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Saudi non-hydrocarbon sector pushes up growth in 2018

Saudi non-hydrocarbon sector pushes up growth in 2018
Several investors search for investments in the Saudi properties sector

Riyadh – Mubasher: Saudi Arabia’s gross domestic product (GDP) is expected to grow 2% in 2018 and 2.8% in 2018, JLL’s country head of Saudi Arabia Ibrahim Al Buloushi stated.

Investment opportunities in Saudi Arabia are laying the foundations for positive economic and real estate growth, according to JLL’s latest real estate report.

The international real estate firm stressed that this positive outlook encouraged several investors, entrepreneurs, and businesses to search for investment opportunities in the Saudi real estate sector, which boosted the sector and enabled it to contribute to the national economic growth, according to Saudi Gazette.

Under the Saudi government plan to diversify the economy, the non-hydrocarbon sector is forecast to lead the national economy’s growth in this year and the year to come, Al Buloushi noted.  

“Oil prices are higher but not enough to reverse the trend towards diversifying the economy by expanding other sectors such as tourism, retail, finance, healthcare, and education,” JLL’s head of research for the Middle East and North Africa (MENA) Craig Plumb commented.

The economic diversification efforts will have a “positive long-term impact” on the real estate market, the US-based firm’s report found.

“The leisure and religious tourism growth will likely improve the hospitality sector performance. The first phase of tourist visas issued in the first quarter of 2018 will likely drive the growth of non-business and religious tourism,” JLL concluded.