Omani firm eyes drone-based cargo deliveries before year-end Omani firm eyes drone-based cargo deliveries before year-end ADNOC Gas awards $5bln in contracts for first phase of its Rich Gas Development Project Saudi banks’ assets surged to $1.4trln in April 2025 Dubai's RTA launches traffic enhancement works in 40 locations Emirates NBD, Siemens to boost financing for large-scale green infrastructure projects UAE, EU continue talks on Comprehensive Economic Partnership Agreement Qatar's knowledge transformation, shaping a diversified, sustainable economic model KPC: Kuwait oil price up 24 cents to $64.26 pb Riyadh hails oil discovery as step for energy coop. with Kuwait Saudi FM emphasises vast potential of GCC-ASEAN partnership and need to remove trade barriers Oman's first quarter budget revenue down falls as oil income drops Abu Dhabi’s economy set for resilient growth until 2028 amid buoyant oil, non-oil sectors KPC: Kuwait oil price up 44 cents to $64.02 pb UAE launches digital integration project to verify private sector workers’ academic qualifications Saudi Arabia's non-oil exports rise 10.7% in March Bahrain’s economy is on track for significant transformation MiN. Al-Fassam: Kuwait financed IsDB projects worth over $980mln Ministry of Economy highlights Saudi Arabia's key economic indicators for April 2025 Oman: PDO offers high-potential oil acreage for investment Abu Dhabi Chamber reinforces pioneering role in shaping Future of Industry at MIITE Kuwait crude oil down $2.35 to $64.05 pb - KPC FTA offers Omani exports competitive advantage EMSTEEL CEO highlights $1.7bln boost to Abu Dhabi’s GDP Saudi Arabia, Spain sign deal to enhance economic relations Kuwait: Amb. Al-Zain Al-Sabah, KPC CEO discuss strategic ties with US Interior Secretary Kuwait oil price up 49 cents to $64.66 pb Dubai: New decision to protect public employees who report financial or administrative violations Saudi Arabia ready for multiple oil price scenarios, economy minister says Qatar Financial Information Unit and Libyan counterpart sign deal to boost cooperation

Log in

عربي

Media Centre

Home » Media Centre

Non-oil sources will generate 50% of Saudi Arabia's future revenues: Trump

Non-oil sources will generate 50% of Saudi Arabia's future revenues: Trump

Non-oil sources will generate 50% of Saudi Arabia's future revenues: Trump

May 19, 2025

RIYADH - US President Donald Trump said that within a few years 50 percent of Saudi Arabia's income will come from non-oil sources. He made the remarks while commenting on his recent visit to Saudi Arabia and two other Gulf states in a television interview with Fox News.

Trump’s statement validates the performance results of the annual Vision 2030 report. According to the report, non-oil activities in Saudi Arabia have contributed 51 percent of real GDP in 2024, driven by Vision 2030, marking an all-time high. The report is based on analysis by the Ministry of Economy and Planning of data from the Saudi General Authority for Statistics (GASTAT).

In the interview, Trump stated that former President Joe Biden has not handled the Middle East well. “The Middle East is a wonderful region and Biden has not handled it well," he said.

President Trump on Friday wrapped up a momentous week in the Middle East and is headed home having finished the final leg of his three-nation trip to the UAE. This visit coincided with Saudi Arabia's unveiling of its new AI venture, Humain, part of broader efforts to diversify its economy away from oil.

The trip was largely economically focused with massive investment deals secured with Riyadh, Doha and Abu Dhabi. The president also made geopolitical shockwaves by lifting decades-long sanctions on Syria, issuing another warning to Iran, and downplaying hard fought peace talks between Ukraine and Russia.

Ahead of his trip to the Gulf, the president said he intended to return home with at least $1 trillion in trade and investment deals – though he far outstripped this apparent goal.

While in Saudi Arabia, Trump signed a Strategic Economic Partnership agreement with Crown Prince Mohammed bin Salman, which will see Riyadh invest in U.S. AI data centers and energy infrastructure, and investment in cutting-edge transformative technologies in both countries.

These include several agreements on energy, investments, defense and mining. The investments amounted to a total of $600 billion.

The agreement also included a commitment by Google, Uber, Salesforce, AMD and Saudi Arabia’s DataVolt to invest $80 billion toward the development of revolutionary technologies in both countries.

American companies will also take on major projects in Saudi Arabia, including the King Salman International Airport, King Salman Park, The Vault and Qiddiya City, according to the White House. The administration predicts the projects will generate a total of $2 billion in U.S. service exports.

Trump was also able to secure an agreement that would allow the U.S. to carry cargo between Saudi Arabia and third-party countries without stopping in the U.S., which the White House said is "an important right for cargo hub operations."