Saudi Arabia approved its 2025 budget on Tuesday, projecting a deficit of 101 billion riyals ($26.88 billion), or 2.3% of its GDP.
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Finance Minister Mohammed Al Jadaan reaffirmed the kingdom’s commitment to Vision 2030, an ambitious plan to reduce its dependence on oil.
Declining oil prices and production cuts have reduced Saudi revenue, but Vision 2030 initiatives, such as large infrastructure projects, aim to boost non-oil sectors like tourism and manufacturing.
Investing in a future Saudi economy
Crown Prince Mohammed bin Salman, Saudi Arabia’s de facto ruler, said Vision 2030 reforms are vital and have already shown “positive indicators for the Saudi economy.”
Al…
