Today: 30 May 2025
13 December 2021
1 min read

Saudi approves 2022 state budget with $24bn surplus

The Saudi Arabian cabinet has approved the state budget for 2022 with a surplus of 90 billion riyals ($24 billion)…reports Asian Lite News

The surplus budget on Sunday comes after years of previous deficit ones because of various economic reforms that cover all sectors, reports Xinhua news agency.

Saudi King Salman bin Abdulaziz Al Saud said the budget was announced after the country had overcome the economic repercussions and the exceptional Covid-19 pandemic.

Saudi approves 2022 state budget with $24bn surplus

The budget was approved with expenditures of 955 billion riyals and revenues of 1.045 trillion riyals.

The Saudi king promised to continue economic initiatives and reforms to achieve the Saudi Vision 2030 that targets the quality of life and the best utilisation of available resources.

Minister of Finance Mohammed bin Abdullah Al-Jadaan noted that the Saudi economy is witnessing progress from the economic drivers that support the private sector.

ALSO READ: Kuwait, Saudi vow to strengthen bilateral relations

Meanwhile, Saudi Crown Prince Mohammed bin Salman revealed that driven by a 7 per cent growth in the private sector, the real GDP growth in the kingdom’s non-oil sector had amounted to about 5.4 per cent by the end of the third quarter of 2021.

It is expected that the Saudi Arabia’s state deficit in 2021 will reach about 2.7 per cent of GDP, down from 11.2 per cent in pandemic-hit 2020, according to the Crown Prince.

Previous Story

Palestinian official: Israel impedes reconstruction in Gaza

Next Story

Gender bias worsens poverty in Pakistan

Latest from Arab News

‘Op Sindoor’ Team Wraps Up Saudi Visit

The visit reaffirmed the shared commitment of India and Saudi Arabia in the fight against terrorism….reports Asian Lite News Riyadh, May 30 (IANS) The Indian all-party delegation, led by BJP MP Baijayant

White House: Israel OKs Gaza Truce

Hamas said Thursday that its leadership had received a new Gaza ceasefire proposal from Witkoff through the mediators and was studying it…reports Asian Lite News The White House said that Israel has

UAE Advances AI Leadership

These leaders shared their personal experiences in the programme and reflected on how it helped deepen their expertise in AI and related leadership fields The UAE has launched the sixth cohort of

Saudi backs India’s strategic outreach

In a series of engagements, the Indian delegation met Saudi Arabia’s Minister of State Adel Al-Jubeir and other senior officials. A high-profile Indian all-party parliamentary delegation, led by BJP MP Baijayant Jay

Iran pressed over 3 missing Indians

The embassy stated that it is maintaining close contact with the families and keeping them regularly updated about the steps being taken….reports Asian Lite News The Indian government has urged Iranian authorities
Go toTop

Don't Miss

UAE’S Visionary Leader

UAE expanded economic reach, growing strategic weight under Khalifa’s leadership.

Muslim Brotherhood leader sentenced to life prison in Egypt

An Egyptian court on Sunday sentenced acting Muslim Brotherhood leader