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Kingdom’s Budget 2022 and Saudi Economic Progress

Saudi market index rises 0.7% to 13,500 points

A new year will come upon us, and with it will come the promises which will bring good to this country and its people. It will usher in the continuation of the journey of Saudi economic progress and building to our alluring Kingdom. The determination of our wise leadership, supported by the victory of Allah and the determination of noble people, will not be satisfied except by the glory and the heights of heaven.

Here is our wise leadership under the leadership of His Majesty King Salman bin Abdulaziz, Prime Minister and Crown Prince Mohammed bin Salman; Deputy Prime Minister; The Minister of Defense – may God protect him – announces the State’s general budget for the fiscal year 1443/1444 AH; (2022), which for the first time ran a surplus of around 90 billion riyals, compared to 85 billion riyals in deficits in 2021. This has not been achieved since 2013.

This budget comes after the Kingdom has overcome the economic effects and extraordinary phases of the COVID-19 pandemic, and as a continuation of the Saudi economic progress as a success of the structural reforms of the economy in the legislative, regulatory and financial spheres, according to the Kingdom’s Vision 2030.

In his speech, the Custodian of the Two Holy Mosques affirmed that among the most important priorities that the State is keen on is a concern for the security and health of citizens and residents, human development, continued growth, and economic diversification, and financial sustainability. Therefore, most of the budget will be directed to the implementation of economic initiatives and reforms to achieve the goals of the Kingdom Vision 2030, continuous improvement in the quality of life, optimal utilization of available resources, and raising the level of transparency, efficiency, and quality of government spending; to promote Saudi economic progress, growth and development, develop basic facilities and services for citizens and residents, develop the educational environment, and support housing plans.”

In confirmation of the Saudi economic progress and success of the economic reform plans, revenues are expected to reach 1.045 trillion riyals, an increase of 12.4% over what is expected to be achieved in 2021, with the rise in oil prices. It is estimated that expenditures will reach about 955 billion riyals during 2022 while spending efficiency will continue to rise.

It is also promising, as His Highness the Crown Prince announced, that spending in the Kingdom’s economy will reach 27 trillion riyals by the year 2030 and that the economic transformation journey adopted by the Kingdom’s government continues to achieve achievements and goals according to the directives of the Custodian of the Two Holy Mosques. The budget confirms the Saudi economic progress achieved through economic and financial reforms aimed at promoting economic growth and financial sustainability.

Together towards a vibrant society, a thriving economy, and an ambitious homeland.

By: Dr. Abdullah Al-Sultan

Leadership and Entrepreneurship consultant

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