Custodian of the Two Holy Mosques: Citizens Are the Main Driver of Development
Crown Prince: We Continue Implementing Vision 2030 Programs
Riyadh: Musaad Al-Zayani and Abeer Hamdi
Last Updated: 18:18 – November 26, 2024 | 24 Jumada I 1446 AH
Published: 17:35 – November 26, 2024 | 24 Jumada I 1446 AH
Saudi Arabia’s announcement of the 2025 fiscal year budget, approved by the Council of Ministers and chaired by Crown Prince Mohammed bin Salman, projects expenditures amounting to
1.285 trillion SAR ($342.6 billion).
($342.6 billion), reflecting the expansion of the Saudi economy and its dynamic structural transformation, as the country continues its journey toward achieving the goals of
«Vision 2030».
Saudi Arabia expects to achieve revenues of 1.184 trillion SAR ($315.7 billion) with a projected deficit of 101 billion SAR ($26.9 billion), marking a 12% decrease compared to the projected deficit for the current year.
Statements by the Custodian of the Two Holy Mosques
King Salman bin Abdulaziz affirmed that The Saudi citizen is the primary driver of development and its most effective tool, and the young men and women of this nation are the foundation of achievement and the future. , as stated in the final budget report.
The Journey of “Vision 2030”
The Crown Prince directed ministers and officials to adhere to the implementation of the budget programs and strategies as part of the “Vision 2030” journey, emphasizing that the 2025 budget strengthens the resilience and flexibility of the Saudi economy.
Prince Mohammed bin Salman added that the Kingdom adopts a flexible spending policy that supports addressing global challenges while maintaining sustainable levels of public debt and substantial government reserves.
Financial Sustainability and Private Sector Growth
The Crown Prince emphasized the importance of continuing financial and regulatory reforms and developing policies that enhance the standard of living and empower the private sector. He also highlighted the preparation of an annual borrowing plan under a medium-term debt strategy to ensure sustainability and diversify funding sources.
Supporting Growth and Enhancing Investments
The Crown Prince reaffirmed the government’s commitment to continuing support for economic growth through transformational spending while maintaining financial sustainability. He also emphasized the importance of empowering the private sector, supporting small and medium enterprises (SMEs), and enhancing the quality of services provided to citizens and residents.
He pointed out that the Saudi economy is recording the second-fastest growth rate among major economies, reaching 4.6%. In 2025, driven by the increased contribution of non-oil activities, which has reached
52% during 2024. Additionally, the unemployment rate among Saudis declined to
7.1%, approaching the 2030 target.
The Role of Investment Funds
The Crown Prince highlighted the role of the Public Investment Fund (PIF) and the National Development Fund in diversifying the economy and promoting comprehensive development, noting that the Kingdom continues its clear approach to achieving the goals of
“Vision 2030,” while preserving developmental gains.
Expansion in Investment Spending
أوضح وزير المالية محمد الجدعان أن الميزانية تستهدف التوسع في الإنفاق الاستراتيجي على المشاريع التنموية، وفق برامج “Vision 2030,” while strengthening the business environment and attracting local and foreign investments.
He added that non-oil activities grew by 3.7% by the end of 2024, and that non-oil revenues increased by 154% since the launch of “Vision 2030.”
He noted that oil’s contribution to GDP fell to 28%while the contribution of private investment rose to 24.7%He revealed that the industrial sector aims to attract investments worth 30 billion riyals ($8 billion) in 2025.
Positive indicators and future outlook
The Minister of Finance concluded his speech by pointing out that the structural changes in the Saudi economy have begun to bear fruit, with remarkable growth recorded in several sectors, which enhances investor confidence and reflects the success of the Kingdom’s development plans.