Latest news and articles about economic diversification from NEX English
Iraq faces a severe electricity crisis that disrupts citizens' lives, highlighting the urgent need to diversify its economy away from oil dependence. This crisis reveals the structural challenges plaguing the economic sector.
Oman has announced the launch of the Green Mountain Project, aimed at boosting tourism and investment in the region, with a total cost of <strong>$779.7 million</strong>. This initiative is a strategic step towards enhancing the Omani economy and diversifying income sources.
Saudi Arabia is preparing to enter a decisive phase in achieving the goals of Vision 2030, focusing on enhancing economic diversification and achieving financial sustainability. This initiative aims to reduce reliance on oil and boost non-oil sectors.
A recent report from Gulf Cooperation Council statistics highlights the vital role of the non-oil sector in promoting balanced growth in Gulf economies. This comes as countries strive to reduce their dependence on oil and diversify their income sources.
Gulf Cooperation Council economies recorded a growth of <strong>2.2%</strong> annually in the third quarter of <strong>2025</strong>, with a real growth rate of <strong>5.2%</strong>. The non-oil sector contributed <strong>78%</strong> to the GDP.
The stc Group plays a vital role in supporting the digital economy in Saudi Arabia, continuing to expand its digital infrastructure and enhance its market position. The group recorded its highest revenues in two decades, reflecting the success of its digital transformation strategies.
Data from the Gulf Cooperation Council's statistical center reveals that the Gulf economy experienced positive growth in the third quarter of 2025, with the non-oil sector contributing 78% to the gross domestic product. This shift highlights the success of economic policies aimed at diversifying income sources.
Economic sources report that Abu Dhabi has decided to withdraw from international and regional oil organizations, reflecting its shift towards reducing reliance on oil as a primary source of national income. This move is part of the emirate's efforts to diversify its economy and enhance other income sources.
Gulf countries are experiencing varying economic conditions, with challenges and opportunities differing from one nation to another. This disparity significantly affects stability and growth in the region.
Saudi Arabia has announced an increase in its spending to the highest level since 2023, aimed at enhancing economic growth and diversification. This move aligns with the Kingdom's strategies to achieve Vision 2030.
The economy of Saudi Arabia recorded a growth of <strong>2.8%</strong> in the third quarter of this year, led by the non-oil sector. This growth reflects positive transformations in the structure of the Saudi economy.
The Saudi Cabinet, chaired by Crown Prince Mohammed bin Salman, convened in Jeddah to commend the achievements of Saudi Vision 2030. The council discussed reports on local developments and accomplishments that strengthen the national economy and help it adapt to global changes.
Abu Dhabi has announced a significant forecast for its non-oil foreign trade, expecting a rise of<strong> 36%</strong> by<strong> 2025</strong>. This initiative is part of the emirate's efforts to enhance economic diversification and reduce reliance on oil.
Dr. Sultan Al Jaber, the UAE Minister of Industry and Advanced Technology, announced a series of new initiatives aimed at boosting industrial growth in the country. This move aligns with the UAE Vision 2031, which seeks to enhance economic diversification and achieve sustainability.
Recent reports indicate that economic diversification in Saudi Arabia has significantly increased job opportunities, particularly in the promising tourism sector. This aligns with the government's strategic direction towards achieving Vision 2030.
Fujairah Innovation has announced its enhanced efforts to attract investments aimed at transforming the emirate into a global center for innovation. This initiative reflects its commitment to developing the business environment and enhancing its global standing.
Many countries are striving for quantitative economic diversification as a means to enhance growth and sustainability. This transformation requires effective strategies to tackle economic challenges.
Gulf countries face an existential test due to the US-Israeli war against Iran, exposing a deep gap between their vast wealth and logistical vulnerabilities. This conflict highlights the challenges confronting the Gulf economic model.
Saudi Arabia has recently recorded a historic high in its non-oil exports, reflecting the success of its economic strategies to diversify income sources. This achievement underscores the Kingdom's efforts to enhance its non-oil sectors.
Khalid Al-Rubaish, an economic expert, affirmed that the Saudi economy exhibits high resilience in facing global crises, highlighting the kingdom's strategies that have bolstered this aspect. These remarks come at a time when global markets are experiencing significant fluctuations.
A recent report from Vision 2030 reveals that non-oil activities account for <strong>55%</strong> of the Saudi economy, indicating a significant shift in the national economic structure. The Kingdom aims to reduce its reliance on oil and boost other sectors.
Economic forecasts indicate that Saudi Arabia will experience accelerated growth and increased resilience in its economy until 2025, supported by Vision 2030, which aims to diversify the economy and reduce dependence on oil.
Saudi Arabia has achieved remarkable industrial growth exceeding <strong>50%</strong> during the Vision 2030 era. This growth reflects the government's efforts to create a sustainable and diversified economy.
Economic forecasts indicate that Saudi Arabia will experience significant growth in its economy during 2026 and 2027, driven by Vision 2030 initiatives. Non-oil sectors are expected to play a major role in this growth.
The Saudi economy has recorded an exceptional growth of 80% since the launch of Vision 2030, exceeding the one trillion dollar mark for the first time. This achievement reflects well-planned financial policies that balance expansionary spending with maintaining strong financial positions.
In 2025, Saudi non-oil exports reached a historic value of <strong>624 billion riyals</strong>, marking an annual growth of <strong>15%</strong>. This increase reflects the success of the Kingdom's efforts to diversify its economy.
Economic forecasts indicate that the UAE will experience notable growth driven by massive investments and economic diversification. The government is preparing to enhance infrastructure and develop vital sectors.
The National Planning Office of Indonesia has recommended diversifying economic sources in West Sumatra during a regional planning meeting. This initiative aims to reduce reliance on agriculture and enhance productivity through the development of new industries.
A recent survey revealed that the private non-oil sector in the UAE experienced its slowest growth in March in nearly four years, impacted by the repercussions of conflicts in the Middle East that negatively affected demand.
The United Arab Emirates aims to showcase its ability to overcome global economic challenges, with reports indicating that its economy will remain strong and achieve notable growth in the coming years. This comes at a time when the world is experiencing significant economic fluctuations.