The Clap
KSA plans to increase its expected spending rates for the current and next years, by 18%, reflecting the country’s strong desire to achieve the goals of Vision 2030, faster.
The Deets
The Ministry of Finance’s statement for the Saudi budget for 2023 showed that the estimated surplus will amount to SAR 9 billion riyals, representing 0.2% of the country’s GDP.
The Ministry of Finance expects that revenues in 2023 will amount to about SAR 1.123 trillion, and expenditures will be SAR 1.114 trillion.
Saudi budget revenues in 2023 are based on $76 per barrel of oil.
Surplus
The surplus will be directed to strengthening government reserves and supporting national funds.
Vision 2030
Vision 2030 is a project that aims to transform KSA into a global investment super-power and diversify the country’s reliance on other productive, non-oil economic pillars.
Crown Prince Mohamed Bin Salman revealed big projects as part of Vision 2030, such as “Neom“, which is estimated to be worth $500 billion.
Neom is considered a futuristic global center for commerce, innovation, and knowledge with big projects such as “The Line” and the “Red Sea” development project.
The Qiddiya project is expected to be the future capital of entertainment, sports, culture, and arts.
KSA ups spending by 18% 💰
