Chairperson of the Council of Saudi Chambers (CSC) Eng. Ahmed Al Rajhi noted the remarkable progress in the economic performance in the Kingdom following the announcement of the Q3 figures for the current year, showing overall improvement in the budget items, which reflected positively on non-oil revenues as they increased by 80%.
Eng. Al Rajhi stated that the budget report, which recorded revenues of SAR 142 million (11% increase) show that the Kingdom is on the right path with its economic reforms following the drop in oil prices over the last two years, leading to increasing the efficiency of public spending, reducing the deficit, diversifying sources of government revenues, and diversifying sources of non-oil revenues. He additionally mentioned the effective contribution of the Saudi Vision 2030 projects to supporting revenues and attracting international investors, as reflected in the participation in the Future Investment Initiative by the Public Investment Fund.
Al Rajhi explained that the budget items for the current quarter revealed several positive points as they mainly focused on the citizens’ interests in terms of main services, such as education, healthcare, municipality services, and social development – reflecting the government keenness on the Saudi people.
The CSC Chairperson further touched on the prospects and incentives that the budget holds for all economic sectors, especially the private sector, which is considered a strategic partner to the government in its economic development process and works side by side with it to achieve the ambitious goals of the Saudi Vision 2030, and thus, increasing the private sector’s contribution to the GDP. He praised the transparency and financial disclosure approach of the Ministry of Finance, which he considered an indicator of a healthy economic environment.