Think of Saudi Arabia and the first thing that comes to mind might be its massive, oil-derived wealth.

While oil continues to drive Saudi Arabia's economy, the kingdom is now expanding into areas such as artificial intelligence, tourism and sports to diversify its growth avenues.

According to Saudi Arabia's Minister for Investment Khalid Al Falih, more than half — 50.6% — of the Saudi economy is now "completely decoupled" from oil.

"This percentage is growing," Al Falih told CNBC's Dan Murphy, adding that government revenue used to be almost completely derived from oil money, but now, 40% of its revenue comes from sectors and sources that "have nothing to do with oil."

"We're seeing great results, but we're not satisfied. We want to do more. We want to accelerate the kingdom's diversif

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