Amazon and Souq announced the launch of Amazon.sa to serve[...], The G20 Presidency, along with the United Nations (UN) Secretary[...], July 16, 20204:00 pm KSA / 9:00 am EDT B20[...]. Capital expenditures are budgeted to reach SAR173 billion ($46.1 billion) in 2020, representing 17 percent of total expenditures compared to 2019’s budget of SAR246 billion ($65.6 billion), which represented 22 percent of total expenditures. The release of Saudi Arabia’s 2020 budget highlights a methodical continuation of efficient spending, while diversifying revenues through the implementation of non-oil sector plans, that were introduced in Vision 2030 and its supporting Vision Realization Programs (VRP). Expenditure on goods and services is budgeted to reach SAR140 billion ($37.3 billion), a 15 percent decline compared to 2019’s figure of SAR164 billion ($43.7 billion). 8081 Wolftrap Road, Suite 300 Vienna, VA 22182, Riyadh, Olaya Towers, Tower B – 18th Floor.

That’s especially a concern for countries such as Saudi Arabia, where oil accounted for nearly two-thirds of government revenue in 2019. These risks include changes to the global economic landscape such as the ongoing trade war between the United States and China, which has impacted demand for the Kingdom’s trade partners. In the second quarter, Saudi earnings from crude exports dropped to the lowest on a quarterly basis since at least 2016, despite the kingdom leading OPEC’s efforts since May to cut supply and bolster prices. The table below summarizes the key budgetary allocations as presented in the official budget release. The growth of the construction sector will provide a boost to the private sector in terms of its contribution to GDP and growing employment opportunities. The government expects the non-oil sector to continue to lead GDP growth over the medium-term. The main driver of tax revenues is the category of taxes on good and services which will account for 71 percent of all tax revenues. For any questions please contact Jessilyn Joyner, jjoyner@ussaudi.org. As stated in the budget statement, the size of debt issuances is dependent on the balance between debt issuance options and withdrawals from government  deposits and reserves. This indicates that approximately 65 percent of the deficit will be financed through  drawdowns of government reserves. The sale of PIF’s stake in Sabic to Aramco will provide additional inflows of SAR259 billion ($69.1 billion) which will then, in part, further contribute to the Kingdom’s capital expenditures. Current expenditures are budgeted to reach SAR847 billion ($225.9 billion) or 83 percent of total expenditures, representing a 3.4 percent decline compared to 2019. The OPEC+ agreements to limit crude oil production into 2020 has yielded brief improvements in oil prices, however global demand has waned and puts added downward pressure on revenues. However, general items are expected to increase from SAR121 billion ($32.3 billion) in 2019 to SAR141 billion ($37.6 billion) in 2020, a 16 percent increase. Non-oil revenues, which are expected to grow by 6.9 percent, were largely supported by improved tax income of SAR203 billion ($54.1 billion) or 20.5 percent compared to 2018.

Ministry of Finance held a symposium on " Economic Diversification", His Royal Highness the Crown Prince Thanks His Excellency the Minister of Finance and participating employees of Ministry of Finance for Their exerted Efforts Towards the Implementation and Processing of the Unified Security Operations Centre, 911, Al-Jadaan meets US Secretary of the Treasury, TV interviews and Media Reports of Ministry Officials, TV Interviews and Media Reports for the Minister of Finance, TV Interviews for the Minister of Finance, Results of Pre-Qualification of the Managed Services Project for MOF IT Unified Operation, Request for information for pre-qualification of Managed Services Project for IT Unified Operation, Pre-qualification for the Unified Government Resource Planning Project, Participation in Decision-Making and Policies Formulation, Kingdom’s First Quarter Budget Performance 2018, Kingdom’s Second Quarter Budget Performance 2018, Kingdom’s Third Quarter Budget Performance 2018, Kingdom’s Third Quarter Budget Performance 2017, Kingdom’s Second Quarter Budget Performance 2017, Kingdom’s First Quarter Budget Performance 2017, Key sectors and sub-sectors supported by PSF.



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