Saudi Arabia has seen revenues soar on the back of $100 oil and rising production. If crude prices remain that high, the kingdom’s total oil exports may reach an estimated $287 billion in 2022
saudi government spending
Latest in saudi government spending
High oil prices
Higher oil income will boost Saudi saving not spending, IMF says
Crude prices around $75 a barrel are only slightly lower than what Saudi Arabia needs to balance the budget, according to IMF estimates
International Monetary Fund
IMF urges Saudi Arabia to boost welfare while tackling wage bill
Washington-based lender also revised its economic growth projection for the kingdom to 2.4% from 2.1% earlier
2020 budget deficit
Saudi Arabia cuts spending as 2020 budget deficit soars due to coronavirus
The kingdom expects to post a deficit of $79 billion this year, or 12% of GDP
austerity measures
Business impact: Saudi Arabia’s new 15% VAT explained
The Kingdom of Saudi Arabia has announced to triple the rate of VAT to 15%.
Saudi Crown Prince Mohammed bin Salman
Why the gov’t is still dominating the job market in Saudi Arabia
Saudi Arabia’s private businesses may be shedding jobs, but the government continues to hire
non-oil sector
Saudi Arabia’s economy is starting to show more signs of life
While Saudi Arabia is the world’s biggest oil exporter, it’s the non-hydrocarbon sector that acts as the main engine of job creation
Jeddah
Saudi Arabia said to float tenders for railway projects
According to media reports, Saudi Arabia has also floated a tender to build a new dry port and logistic zone
housing projects Riyadh
Saudi Arabia unveils $22bn worth of projects in Riyadh
The projects include 15 housing developments aimed at increasing home ownership among Saudis in the capital
bank merger
Rising interest rates set to boost Saudi banks’ earnings
Earnings at Saudi Arabia’s 12 listed banks will probably climb 10.1% in 2019
Amin Nasser
Saudi Arabia plans to eliminate budget deficit by 2023
The kingdom has posted budget deficits totalling more than $260 billion since the 2014 crash in oil prices.
budget deficit
Saudi Arabia plans 10% increase in spending to spur economic growth
Despite efforts to expand the economy, growth will remain under 2.5 percent during the next three years