Saudi Arabia GDP shows economic growth & diversification, opportunities in resilient agriculture & food sector

In the first quarter of 2021, Saudi Arabia's economy experienced positive growth, marking the third consecutive quarter with a 2.9% increase in GDP, largely due to the recovery of the agriculture, forestry, and fisheries sectors. This growth is part of a larger strategy to reduce reliance on oil, with the non-oil-related sector contributing 62.8% to the economy, a 20-year high. The country also saw a record $1.9 billion in foreign direct investment. The Saudi Ministry of Environment, Water & Agriculture is working to increase domestic food production and has achieved 38% self-sufficiency in fruits and vegetables. The country is also pursuing diversification through the development of megaprojects and the promotion of green initiatives, including a commitment to plant 10 billion trees in Saudi Arabia and 40 billion trees in the Middle East region. These efforts, along with the entry into force of the privatization law and the establishment of Special Economic Zones, are expected to further boost the economy and make it more attractive for foreign investment.