Saudi Arabia Set To Spend SR1.02 Trillion In 2020

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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.

READ  Saudi Arabia unveils largest budget in Kingdom’s history

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.

 

 

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