Saudi Arabia's Vision 2030 aims at diversifying the kingdom's economy beyond oil-related profits and it looks like it's already succeeding at that. On Wednesday, Ahmed Alkholifey, the governor of the Saudi Arabian Monetary Authority (SAMA), >presented their 55th annual report to the country's King Salman.

The document covered economic and financial developments in the kingdom during 2018 and revealed a 2.02 percent growth in Saudi Arabia's non-oil GDP (Gross Domestic Product). The kingdom also witnessed a 22 percent increase in its non-oil exports which resulted in profits of up to 236 billion riyals ($62.9 billion). Similarly, the oil sector also saw a rise in its GDP — a 3.01 percent increase to be exact as prices remained stable with inflation at 2.05 percent.

In his speech at Al-Salam palace, Alkholifey said the growth of the non-oil sector was a direct result of the balanced economic policies the kingdom has been following in recent months. He also added that the country's economy achieved positive developments in most of its sectors in 2018. Based on the results, it's expected that the kingdom will maintain positive economic standing throughout 2019.

Alkholifey told the king that SAMA is also working on diversifying its investment portfolios. The authority is also closely monitoring the kingdom's banking systems to ensure and enhance their efficiency.

