Saudi non-oil GDP seen at around 6 pct in 2023: Finance minister al-Jadaan

Saudi Arabia’s non-oil gross domestic product (GDP) is expected to grow by around 6 percent this year, the Kingdom’s finance minister said, adding he expected it would continue to be healthy.

Speaking at Riyadh’s flagship FII investment conference, Mohammed al-Jadaan also called for de-escalation in the Israel-Hamas war and expressed sympathy for civilian casualties, “wherever they are,” adding that international law needs to be re-spected or there will be chaos.

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Dubbed “Davos in the desert,” the conference has drawn senior finance industry figures, many of whom have already struck a pessimistic tone about the global economy.

The annual event is typically used by attendees as an opportunity to build relationships with some of Saudi Arabia’s biggest companies and its $778-billion sovereign wealth fund, drawn by the promise of deals as the Kingdom embarks on an ambitious reform plan to wean its economy off oil.

Saudi Arabia is halfway through an ambitious economic transformation plan -- Vision 2030 -- to wean the economy off oil by creating new industries, generate jobs for citizens, and to lure foreign capital, and talent.

Read more: IMF chief Georgieva says interest rates to stay high and dampen global growth