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Saudi Quarterly Budget Registers Record Surplus

The Saudi budget achieves a record surplus during the first quarter of 2022. (Asharq Al-Awsat)
The Saudi budget achieves a record surplus during the first quarter of 2022. (Asharq Al-Awsat)
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Saudi Quarterly Budget Registers Record Surplus

The Saudi budget achieves a record surplus during the first quarter of 2022. (Asharq Al-Awsat)
The Saudi budget achieves a record surplus during the first quarter of 2022. (Asharq Al-Awsat)

Official data released on Sunday showed that the Saudi budget for the first quarter of 2022 recorded a surplus of SR 57.4 billion ($15.3 billion dollars).

The Saudi Ministry of Finance announced the actual general budget for the first quarter of 2022, noting that the Kingdom collected revenues of SR 278 billion ($74.1 billion), while public expenditures amounted to SR 220.47 billion ($58.7 billion).

According to the announced data, the state’s financial revenues during the first quarter of this year grew by around 36 percent compared to the same period last year. Taxes on income, profits and capital gains contributed SR 4.1 billion, while taxes on goods and services achieved SR 60 billion, and other revenues, SR 21.4 billion.

According to the Finance Ministry report, the Kingdom’s non-oil revenues reached SR 94.26 billion. The Kingdom’s public debt rose to SR 958.64 billion in the first quarter, from SR 938 billion in the same period last year, while public spending amounted to SR 22.46 billion, the ministry said.

On the sectoral level, the Saudi actual budget statement for the first quarter of 2022 revealed a spending of SR7 billion on public administration, SR43.5 billion on the military sector, SR22.3 billion on security and administrative areas, and SR 6.8 billion on municipal services.

As for the Kingdom’s main sectors, SR44.9 billion were dedicated to education, SR34 billion to health and social development, SR11.4 billion to economic resources, and SR10.2 billion to basic equipment and transport.

Fadel Al-Buainain, member of the Shura Council, told Asharq Al-Awsat that Saudi Arabia was moving at a steady pace and achieving a large surplus in the first quarter of 2022.

The surplus was achieved thanks to the jump in revenues, he said, explaining that the budget figures reflected performance recovery and economic growth in most economic activities, and underlined the government’s endeavor to complete the process of economic and structural reforms that promote growth.

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Egypt’s Tourism Minister: We’ve Agreed on Future Initiatives with Saudi Arabia

A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
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Egypt’s Tourism Minister: We’ve Agreed on Future Initiatives with Saudi Arabia

A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)

Egyptian Tourism Minister Sherif Fathy told Asharq Al-Awsat that he and Saudi Tourism Minister Ahmed Al-Khateeb have agreed to collaborate on several tourism initiatives.

These include joint marketing efforts, shared tourism programs, environmental protection measures, and promoting specific types of tourism in the Red Sea.

Fathy recently visited Riyadh, where he met with Al-Khateeb and engaged with Saudi business leaders. They discussed ways to promote tourism between their countries and increase visitor exchanges.

During his visit to the United Nations World Tourism Organization (UNWTO) regional office in Riyadh, Fathy stated that the office’s presence in Saudi Arabia enhances the organization’s work in the region and improves communication with other countries.

He confirmed that they plan to develop and implement the agreed initiatives in the near future.

Fathy highlighted that the Middle East is a key player in global tourism and deserves a dedicated office to support all countries in the region. This effort aims to boost collaboration and promote the Middle East as a top destination for travelers.

Tourism, National Economy: A Path to Sustainable Growth

Samer Al-Kharashi, Director of the UNWTO regional office for the Middle East, stated that the office supports 13 countries in the region, with Egypt being a key member.

He highlighted that the recent visit by Egypt’s Minister of Tourism and Antiquities, who serves as Vice President of the regional committee, creates opportunities for collaboration.

This partnership aims to boost tourism’s role in the national economy, create jobs, and promote sustainable practices that protect the environment.

Speaking to Asharq Al-Awsat, Al-Kharashi emphasized the potential for cooperation with Egypt, which has a rich tourism history and many ancient sites. He noted that the regional office has the expertise to assist member countries.

Al-Kharashi expressed optimism about the discussions, which covered various opportunities for joint projects that would benefit both Egypt and the wider region.

Strengthening Bilateral Relations

Fathy’s visit to the UNWTO regional office aims to enhance bilateral relations, as Cairo actively seeks to develop its tourism sector through international collaboration.

During their meeting, Fathy and Al-Kharashi addressed key issues facing Egypt’s tourism sector, including challenges and growth opportunities. They explored future cooperation, particularly in tourism training, improving services, and increasing investments.

Egypt ranks first in Africa, fifth in the Middle East, and 63rd globally on the Travel and Tourism Development Index.

The UNWTO regional office in Riyadh is the first of its kind outside the organization’s headquarters, dedicated to supporting member states in the Middle East.

The office focuses on promoting tourism education, improving infrastructure, and fostering sustainable tourism while preserving the region’s cultural and environmental heritage.