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Saudi Revenues Grow 57% during Q3 2018

A Saudi money changer, pictured through a glass, arranges US banknotes at a currency exchange shop in Riyadh, Saudi Arabia on September 29, 2016. REUTERS/Faisal Al Nasser
A Saudi money changer, pictured through a glass, arranges US banknotes at a currency exchange shop in Riyadh, Saudi Arabia on September 29, 2016. REUTERS/Faisal Al Nasser
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Saudi Revenues Grow 57% during Q3 2018

A Saudi money changer, pictured through a glass, arranges US banknotes at a currency exchange shop in Riyadh, Saudi Arabia on September 29, 2016. REUTERS/Faisal Al Nasser
A Saudi money changer, pictured through a glass, arranges US banknotes at a currency exchange shop in Riyadh, Saudi Arabia on September 29, 2016. REUTERS/Faisal Al Nasser

Saudi Arabia's government revenues hit SAR223.26 billion (USD59.5 billion) for the third quarter — an increase of 57 percent compared to the same period last year. Revenues in the first nine months increased by nearly 47 percent to SAR663.1 billion (USD176.8 billion) compared to the same period in 2017.

The Saudi finance ministry has published the quarterly report of the state budget performance of the third quarter of 2018 on its website.

The non-oil revenues in the first nine months of the year hit SAR211.05 billion (USD56.28 billion) — a year-on-year increase of 48 percent. Oil revenue rose 63 percent to SAR153.95 billion (USD41 billion) during the third quarter, compared to the same period last year.

Although the deficit has fallen, government expenditure increased by 25 percent in the first nine months of the year, reaching SAR712.09 billion (USD189.9 billion).

“The improvement in fiscal performance is reflected by the decrease in the deficit with positive oil and non-oil growth, compared to the same period in 2017, and the planned budget,” Finance Minister Mohammed al-Jadaan said in a statement.

“Regardless of the Q3 positive indicators, challenges in the public finances still exist and require us to maintain our efforts to move forward with our reforms," he added.

“The announced Q3 2018 fiscal figures reflect the improved performance of the public finances during this year,” said Jadaan.

“While clearly assisted by improvements in the oil price internationally, these figures also show the fruits of the successful implementation of many initiatives to develop non-oil revenues and improve spending efficiency,” he added.

These developments coincide with a time when Moody’s Investors Service revealed that Saudi Arabia’s economic growth is set to rise to 2.5 percent by the end of this year and 2.7 percent in 2019. Moody’s has given the kingdom an A1 ‘stable’ rating.

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FAO Aims for Key Outcomes at COP16 in Saudi Arabia

Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
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FAO Aims for Key Outcomes at COP16 in Saudi Arabia

Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)

Dr. Abdul Hakim Elwaer, Assistant Director-General of the Food and Agriculture Organization (FAO), stated that the organization will take an active role at COP16, the UN conference on combating desertification, scheduled to take place in Saudi Arabia in early December.

In remarks to Asharq Al-Awsat, he expressed confidence that the conference—the first of its kind in the Middle East—would produce significant outcomes.

Elwaer’s comments came during a roundtable organized by FAO’s regional office in Cairo, attended by a select group of media representatives. The session focused on FAO’s participation in the upcoming conference and the importance of the Rio Trio —the integrated framework of the three major UN conventions addressing climate change, biodiversity conservation, and desertification.

Fida Haddad, FAO’s Program Officer for Land Rehabilitation and Climate Change, highlighted the interconnectedness of the three conventions and noted that COP16 would place a strong emphasis on land and water rehabilitation and their sustainable management.

Haddad pointed out that approximately 90% of the Middle East is affected by arid conditions. Despite this, local communities and Arab governments have made notable progress in addressing desertification and drought. She also announced that, for the first time, FAO has successfully placed food systems on the COP16 agenda, enabling discussions on how land rehabilitation can enhance food supply chains and systems.

Elwaer underscored FAO’s central role in achieving the second Sustainable Development Goal (SDG): eradicating hunger. He emphasized that FAO actively engages in the UN conventions on climate change, biodiversity, and desertification, which collectively contribute to this mission.

FAO’s focus, according to Elwaer, is on transforming food and agricultural systems to become more inclusive, efficient, and sustainable, aiming for better production, nutrition, and livelihoods. He highlighted the organization’s success in integrating these priorities into the agendas of the three conventions and collaborating with host countries on joint initiatives.

He further noted that Saudi Arabia’s hosting of COP16 is particularly significant for the region, which faces pressing challenges such as water scarcity, desertification, and food insecurity. The conference presents an opportunity for Middle Eastern nations to highlight these issues, explore solutions, and ensure their inclusion in global environmental discussions, not only at this event but in future COP sessions, he underlined.

Elwaer emphasized the growing global attention on desertification, as it is now impacting regions previously unaffected, such as southern Europe and parts of Latin America. These areas are witnessing alarming declines in arable land and forests, prompting them to seek lessons from the Arab world, which has developed resilience strategies to combat desertification over centuries.

FAO will have a strong presence at COP16, with two dedicated pavilions—one in the Blue Zone for official delegations and another in the Green Zone to engage civil society and conference participants, he said.

He added that in collaboration with Saudi Arabia and the UN, FAO will lead coordination on Food Day and Governance Day, scheduled for December 5 and 6, respectively. The organization will also participate in other specialized sessions throughout the conference.