Ashraf AboArafe
Announcing the state’s general budget for the fiscal year 2025.. His Royal Highness the Crown Prince: We will continue to work on diversifying and expanding the economic base and enhancing the strength of the Kingdom’s financial position 2925
His Royal Highness (HRHP) Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister, Chairman of the Council of Economic and Development Affairs – may God protect him – noted on the occasion of approving the budget for the fiscal year 2025, what the Kingdom has achieved in terms of targets at the local, regional and international levels, and achieving advanced positions in international indicators and classifications; which reflects the strength and strength of the Kingdom’s financial position and its high status, and the government’s success in facing global economic challenges and conditions, and its continuation in achieving the goals of the Kingdom’s Vision 2030, indicating that the 2025 budget confirms the government’s commitment to everything that elevates the country and benefits the citizen, adding that the fundamental achievements witnessed by our country have been achieved – praise be to God – thanks to God and then the directives of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud – may God protect him – and the efforts and arms of its sons and daughters.
His Royal Highness the Crown Prince stressed the continued contribution of government spending to diversifying the economy by focusing on empowering promising sectors, enhancing investment attraction, stimulating industries, raising the percentage of local content and non-oil exports, continuing all programs to achieve the Kingdom’s Vision 2030 and national strategies, and enhancing the role of the private sector to increase its contribution to investment projects; which enables the government to continue working to enhance comprehensive and sustainable economic growth, and continuing the government’s efforts according to systematic planning in the medium and long term, taking into account all regional and global economic developments and challenges; to ensure achieving its goals while preserving economic gains and financial sustainability. His Highness said: “The positive indicators of the Saudi economy are an extension of the ongoing reforms in the Kingdom under the Kingdom’s Vision 2030; as the Kingdom is estimated to record the second fastest growth rate in GDP among major economies during the coming year at (4.6%), driven by the continued increase in the contribution of non-oil activities, which reached a new record level during the year 2024 at (52%), and the unemployment rate of Saudis fell to a record level of (7.1%) until the second quarter, which is the lowest in history, approaching the target of the Kingdom’s Vision 2030 at (7%), and the rate of participation of Saudi women in the labor market rose to reach (35.4%) until the second quarter, exceeding the vision’s target of (30%), and net foreign investment flows amounted to (21.2) billion riyals during the first half of 2024, which reflects the interest of the government of the Custodian of the Two Holy Mosques – may God protect him – in all segments of society.” His Highness the Crown Prince stressed the pivotal role of the Public Investment Fund, the National Development Fund and its development funds in supporting economic stability and achieving comprehensive development. The two funds also represent an effective force for diversifying the economy and investment in the Kingdom in order to achieve the goals of the Kingdom’s Vision 2030.
His Highness added that the 2025 budget confirms the determination to enhance the strength, durability and flexibility of the Kingdom’s economy, which is growing at an accelerating pace and creating unprecedented opportunities, by maintaining sustainable levels of public debt and significant government reserves, in addition to a flexible spending policy that enables it to face challenges and fluctuations in the global economy, noting that the financial reforms undertaken by the Kingdom have had a positive impact on its credit ratings; as a result of the government adopting financial policies that contribute to maintaining financial sustainability and efficient financial planning.
His Highness the Crown Prince explained that the government is committed to continuing to support economic growth through transformational spending while maintaining financial sustainability in the medium and long term, noting that the government continues to enhance the role of the private sector and enable it to become the main driver of economic growth by providing a stimulating investment environment, and supporting small and medium enterprises to form a strong and promising business sector that enhances the capabilities of human cadres in various projects, and enables the government to continue working to enhance its economic growth in a way that achieves financial sustainability for the economy, and the continuity of projects with economic and social returns, in addition to continuing to work to achieve and implement programs and initiatives related to developing infrastructure, and raising the quality of basic services provided to citizens, residents and visitors. His Highness pointed out that the 2025 fiscal year budget confirms the Kingdom’s government’s aim to continue implementing regulatory and structural reforms and developing policies aimed at raising the standard of living, empowering the private sector and the business environment, and working on preparing an annual borrowing plan in accordance with the medium-term debt strategy that aims to maintain debt sustainability, diversify financing sources between local and foreign, and access global debt markets, noting the Kingdom’s pivotal role in supporting economic and financial stability regionally and globally, based on the strength of its economy capable of overcoming challenges. His Highness said that the Saudi economy is an integral part of the global economy and is affected by global developments like any other economy; This calls on us to continue working to confront any global challenges or variables through long-term financial planning to continue our increasing pace – God willing – towards achieving and implementing programs and initiatives, while committing to spending efficiency, meticulous and transparent implementation of all items included in the budget, and completing the programs and projects planned in the programs of the Kingdom’s Vision 2030 and national and sectoral strategies. At the end of his statement, His Highness the Crown Prince stressed that the Kingdom is following a clear path, and that the goal of its government – led by and the directives of the Custodian of the Two Holy Mosques – first and foremost, are to serve citizens and residents, preserve our development gains, and continue our humanitarian work at home and abroad in commitment to the teachings of our true religion, and continue working with all resources and energies to achieve our goals, seeking the help of God – the Almighty – and relying on Him, and confident in the energies and capabilities of the sons and daughters of this country who competed to innovate, produce and contribute to achieving our vision to reach a vibrant society, a prosperous economy and an ambitious homeland.
