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Saudi Capital Spending Increases 30% in 2023

In the fourth quarter of 2023, oil revenues grew by 28 percent compared to the same period in 2022. (SPA)
In the fourth quarter of 2023, oil revenues grew by 28 percent compared to the same period in 2022. (SPA)
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Saudi Capital Spending Increases 30% in 2023

In the fourth quarter of 2023, oil revenues grew by 28 percent compared to the same period in 2022. (SPA)
In the fourth quarter of 2023, oil revenues grew by 28 percent compared to the same period in 2022. (SPA)

The volume of capital spending according to Saudi Arabia’s actual budget for 2023 amounted to about SAR186.5 billion, an increase of 30% from 2022.

A statement by the Ministry of Finance revealed that the volume of capital spending in the 2023 budget was the highest in five years, that is, since 2018, as a result of a rise in spending over the previous budget estimates by about 19%.

Despite this increase, which came with the continuation of spending on major projects, the numbers were about 8% lower than the financial expectations issued in December.

The Saudi Ministry of Finance announced that the total actual expenditures in the 2023 budget amounted to SAR1.29 trillion, compared to total revenues worth SAR1.21 trillion, which means a deficit of SAR80 billion.

According to the ministry’s report for the fourth quarter of 2023, non-oil revenues amounted to SAR457.728 billion, compared to SAR410.891 billion in 2022, an increase of 11 percent. On the other hand, oil revenues amounted to SAR754.562 billion, a decline of 12 percent compared to 2022.

In its statement, the ministry said that expenditures in the fourth quarter amounted to SAR394.979 billion, compared to revenues worth SAR357.984 billion, which means a deficit of SAR36.9 billion.

In the fourth quarter, oil revenues grew by 28 percent compared to the same period in 2022, to SAR249.211 billion, while non-oil revenues declined by 12 percent to reach SAR108.773 billion.

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Saudi Emerging Technology Adoption Index Rises to 70.7%

The “LEAP 2024” conference saw $1 billion in funding for emerging technology ventures in Saudi Arabia (Asharq Al-Awsat)
The “LEAP 2024” conference saw $1 billion in funding for emerging technology ventures in Saudi Arabia (Asharq Al-Awsat)
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Saudi Emerging Technology Adoption Index Rises to 70.7%

The “LEAP 2024” conference saw $1 billion in funding for emerging technology ventures in Saudi Arabia (Asharq Al-Awsat)
The “LEAP 2024” conference saw $1 billion in funding for emerging technology ventures in Saudi Arabia (Asharq Al-Awsat)

The performance index of Saudi government agencies in “Emerging Technologies Adoption” has improved significantly by 10% compared to last year, rising from 60.3% in 2023 to 70.7% in 2024.
This improvement is driven by an increase in the number of participating government entities, which grew from 13 to 35.
This progress was detailed in the annual report released by the Digital Government Authority (DGA), highlighting the readiness of government entities to embrace emerging technologies in 2024.
The rise in the adoption index reflects a broader participation and growing interest aligned with the Kingdom’s goals to foster innovation and support modern technologies.
It also underscores Saudi Arabia’s commitment to sustainable development and building an advanced digital future under the “Vision 2030” initiative, which positions digital transformation as a cornerstone of its future vision.
The report also highlighted advancements in various capacities for adopting emerging technologies.
This heightened focus on adopting emerging technologies coincides with a transformative period for the Kingdom's digital government, which is leveraging cutting-edge technologies to deliver superior services to citizens, residents, and visitors, playing a crucial role in the journey towards the future.
Saudi Arabia has integrated numerous emerging technologies into government services, enhancing efficiency, automating services, saving time and effort, and promoting transparency.
Globally, the leading emerging technologies in digital governments include artificial intelligence (AI), which is used to improve government services, the Internet of Things (IoT) for data collection and analysis, virtual reality for providing interactive citizen experiences, and 3D printing for manufacturing parts and components.
Notably, Saudi Arabia ranked first globally in the Government AI Readiness Index, a part of the Global AI Index by Tortoise Intelligence, which assesses over 60 countries. Germany and China ranked second and third, respectively.
Saudi Arabia achieved a perfect score in the index’s criteria, which include having a dedicated national AI strategy, a specific government entity for AI, allocated funding and budget for AI, and defined national AI targets.