عربي English Türkçe اردو فارسى
Logo
Latest News
Business

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)
TT
TT

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.

Most Viewed

 
 
Business

New Legislation Facilitates Investment in Saudi Tourism Sector

Saudi Minister of Tourism Ahmed Al-Khatib (Asharq Al-Awsat)
Saudi Minister of Tourism Ahmed Al-Khatib (Asharq Al-Awsat)
TT
TT

New Legislation Facilitates Investment in Saudi Tourism Sector

Saudi Minister of Tourism Ahmed Al-Khatib (Asharq Al-Awsat)
Saudi Minister of Tourism Ahmed Al-Khatib (Asharq Al-Awsat)

Saudi Minister of Tourism Ahmed Al-Khatib said, in an interview with Asharq Al-Awsat, that work is underway on new regulations and legislation that will facilitate the investment process in the Kingdom.
Saudi Arabia is witnessing a major transformation in the tourism sector after it enacted and developed a number of regulations and launched mega projects that allowed the country to attract more than 100 million visitors last year, the target initially set for 2030.
During a press conference on Wednesday at the Abu Faraj heritage palaces in Al-Aziza, west of the city of Abha in the southern Aseer region, Al-Khatib revealed the ministry’s moves to provide appropriate long-term funding at a competitive cost in order to encourage investment in the Saudi tourism system.
In his remarks to Asharq Al-Awsat, the minister pointed to the most prominent achievements in the sector, revealing that the Kingdom received 60 million visitors during the first half of 2024, with spending amounting to SAR 143 billion ($38.1 billion), recording about 10 percent growth in the number of tourists and spending.
He added that by the end of the first half of this year, the sector’s contribution to the gross domestic product had reached 5 percent, and was moving steadily toward achieving 10 percent, which is equivalent to SAR 600-700 billion of tourism income.
Moreover, Al-Khatib also spoke about the launch of the Bachelor of International Hospitality Management program, a partnership between the Ministry of Tourism, King Khalid University, and Hong Kong Polytechnic University.
He noted that a memorandum of understanding was signed between the Ministry of Tourism and the Colleges of Excellence Company, with the aim of developing human capabilities and expanding international specialized technical colleges and strategic partnership institutes in the field of tourism and hospitality.
Al-Khateeb said 10,000 training opportunities both inside and outside the Kingdom would be allocated to those working in the Aseer region’s tourism sector.
The National Tourism Strategy aims to reach over 150 million local and international tourists by 2030. In 2023, it reached 109 million.
The minister added: “The Tourism Development Fund plays an important role in providing financing, allocating SAR 7.4 billion to enable over 100 tourism projects around the Kingdom with a value exceeding SAR 35 billion.”
He pointed out that the fund financed 10 major projects in the Aseer region, ranging from international hotels to multi-use projects with a value exceeding one billion riyals. International hotel brands included: InterContinental Residence in Abha, DoubleTree in Khamis Mushait Governorate, and Khayal Walk Boulevard.