Soon... Saudi Arabia Among the World's 15 Largest Economies

Abdullah Al-Alami*

Saudi arts and culture caught the attention of calligraphers and craftsmen at the Saudi pavilion at the 2024 Beijing International Book Fair. The Kingdom was rightfully named the guest of honor at the world’s second-largest book fair. The Saudi pavilion contributed to enriching the rapprochement between civilizations, and highlighting the Saudi intellectual side to the Chinese audience through a cultural program that included 15 seminars, an exhibition of traditional costumes, as well as a display of instruments used in Saudi music.

During the same period, Saudi Arabia mobilized the largest number of companies specialized in sustainable infrastructure to explore opportunities at the UK-Saudi summit in London. I might add that the value of trade exchange between Riyadh and London exceeded $21 billion, and the next goal is to increase the volume to $37.5 billion by 2030. Riyadh also hosted the Saudi-British Partnership Council meeting, attended by ministers, and 800 participants from the public and private sectors, to develop economic relations between the two countries. 

The Saudi-US Investment Council also held meetings in Washington with the participation of 20 government agencies. The volume of trade exchange between the Kingdom and America in 2023 amounted to $34 billion, as mineral products were among the national goods exported to the United States, while cars and their parts were the most prominent American imported goods.

Saudi Arabia also achieved the fastest economic growth rate of 8.7 percent, and the percentage of Saudi non-oil activities in Saudi Arabia reached 51 percent of the real GDP. In addition, Riyadh granted exploration licenses in six precious metals sites, and the second largest global bank has allocated its headquarters in Riyadh. Saudi Arabia is expected to become one of the distinguished construction markets in the world with contracts amounting to $181.5 billion. 

In short, Saudi Arabia is approaching the list of the 15 largest economies in the world.

*Saudi writer