{"id":67772,"date":"2024-10-28T10:23:10","date_gmt":"2024-10-28T07:23:10","guid":{"rendered":"https:\/\/gulftech-news.com\/en\/?p=67772"},"modified":"2024-10-28T10:23:11","modified_gmt":"2024-10-28T07:23:11","slug":"saudi-arabia-integrates-economic-diversification-with-sustainability-priorities-pwc-middle-easts-saudi-economy-watch","status":"publish","type":"post","link":"https:\/\/gulftech-news.com\/en\/2024\/10\/28\/saudi-arabia-integrates-economic-diversification-with-sustainability-priorities-pwc-middle-easts-saudi-economy-watch\/","title":{"rendered":"Saudi Arabia integrates\u00a0economic diversification with sustainability priorities, PwC Middle East\u2019s Saudi Economy Watch"},"content":{"rendered":"\n<ul class=\"wp-block-list\">\n<li><em><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\"><strong>The non-oil private sector grew by 4.9% in Q2, the strongest in a year, driven by sectors such as trade and hospitality. With major projects, such as Riyadh Metro, set to launch soon, non-oil growth is projected to accelerate to 4.4% by 2025, further reinforcing Saudi Arabia\u2019s economic resilience.<\/strong><\/mark><\/em><\/li>\n\n\n\n<li><em><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\"><strong>The Kingdom aims to add 20GW of renewable energy capacity annually to reach 130GW by 2030, and is ready to export up to 150GW of green electricity.<\/strong><\/mark><\/em><\/li>\n<\/ul>\n\n\n\n<p>The Kingdom of Saudi Arabia is steadily advancing its economic diversification efforts while transitioning towards a more sustainable future. <\/p>\n\n\n\n<p>In the latest edition of<a href=\"https:\/\/www.pwc.com\/m1\/en\/publications\/saudi-economy-watch-2024.html\"> PwC Middle East&#8217;s Saudi Economy Watch<\/a>, we explore the Kingdom\u2019s progress toward achieving a stable and sustainable energy future, aiming for net-zero emissions by 2060.<\/p>\n\n\n\n<p>The non-oil economy performed strongly in H1 2024, up by 3.8% year-on-year (y\/y) fueled by a 4.9% expansion in the private sector in Q2 &#8211; the strongest performance in a year. <\/p>\n\n\n\n<p>Driving this growth are the trade and hospitality sectors, which grew by 6.4% in H1. <\/p>\n\n\n\n<p>Other key sectors, such as transport and communications (4.8%), finance and business services (3.8%) also showed positive growth.<\/p>\n\n\n\n<p>Saudi Arabia&#8217;s sustainability journey has achieved significant milestones, including the development of non-associated gas, now accounting for half of the country\u2019s total gas production. <\/p>\n\n\n\n<p>Plans to expand gas production, focusing on the Jafurah unconventional gas field, are set to further boost the Kingdom\u2019s energy transition. Production at Jafurah is expected to begin in Q3 2025, with gas output ramping up to 2bcf\/day by 2030.<\/p>\n\n\n\n<p>Saudi Arabia\u2019s renewable energy ambitions continue to gain momentum, with a goal of adding 20GW of renewable energy capacity annually to reach 130GW by 2030. As of August 2024, 21 renewable energy projects had been contracted, with a total capacity of 19GW. <\/p>\n\n\n\n<p>The 700MW Al-Rass solar plant, which became operational in August, is part of this ambitious plan, with capacity expected to more than double in 2025 and again in 2026 to reach 21GW.<\/p>\n\n\n\n<p><strong>Riyadh AlNajjar, Middle East Chairman of the Board and KSA Senior Partner at PwC Middle East<\/strong> said: \u201cSaudi Arabia&#8217;s transformational journey combines economic diversification with sustainable growth. <\/p>\n\n\n\n<p>The expansion of renewable energy, focus on advanced industries, and vision for a green future highlight the Kingdom\u2019s commitment to its national goals and its role in the global energy transition. <\/p>\n\n\n\n<p>The progress detailed in our report demonstrates Saudi Arabia\u2019s capacity to create new opportunities, drive innovation, and ensure a sustainable future for generations to come.\u201d<\/p>\n\n\n\n<p>The Kingdom is making significant investments in electric vehicle (EV) manufacturing, establishing a hub in King Abdullah Economic City with a target of producing 150,000 vehicles by 2026 and 500,000 by 2030.<\/p>\n\n\n\n<p> Additionally, the government is expanding EV infrastructure through the Electric Vehicle Infrastructure Company, a JV between Public Investment Fund and Saudi Electricity Company, which aims to install 5,000 fast chargers by 2030.<\/p>\n\n\n\n<p><strong>Faisal Alsarraj, KSA Deputy Country Senior Partner and PwC Middle East Consulting Clients &amp; Markets Leader, <\/strong>commented: \u201cSaudi Arabia&#8217;s drive towards a diversified and sustainable economy showcases its adaptability and resilience. <\/p>\n\n\n\n<p>These efforts reflect our nation&#8217;s commitment to a greener future and set a benchmark for global energy transition\u201d<\/p>\n\n\n\n<p>As Saudi Arabia transforms its economy by diversifying beyond oil and implementing reforms to drive job creation and economic growth, it is looking beyond Vision 2030 to ensure long-term, resilient growth and a sustainable future.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The non-oil private sector grew by 4.9% in Q2, the strongest in a year, driven by sectors such as trade and hospitality. With major projects, such as Riyadh Metro, set to launch soon, non-oil growth is projected to accelerate to 4.4% by 2025, further reinforcing Saudi Arabia\u2019s economic resilience. The Kingdom aims to add 20GW &hellip;<\/p>\n","protected":false},"author":2,"featured_media":67773,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[642],"tags":[827],"class_list":["post-67772","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tie-business","tag-pwc"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Saudi Arabia integrates\u00a0economic diversification with sustainability priorities, PwC Middle East\u2019s Saudi Economy Watch - Gulf Tech News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gulftech-news.com\/en\/2024\/10\/28\/saudi-arabia-integrates-economic-diversification-with-sustainability-priorities-pwc-middle-easts-saudi-economy-watch\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Saudi Arabia integrates\u00a0economic diversification with sustainability priorities, PwC Middle East\u2019s Saudi Economy Watch - Gulf Tech News\" \/>\n<meta property=\"og:description\" content=\"The non-oil private sector grew by 4.9% in Q2, the strongest in a year, driven by sectors such as trade and hospitality. With major projects, such as Riyadh Metro, set to launch soon, non-oil growth is projected to accelerate to 4.4% by 2025, further reinforcing Saudi Arabia\u2019s economic resilience. The Kingdom aims to add 20GW &hellip;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/gulftech-news.com\/en\/2024\/10\/28\/saudi-arabia-integrates-economic-diversification-with-sustainability-priorities-pwc-middle-easts-saudi-economy-watch\/\" \/>\n<meta property=\"og:site_name\" content=\"Gulf Tech News\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-28T07:23:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-28T07:23:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/gulftech-news.com\/en\/wp-content\/uploads\/2024\/10\/RAN-2023-1-7-scaled.jpg?v=1730100171\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1707\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"bessan helmi\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"bessan helmi\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/gulftech-news.com\/en\/2024\/10\/28\/saudi-arabia-integrates-economic-diversification-with-sustainability-priorities-pwc-middle-easts-saudi-economy-watch\/\",\"url\":\"https:\/\/gulftech-news.com\/en\/2024\/10\/28\/saudi-arabia-integrates-economic-diversification-with-sustainability-priorities-pwc-middle-easts-saudi-economy-watch\/\",\"name\":\"Saudi Arabia integrates\u00a0economic diversification with sustainability priorities, PwC Middle East\u2019s Saudi Economy Watch - 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