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Saudis Await First Budget after Launch of “Saudi Vision 2030” | ASHARQ AL-AWSAT English Archive 2005 -2017
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A view of the King Abdullah Financial District in the Saudi capital Riyadh at sun set October 9, 2013. REUTERS/Faisal Al Nasser

Riyadh- Saudi citizens are anxiously anticipating the announcement of 2016 and 2017 budgets, in the first budget announcement after the launch of Saudi Vision 2030 amidst economic indicators that affirm that deficit will be less this year.

This coincides with the fact that Saudi Arabia is, in the meantime, considered as one of the most active countries on the economic level.

The Kingdom’s budget deficit reached SAR326 billion (USD86.9 billion) in 2016, but deficit is expected to drop following the economic reforms adopted by the country.

Based on this, the Saudi budget is considered a prominent economic event in the business sector and for companies and investors as well. Figures will reveal the estimated governmental spending in the upcoming year.

In 2016, Saudi’s expenses hit a record of SAR840 billion ($224 billion) – actual expenses are expected to be close to the estimated ones especially that the Kingdom has started to enhance the efficiency of spending in addition to directing spending towards more important projects.

Saudi Arabia is one of the most active spenders in the Gulf on projects related to infrastructure, education, health and residence. The kingdom depends on a huge financial and economic power that makes it more flexible in face of crises.

Also, the Saudi Vision 2030 prepares a roadmap to achieve the pursued financial and economic purposes.

The Kingdom is also considered an international economic power namely that it is a member of the G20 and is highly influential on energy markets—this makes the announcement of the budget a major event whose details are accurately followed by international news agencies.

This country has become a new destination for investments and a hallmark on the level of economic reforms. While oil prices dropped below USD50, the kingdom issued its ambitious vision for the 2030, the post-oil phase.