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Saudi Arabia increases spending on Vision 2030 projects by 34%
Posted on November 27, 2024 |
Saudi Arabia has raised spending on Vision 2030 projects by 33.8% annually since the initiative began.
The 2025 budget focuses on strategic investments in development, which is in line with Vision 2030 goals.
Saudi Arabia's 2025 budget forecasts SR1.18 trillion ($315.73 billion) in revenues and SR1.28 trillion in expenses, resulting in an SR101 billion deficit.
The government is dedicated to projects that support sustainable economic, social, and environmental growth, including boosting business and investment.
By mid-2024, non-oil activities made up 52% of GDP, up from 47% in 2016.
Saudi Arabia plans to grow its transportation and logistics sectors, leveraging its strategic location to create global trade hubs.