Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister, and Chairman of the Council of Economic and Development Affairs, chaired a cabinet meeting in Dammam on Tuesday aimed at approving the state’s 2026 budget.
The cabinet approved state general expenditures amounting to SAR1,312,800,000,000. General revenues are estimated at SAR1,147,400,000,000 and the deficit at SAR165,400,000,000.
The Crown Prince directed ministers and officials to commit, each in their capacity, to implementing the programs, strategies, and development and social projects included in the budget, consistent with the goals of the Saudi Vision 2030.
Crown Prince Mohammed underlined the government’s commitment to placing citizens’ interests at the forefront of its priorities. He attributed the significant achievements to the directives of Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and the efforts of Saudi citizens.
The Crown Prince stated that the Kingdom's Vision 2030 will enter its third phase in 2026, requiring intensified implementation efforts and accelerated progress to ensure a sustainable impact beyond 2030.
The structural transformation achieved since the Vision's launch has already improved non-oil activity growth rates, kept inflation below global averages, developed the business environment, strengthened the private sector, and consolidated the Kingdom's position as a global economic and investment hub, he remarked.
The government continues to support economic growth and fiscal sustainability to boost the local economy’s ability to withstand global fluctuations while maintaining the momentum of sustainable development, he added. This is achieved through the continued adoption of flexible and disciplined fiscal, economic, and social policies, grounded in long-term planning and the systematic use of sovereign financing instruments within the medium-term debt strategy.
Moreover, he said the Kingdom has achieved unprecedented strides in empowering youth, with the number of Saudi employees in the private sector reaching an all-time high of 2.5 million. This has resulted in Saudi unemployment rates falling to a record low, exceeding the Vision 2030 target of 7%.
Key initiatives have focused on increasing quality employment, supporting entrepreneurship, and empowering women.
Furthermore, efforts in the real estate sector have boosted homeownership among Saudi families to 65.4% by the end of 2024, surpassing the 2025 target. The Crown Prince said continued support for social assistance programs and the promotion of investment opportunities.
He commended the positive indicators of the Saudi economy under Vision 2030 reforms, noting preliminary estimates of 4.6% real GDP growth, driven by a robust 4.8% increase in non-oil activities.
The 2026 budget reflects the government’s commitment to strengthening the resilience and flexibility of the local economy and ensuring sustainable growth amid global fluctuations, he went on to say. This strategy involves maintaining sustainable public debt levels and building substantial financial reserves.
The Kingdom remains focused on diversifying its economic base, stimulating investment, and accelerating economic transformation in line with Vision 2030, which continues to secure advanced positions in international rankings, he stressed.
The Crown Prince said the Public Investment Fund (PIF), as the Kingdom's investment arm, will continue to support Vision 2030 by developing strategic sectors and building global economic partnerships. This strategy complements efforts to diversify the local economy, strengthening its resilience and the long-term sustainability of public finances.
He also noted the complementary role of the National Development Fund and its affiliated funds in stimulating economic growth and diversification alongside the state's general budget.
The Crown Prince further highlighted that ongoing economic reforms have successfully boosted the private sector's role, with its contribution reaching 50.3% of real GDP. He emphasized the commitment to implementing programs related to infrastructure development and improving basic services.
Furthermore, the Crown Prince stressed the government's resolve to maintain medium- and long-term spending efficiency, meticulous and transparent budget implementation, and adherence to fiscal sustainability while completing all planned Vision 2030 projects.
The Crown Prince expressed the Kingdom’s pride in its steadfast approach of investing in the capabilities of its citizens, achieving comprehensive development, attaining leadership in various fields, and continuing humanitarian work both domestically and internationally. He stressed that this commitment is rooted in Islamic principles and values, declaring: "We will continue our steady progress toward achieving our goals, relying on Allah Almighty and placing our trust in Him."
