"This development reflects the larger economic transformation underway in Saudi Arabia to grow the non-oil economy through investments in manufacturing, downstream petrochemicals, and other emerging sectors through the Public Investment Fund and programmes like the National Industrial Development & Logistics Programme," the USSBC said.
Saudi Arabia is attempting to diversify its economy away from oil under the Vision 2030 programme announced in 2016. In a television interview last month to mark the fifth year since the strategy was first outlined, Saudi Crown Prince Mohammed Bin Salman said the kingdom's non-oil revenue had increased more than 200 per cent.
"Oil is still the main source of income for the state," Prince Mohammed said. "My intention is to make sure that the country is secure, safe and has a better future to look forward to."