RIYADH: Saudi Arabia’s Industrial, Logistics Sectors added SR986 billion ($263 billion) to the non-oil GDP in 2024, representing 39% of the non-oil economy, as per the National Industrial Development and Logistics Program (NIDLP). This is a significant increase from SR949 billion ($253 billion) in 2023, indicating the continued influence of NIDLP in promoting the economic diversification objectives of Vision 2030.
Non-oil activities accounted for 55% of the Kingdom’s total GDP in 2024. In the core sectors of NIDLP, manufacturing saw an increase of 4%, whereas mining, transportation, and storage grew by 5% compared to the previous year. Non-oil exports rose to SR514 billion ($137 billion), marking a 13.2% annual growth. This includes chemical goods at SR78.5 billion ($20.9 billion), metals at SR23.3 billion ($6.2 billion), food and beverages at SR10.5 billion ($2.8 billion), and electrical equipment at SR42.9 billion ($11.4 billion).
The government granted 1,056 new logistics licenses and increased the number of re-export centres from 2 in 2019 to 23 in 2024. Port utilisation rates surged by 64% and customs clearance times were cut down to 2 hours. NIDLP exceeded key 2024 targets, reaching a localisation rate of 19.35% in the defense sector and issuing 3,100 licenses for emerging sectors, surpassing the target of 845 licenses.
Overall, these results prove how important the program is for promoting growth, developing infrastructure, and setting Saudi Arabia as a top industrial and logistics hub regionally and globally.
