Today: 11 July 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

Peace talks in the desert

President H.H. Sheikh Mohamed reiterated the UAE’s unwavering support for initiatives aimed at fostering sustainable peace, dialogue, and development in the South Caucasus. He also applauded the willingness of the Armenian and

World’s energy thirst to grow: OPEC

UAE sticks to 5 million bpd oil output goal as OPEC launches new World Oil Outlook at Vienna seminar…reports Asian Lite News Haitham Al Ghais, Secretary-General of the Organisation of the Petroleum

Red Sea Warzone

Iran-backed rebels intensify maritime assaults in support of Gaza; US and EU condemn abductions, Israel intercepts missile….reports Asian Lite News The Iran-aligned Houthi rebels have stepped up their maritime offensive in the

UAE dropped from EU AML watchlist

Landmark decision paves way for stronger trade, smoother finance, and renewed global trust…reports Asian Lite News The UAE has been formally removed from the European Union’s list of high-risk third countries under

Pakistan, Turkey Cement Defence Ties

Turkey and Pakistan aim to enhance bilateral trade volume to USD $ 5billion, especially in defence, trade, energy, and infrastructure sectors….reports Asian Lite News Turkey and Pakistan have further solidified their longstanding,
Go toTop

Don't Miss

Charity auctions to support 1 Billion Meals

The auction supports the humanitarian goals of the 1 Billion

At least 18 Yemeni soldiers killed in Marib battle

At least 18 Yemeni soldiers were killed in fighting between