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Crown Prince says country’s greatest assets are its citizens

Saudi Arabia has recorded a budget surplus for 2022 of 102 billion riyals ($27.13 billion), which is 12 billion riyals higher than predicted figures.

Saudi King Salman on Wednesday chaired a Cabinet session announcing the state’s general budget for the next fiscal year.

King Salman approved a 1.114 trillion riyal budget for 2023, expecting revenues of 1.13 trillion riyals next year.

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“The Saudi citizen is the kingdom’s greatest asset for success,” Crown Prince Mohammed bin Salman, who is also the kingdom’s Prime Minister, said at the session.

“More than 2.2 million Saudis work in the private sector, which is the highest number in history.”

Prince Mohammed said the government sought to provide a decent standard of living for citizens, especially those in the lower-income group.

He directed ministers to implement the budget programmes and social projects.

“We will continue to implement programmes and projects that have an economic and social return, and raise economic growth rates for the coming year and in the medium term,” Prince Mohammed said.

Tadawul stock exchange in Saudi Arabia – in pictures

This picture taken December 12, 2019 shows a view of the sign showing the logo of Saudi Arabia's Stock Exchange Market (Tadawul) bourse in the capital Riyadh. Energy giant Saudi Aramco's market value soared above $2 trillion as its share price surged again on its second day of trading. The valuation milestone was sought by Saudi Crown Prince Mohammed bin Salman when he first floated the idea of selling up to five percent of Aramco, the world's largest oil firm, about four years ago. Aramco shares jumped another 9.7 percent to 38.60 riyals ($10.3) on Thursday morning, following a 10-percent rise the previous day. / AFP / FAYEZ NURELDINE

In November 2022, FTSE Russell updated the investability weightings of Saudi Tadawul Group, the holding company that owns and operates the kingdom’s stock exchange, on its indices that include the FTSE All-World Index, the FTSE Global Mid Cap Index and the FTSE Emerging Index. AFP

King Salman said the budget took into account the comprehensive and sustainable development movement Saudi Arabia is witnessing to expand promising sectors and enhance the role of citizens in the growth of the economy.

“We affirm the continuation of work from the resources, minds and arms of the sons and daughters of the country to achieve the vision of the kingdom,” he said.

King Salman said all programmes aimed to enhance the quality of life for citizens, including increasing employment opportunities and improving the level of income.

It also aimed to develop the infrastructure of cities, and provide all services according to the highest international standards.

Prince Mohammed said the country’s economic transformation was continuing and the positive results achieved confirmed the success of economic and financial reforms aimed at enhancing growth.

Saudi Arabia’s Future Investment Initiative 2022 – in pictures

Saudi Arabia's ambassador to the US, Princess Reema bint Bandar, speaks at the Future Investment Initiative conference in Riyadh. Reuters

Saudi Arabia’s ambassador to the US, Princess Reema bint Bandar, speaks at the Future Investment Initiative conference in Riyadh. Reuters

The Saudi Minister of Finance, Mohammed Al Jadaan, told the session that the kingdom was “the only country in the G20 whose economic forecasts doubled”.

Mr Al Jadaan said the achievements of 2022 were the result of continuous work in earlier years.

He said capping “fuel prices locally was behind the decline in inflation in the kingdom, and we expect inflation to decline next year to 2.1 per cent”.

Saudi Arabia’s inflation was previously recorded at 2.6 per cent in 2022.

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