Crown prince: Vision 2030 programs achieve 93% of targets
Crown Prince Mohammed bin Salman says Vision 2030 initiatives have met 93% of their goals, speaking at the annual Shoura Council session.
The Saudi finance ministry has released a preliminary budget statement for 2027, projecting total spending of SAR 1.39 trillion and revenues of SAR 1.2 trillion. This results in an estimated deficit of 3.6% of GDP. The statement highlighted a balanced fiscal approach, emphasizing support for economic growth, continued implementation of development priorities, and fiscal sustainability.
Saudi Arabia's economy remains resilient due to reforms launched under Vision 2030, with non-oil activities contributing significantly to growth and reducing the Kingdom's reliance on oil. Total revenues are forecast to rise to SAR 1.351 trillion by 2029, driven by ongoing diversification and reform initiatives, which have increased non-oil revenues from SAR 166 billion in 2015 to SAR 505 billion in 2025.
Expenditures are projected to reach SAR 1.544 trillion in 2029, with a focus on strategic and development projects. The 2027 budget deficit of 3.6% of GDP is part of a long-term fiscal policy aimed at maintaining the Kingdom's financial strength and achieving Vision 2030 goals.
Written by urgent.news from Ajel English's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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