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  • Saudi Arabia slashes growth forecasts, sees wider budget deficits

    Saudi Arabia cut its growth forecasts and raised its budget deficit estimates for the fiscal years 2024 to 2026, looking ahead to a period of higher spending and lower projected oil revenues. Real gross domestic product is now expected to grow 0.8% this year, a dramatic drop from a previous estimate of 4.4%, according to the latest pre-budget report published by the Ministry of Finance on Monday. The GDP growth projection for 2025 has also been cut from a previous estimate of 5.7% to 4.6%; while the outlook for 2026 has been trimmed from 5.1% to 3.5%.

  • Saudi Arabia expects 2024 deficit to widen to 3% of GDP

    Saudi Arabia estimates its 2024 fiscal deficit will widen to almost 3% of GDP, according to a government statement on Monday, as it increases spending to boost growth and meet the objectives of its Vision 2030 economic transformation plan.  The kingdom expects to post a fiscal deficit of 118 billion riyals ($32 billion) this year, equal to 2.9% of GDP, a preliminary budget statement showed, wider than the 79 billion riyals projected in the 2024 budget statement in December.

  • Saudi Arabia’s AUM to cross $300B in 2 years, says Fitch

    Saudi Arabia's assets under management (AUM) are expected to cross $300 billion within a couple of years, said Bashar Al Natoor, Global Head of Islamic Finance at Fitch Ratings. This will be driven by Vision 2030’s Financial Sector Development Program, said the official, adding that there is strong demand for Islamic products, with around 95% of mutual funds being sharia-compliant. "The industry's AUM reached 22% of GDP in 2023, with private funds three times larger than public funds. Saudi bank-affiliated managers held 63% of industry revenues, but competition from international managers is rising as the government attracts them to Saudi Arabia," he added.

  • Saudi Arabia to boost public security with 3 new initiatives

    The Security Equipment initiative focuses on equipping vehicles and electronic gates with technology that automatically recognizes license plates and individuals. It includes the installation of the latest security surveillance cameras to monitor the roads of neighborhoods.

  • Saudi Arabia set to unveil new tourist destinations in 2025: ASFAR CEO

    ASFAR, which has been operational for nearly two years, is collaborating with investors to enhance the Kingdom’s tourism sector by focusing on eight key destinations aligned with the Ministry of Tourism’s strategy. While ASFAR does not directly develop these projects, it leverages its robust investment strategies and tourism expertise to partner with other companies, creating new opportunities in the sector. Among its projects are locations in Hail, Al-Baha, Yanbu, Al Hasa, Taif, and Al Jouf.

  • Saudi Arabia and Turkiye continue to enhance defence cooperation

    The Turkish-Saudi Coordination Council has discussed opportunities to enhance defence cooperation during its sixth meeting in Jeddah. The meeting was held in Jeddah. Agenda items included cooperation between the Saudi and Turkish defence ministries and ways to enhance and develop this, especially in the field of defence and qualitative capabilities, transfer and localisation of technology, and defence research and development in line with Saudi Vision 2030.

  • Saudi Arabia projects $315.73bn revenue for FY2025 amid fiscal reforms

    Saudi Arabia’s Ministry of Finance has released its pre-budget statement for fiscal year 2025, projecting total revenues to reach approximately SR1.18 trillion ($315.73 billion), marking a 4 percent decrease from previous forecasts. These estimates are based on a baseline scenario positioned between low and high and developed to address the challenges and geopolitical risks impacting the global economy.

  • Saudi Arabia expects larger budget deficits on Vision 2030 spending boost

    Saudi Arabia expects its budget deficit to widen this year and next as the Arab world's largest economy boosts spending to finance its economic diversification agenda under the Vision 2030 plan.   The kingdom's deficit will reach 118 billion Saudi riyals ($31.46 billion) or 2.9 per cent of its gross domestic product this year, with revenue at about 1.24 trillion riyals and expenditure of about 1.36 trillion riyals, the finance ministry said on Monday.  Riyadh has revised its 2024 budget deficit projection higher from the earlier projection of 1.9 per cent as it continues to pursue its expansionary economic policy.

  • Saudi Arabian FDI stalls at $5.2 bln in second quarter despite reform drive

    Foreign direct investment (FDI) into Saudi Arabia stalled in the second quarter at around the same level as a year ago, government data showed on Monday, highlighting the kingdom's need for further reforms to meet its ambitious targets. Saudi Arabia drew 19.44 billion riyals ($5.18 billion) in FDI, which was little changed from 19.43 billion riyals in Q2 last year, the General Authority of Statistics data showed. Overall, Saudi Arabia recorded net FDI inflows of 11.7 billion riyals in the second quarter, down 7.5% from a year earlier.

  • Saudi Arabia targets $1.7 trillion in tourism infrastructure by 2030

    Official data indicates that as of June 2024, the kingdom has 255 tourism infrastructure projects valued at $1.7 trillion, aligning with its Vision 2030 goal to attract 150 million visitors annually.