reserves to SR1.72 trillion, driven by strategic allocation to foreign deposits and sustained by prudent reserve management, signals continued resilience and confidence in ����ֱ��’s economic fundamentals. This upward trend also enhances the Kingdom’s ability to absorb external shocks, maintain currency stability, and support long-term investment goals aligned with Vision 2030.