Gulf’s non-oil growth offers new investment opportunities

Al-Monitor Pro Members

Sebastian Castelier

Business journalist covering Gulf economies

July 17, 2023

Saudi Arabia is “seeing a decoupling” between its oil and non-oil economies, the kingdom’s Minister of Investment Khalid Al-Falih said in May during the Qatar Economic Forum. The Gulf’s largest economy has encouraged foreign investors to invest in its emerging non-oil sectors. The non-oil segment of Gulf economies is expected to grow by 4.2% in 2023 according to the International Monetary Fund. Saudi Arabia and the United Arab Emirates (UAE) non-oil sectors should exceed the Gulf's average at 4.7% and 4.8% respectively in 2023, the World Bank forecasted.