RIYADH: The Saudi Cabinet, chaired by Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz Al Saud on Tuesday, approved the state budget for the fiscal year 2025, the Saudi Press Agency (SPA) reported.
The budget estimates total revenues at SR1.184 trillion and expenditures at SR1.285 trillion. The projected deficit is SR101 billion.
The Crown Prince directed ministers and officials to adhere to the implementation of the budget’s programmes, strategies, and projects, ensuring alignment with the transformative goals of Vision 2030, the SPA reported.
The Crown Prince said the 2025 budget demonstrates the government’s commitment to the country’s advancement and citizen welfare.
The Crown Prince also emphasised the role of government spending in diversifying Saudi Arabia’s economy by focusing on empowering promising sectors, boosting the investment environment, and stimulating industries.
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He highlighted the efforts to increase local content and non-oil exports while continuing to implement programs to realize Vision 2030 and national strategies and enhancing the private sector’s role in contributing to investment projects.
Saudi Arabia is projected to have the second-fastest GDP growth rate among major economies next year, estimated at 4.6%. This growth is fueled by the increasing contribution of non-oil activities, which reached a record 52% in 2024, the SPA reported.
The Crown Prince emphasised the crucial role of the Public Investment Fund and National Development Fund, along with its development funds, in supporting economic stability and driving comprehensive development. These funds are pivotal to diversifying Saudi Arabia’s economy and fostering investment, to achieve the objectives of Vision 2030.
He noted that the financial reforms implemented by Saudi Arabia, through the government’s adoption of financial policies that maintain financial sustainability and efficient financial planning, have positively impacted its credit ratings.
