Chairperson of the Council of Saudi Chambers (CSC) Eng. Ahmed Al Rajhi stated that the Saudi business community has high hopes for the state budget for the year 2018, expected to be announced on Tuesday, December 19, following the recent economic developments and ambitious plans in the Kingdom.
Eng. Al Rajhi said that the state budget is expected to maintain optimism among the local and international communities, and enhance the Kingdom’s endeavors towards economic reforms, reconstructure and diversification, and thus, reduce reliance on oil as a main source of income. He praised the efforts of King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman in this regard.
The CSC Chairperson expects for the upcoming state budget to continue implementing the Saudi Vision 2030 and National Transformation Program 2020 by raising the efficiency and rationalization of government spending, increasing non-oil revenues, and focusing on sectors that achieve the vision and meet the expectations of citizens in regards to human development, services, and regional development. In addition to development projects that benefit the Saudi business community and increase economic activities in the Kingdom.
Per Eng. Al Rajhi, the Saudi business community believes that the economic diversification plans and relevant initiatives are bearing fruit given the reassuring financial performance in 2017, in which revenues increased and defecit dropped by 40% during the first nine months.
The CSC Chairperson assured that institutions of the private sector, represented in CSC and Saudi chambers of commerce and industry, are committed to supporting the Kingdom in its endeavors towards economic development in line with the Saudi Vision 2030.