Saudi Arabia King Salman approved on Monday the Kingdom’s budget 2020 with spending projected at $272 billion, with revenues estimated at $222 billion.
The budget predicts revenue of SR833 billion and a deficit of SR187 billion.
Announcing the budget breakdown in Riyadh on Monday, Saudi Finance Minister Mohammed Al-Jadaan said that while spending next year would be less than in 2019, the government would continue its focus on developing the private sector.
The budget takes place against a backdrop of quickening reforms in 2019 and a number of key events from the $1.7 trillion initial public offering of Saudi Aramco, the world’s biggest share sale, to the creation of fast track tourism visas.
The finance ministry hosted a visit of international investors to coincide with this year’s budget announcement which included a trip to the Al-Turaif UNESCO heritage site, one of a number of sites around the Kingdom that are attracting investment as it opens up to overseas tourists.