萝莉视频

萝莉视频 approves FY2025 budget, forecasts $27bn deficit amid expansionary spending

Update  Saudi Crown Prince Mohammed bin Salman chairs the weekly Cabinet session on Tuesday during which he approved the Kingdom鈥檚 budget for 2025. SPA
Saudi Crown Prince Mohammed bin Salman chairs the weekly Cabinet session on Tuesday during which he approved the Kingdom鈥檚 budget for 2025. SPA
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Updated 26 November 2024

萝莉视频 approves FY2025 budget, forecasts $27bn deficit amid expansionary spending

萝莉视频 approves FY2025 budget, forecasts $27bn deficit amid expansionary spending

RIYADH: 萝莉视频 on Tuesday approved the state budget for fiscal year 2025 with revenues projected at SR1.18 trillion ($315.73 billion) and expenditure at SR1.28 trillion, leading to a deficit of SR101 billion.

The Finance Ministry forecasted 萝莉视频鈥檚 Real GDP growth at 4.6 percent in 2025, up from the 0.8 percent estimate for 2024. This growth will be driven by a rise in non-oil sector activities, according to the statement.

The figures align with projections from the ministry鈥檚 pre-budget statement in September, showing a 4 percent decline in revenues, a 4 percent decline in expenditures, and a 12 percent lower deficit compared to the latest FY 2024 estimates.

The FY2025 forecast are based on a baseline scenario, which represents a middle ground between higher and lower revenue projections, taking into account potential changes in economic activity and global petroleum market conditions.

The ministry projects the deficit to remain at similar levels in the medium term, with SR130 billion in 2026 and SR140 billion in 2027, driven by the government鈥檚 strategic expansionary spending policies aimed at fostering economic diversification and sustainable growth. Revenues are expected to rise over the next two years, reaching around SR1.3 trillion by 2027.

The Kingdom鈥檚 total debt is projected to reach SR1.3 trillion in 2025, equivalent to 29.9 percent of GDP, reflecting a sustainable level to meet financing needs.

Revised projections for 萝莉视频鈥檚 2024 budget indicate a deficit of SR115 billion, with total debt expected to reach SR1.2 trillion, or 29.3 percent of GDP.

The fiscal year 2025 budget prioritizes maintaining essential services for citizens and residents, while accelerating spending on key projects and sectors.

It focuses on preserving fiscal stability and achieving long-term sustainability by managing government reserves and maintaining sustainable public debt levels, ensuring the Kingdom鈥檚 resilience against unforeseen economic shocks.

In a statement following the weekly Cabinet session, Crown Prince Mohammed bin Salman emphasized the government鈥檚 ongoing efforts to strengthen the Kingdom鈥檚 economic base. 鈥淲e will continue to work on expanding the economic base and enhancing the Kingdom鈥檚 financial position,鈥 he stated.

He also highlighted the pivotal role of 萝莉视频鈥檚 sovereign wealth funds鈥攖he Public Investment Fund and the National Development Fund鈥攊n driving economic stability and achieving Vision 2030 objectives. 鈥淭hese funds are essential to diversifying the economy and supporting long-term investments,鈥 he said.

萝莉视频鈥檚 economy is advancing through strategic reforms and robust investment initiatives under Vision 2030, emphasizing diversification and fiscal sustainability.

Key objectives include increasing the private sector鈥檚 contribution to GDP, growing the share of foreign investment, and boosting non-oil exports.

The strategy also prioritizes reducing unemployment and accelerating investment growth by enhancing the business environment, providing innovative financing solutions, and attracting regional headquarters of multinational companies to establish a strong presence in the Kingdom.

Key enablers, including the PIF, are driving private sector growth, launching transformative projects, and fostering new industries.

These efforts, outlined in the 2025 budget statement, aim to boost social and economic outcomes while ensuring resilience against global challenges and long-term prosperity.

Breakdown of projected government revenues and expenditures

The ministry projects tax income at SR379 billion in 2025, making up around 32 percent of total revenues. This represents a 4 percent increase compared to the 2024 estimates. The majority of these levies, accounting for 77 percent, come from taxes on goods and services.

According to the ministry, this growth is driven by sustained improvements in economic activity, the ongoing development of tax administration, and enhanced collection processes, all of which have contributed to a boost in total tax revenues.

In terms of sector-specific expenditures, the military sector received the largest allocation at SR272 billion, marking a 5 percent increase compared to the 2024 estimates.

The health and social development sector followed with a 20.25 percent share amounting to SR260 billion.

General items with 14.95 percent share of 2025 budgeted expenditures will be allocated SR192 billion.

Financing the deficit

The Ministry of Finance, in collaboration with the National Debt Management Center develops an annual borrowing plan aligned with the Kingdom鈥檚 medium-term debt strategy, ensuring long-term debt sustainability.

This strategy not only diversifies financing sources, encompassing both domestic and external markets, but also enhances the Kingdom鈥檚 standing in global debt markets.

Additionally, the government is expanding its financing channels by tapping into bond and sukuk issuance, loans, and alternative funding models like project and infrastructure financing, as well as collaborating with export credit agencies.

According to the Ministry of Finance, the Kingdom maintains a robust fiscal position, underpinned by substantial financial reserves and manageable public debt levels.

This fiscal strength provides the government with the ability to manage potential economic shocks and meet its financing needs across short, medium, and long-term horizons, while securing favorable borrowing terms from both domestic and international markets.

The crown prince also reaffirmed the government鈥檚 commitment to fiscal reforms that have already improved 萝莉视频鈥檚 credit ratings. While the projected deficit for 2025 signals short-term fiscal challenges, the government is focused on ensuring long-term economic sustainability.

He noted that this year鈥檚 budget will continue to prioritize economic diversification, with significant emphasis on empowering the private sector and fostering growth in small and medium-sized enterprises.

The crown prince stressed that, despite global economic uncertainties, 萝莉视频 is well-positioned to navigate external challenges and play an increasingly central role in regional and global economic stability.

鈥淥ur economy is well-prepared to overcome challenges,鈥 he said.

He also emphasized the importance of long-term financial planning to maintain momentum on Vision 2030 initiatives, underscoring the government's focus on spending efficiency and transparent execution of the budget to meet its strategic goals.

Moody鈥檚 upgraded 萝莉视频鈥檚 credit rating to 鈥淎a3鈥 from 鈥淎1鈥 on Friday, highlighting the country鈥檚 progress in diversifying its economy beyond oil.

The Kingdom is investing heavily in Vision 2030 initiatives, focusing on sectors like tourism, sports, and manufacturing, while also attracting foreign investment.

Despite lower oil prices and reduced production, 萝莉视频 continues to adjust its spending, delaying or scaling back some Vision 2030 projects while prioritizing others.

Moody鈥檚 revised the country鈥檚 outlook to stable, reflecting uncertainties in global economic conditions and the oil market. In September, S&P also upgraded 萝莉视频鈥檚 outlook to positive due to strong non-oil growth.


Saudi non-oil trade surplus with GCC jumps over 200% in April

Saudi non-oil trade surplus with GCC jumps over 200% in April
Updated 6 sec ago

Saudi non-oil trade surplus with GCC jumps over 200% in April

Saudi non-oil trade surplus with GCC jumps over 200% in April

JEDDAH: 萝莉视频鈥檚 non-oil trade surplus with fellow Gulf Cooperation Council countries jumped by more than 200 percent in April 2025, driven by a sharp rise in re-exports and strengthening regional economic ties.

According to the latest figures released by the General Authority for Statistics, the Kingdom posted a trade surplus of SR3.51 billion ($935 million) with GCC nations during the month, compared to just SR1.16 billion in April 2024 鈥 a year-on-year increase of 203.2 percent.

The total value of non-oil trade, which includes re-exports, between 萝莉视频 and the GCC bloc reached SR18.03 billion in April, reflecting a robust 41.3 percent growth from SR12.76 billion in the same month last year.

This momentum is attributed to the accelerated pace of regional economic integration, supported by strategic initiatives such as 萝莉视频鈥檚 Vision 2030 and similar diversification programs across the Gulf. These frameworks aim to reduce dependence on hydrocarbons by fostering growth in sectors like logistics, finance, tourism, and manufacturing.

Non-oil exports 鈥 encompassing both national products and re-exported goods 鈥 saw a notable rise of 55 percent year on year to SR10.77 billion. Within this category, re-exports surged by 81 percent to SR7.74 billion, highlighting 萝莉视频鈥檚 growing role as a regional re-export hub. National-origin exports also rose by 13.3 percent, totaling SR3.03 billion.

Imports from GCC countries also registered an increase, climbing to SR7.26 billion in April 鈥 a 25.2 percent rise compared to SR5.80 billion in the previous year.

Among individual member states, the UAE continued to dominate 萝莉视频鈥檚 regional trade portfolio, accounting for SR13.53 billion 鈥 or 75.1 percent 鈥 of the Kingdom鈥檚 total non-oil trade with the GCC. Bahrain followed with SR1.8 billion (10 percent), while Oman recorded SR1.45 billion (8.1 percent). Kuwait and Qatar contributed SR819.9 million (4.5 percent) and SR422.1 million (2.3 percent), respectively.

The data reflects not only 萝莉视频鈥檚 growing non-oil export capacity but also a broader regional shift toward more diversified, interconnected Gulf economies.


Saudia, flyadeal rise high in Cirium鈥檚 June punctuality rankings

Saudia, flyadeal rise high in Cirium鈥檚 June punctuality rankings
Updated 10 July 2025

Saudia, flyadeal rise high in Cirium鈥檚 June punctuality rankings

Saudia, flyadeal rise high in Cirium鈥檚 June punctuality rankings
  • Marks Saudia鈥檚 second time in 2025 leading global rankings for arrival and departure punctuality
  • Achievement aligns with Kingdom鈥檚 ambition to become global aviation hub

JEDDAH: Saudia emerged as the world鈥檚 most punctual airline in June, topping global rankings for both on-time departures and arrivals, according to aviation analytics firm Cirium.

In its latest report, the London-headquartered independent aviation analytics company said that Saudia operated 16,733 flights in June, achieving a 91.33 percent on-time arrival rate and a 90.69 percent on-time departure rate 鈥 a 2.41 percent increase in arrival punctuality compared to May鈥檚 rate of 89.18 percent.

The achievement aligns with 萝莉视频鈥檚 ambition to become a global aviation hub and a top destination for international travelers. Under Vision 2030, the Kingdom is investing heavily to boost private sector participation, expand connectivity, and reinforce its role in global aviation.

It also supports the National Aviation Strategy鈥檚 goal of enhancing the travel experience, which aims to target 330 million passengers annually, over 250 global destinations, and 4.5 million tons of air cargo by 2030.

Ibrahim Al-Omar, director general of Saudia Group, said, 鈥淎chieving exceptional on-time performance and maintaining operational excellence requires seamless coordination across all sectors and subsidiaries of the group.鈥

This marks Saudia鈥檚 second time in 2025 leading global rankings for both arrival and departure punctuality, following a similar achievement in March. It also mirrors the airline鈥檚 performance in June 2024, when it topped the rankings with an on-time arrival rate of 88.22 percent and a departure rate of 88.73 percent across 16,133 flights to more than 100 destinations.

Flyadeal, Saudia Group鈥檚 low-cost carrier, ranked first in the Middle East and Africa for on-time arrival performance, achieving a rate of 91.77 percent across more than 5,980 flights. The carrier鈥檚 performance surpassed that of Saudia within the region.

In a statement, Saudi Group said: 鈥淭he accomplishment reflects Saudia and flyadeal鈥檚 unwavering focus in operational efficiency and excellence, achieved during the high-demand period of Hajj, summer travel, and Eid Al-Adha holidays.鈥

In the airport category, Cirium ranked Riyadh鈥檚 King Khalid International Airport as the world鈥檚 most punctual large airport for the same period. The travel gateway recorded a 90.41 percent on-time departure rate and an 86.99 percent on-time arrival rate, outperforming major global hubs in operational efficiency.

With 22,180 flights tracked, the Kingdom鈥檚 capital hub served 109 routes operated by 59 airlines, showcasing 萝莉视频鈥檚 growing global connectivity and aviation excellence.

Meanwhile, Dammam鈥檚 King Fahd International Airport ranked seventh among medium-sized airports for on-time departures, achieving an 86.18 percent punctuality rate across 8,200 flights on 59 routes, according to Cirium.


Closing Bell: Saudi main index steady at 11,277; Nomu edges up

Closing Bell: Saudi main index steady at 11,277; Nomu edges up
Updated 10 July 2025

Closing Bell: Saudi main index steady at 11,277; Nomu edges up

Closing Bell: Saudi main index steady at 11,277; Nomu edges up

RIYADH: 萝莉视频鈥檚 Tadawul All Share Index was steady on Thursday, as it marginally declined by 0.01 percent, or 0.82 points, to close at 11,276.91. 

The total trading turnover of the benchmark index was SR4.96 billion ($1.32 billion), with 128 of the listed stocks advancing and 120 declining. 

The Kingdom鈥檚 parallel market Nomu gained 31.28 points to close at 27,479.50.

The MSCI Tadawul Index marginally shed 0.02 points to 1,445.23. 

The best-performing stock on the main market was SHL Finance Co. The firm鈥檚 share price increased by 9.95 percent to SR19.33. 

The share price of Fawaz Abdulaziz Alhokair Co., also known as Cenomi Retail, rose by 5.8 percent to SR31.38. 

Sustained Infrastructure Holding Co. also saw its stock price rise by 4.24 percent to SR35.44. 

Conversely, the share price of Umm Al Qura for Development and Construction Co. declined by 6.14 percent to SR25.06. 

On the announcements front, Anmat Technology for Trading Co. said that it received a contract valued at SR50 million from Etihad Etisalat, also known as Mobily, to supply and install power generator systems and a fuel monitoring system. 

In a press statement, Anmat said that the contract is effective from June 26 and will last until May 17, 2028. 

The company added that the impact of the deal will be reflected in the firm鈥檚 financials from the second half of this year and will continue until the end of the contract duration. 

The share price of Anmat, which is listed in Nomu, increased by 10.19 percent to SR12.33. 

International Human Resources Co. said that it signed a framework agreement with the Arab National Bank to provide human resources services. 

According to a Tadawul statement, the contract is valid for 12 months and will be renewed for a similar period unless either party notifies the other at least 30 days prior to the expiry date. 

International Human Resources Co.鈥檚 share price rose by 2.83 percent to SR6.17. 


Saudi Tourism Development Fund rolls out programs to boost startup growth聽

Saudi Tourism Development Fund rolls out programs to boost startup growth聽
Updated 10 July 2025

Saudi Tourism Development Fund rolls out programs to boost startup growth聽

Saudi Tourism Development Fund rolls out programs to boost startup growth聽

RIYADH: Tourism startups and entrepreneurs in 萝莉视频 stand to benefit from three newly launched support initiatives aimed at accelerating innovation, attracting investment, and strengthening the Kingdom鈥檚 growing travel economy. 

The Tourism Development Fund has introduced the Grow Tourism Incubator, Tourism Hackathons and Bootcamps, and the Grow Tourism Accelerator 鈥 a suite of initiatives designed to empower early-stage ventures through TDF Grow, its non-financial enablement arm, according to a press release. 

Developing a robust tourism landscape is a key pillar of 萝莉视频鈥檚 Vision 2030 agenda, as the Kingdom works to diversify its economy and reduce its reliance on oil revenues. 

The National Tourism Strategy targets 150 million annual visitors by 2030, after surpassing the 100 million milestone ahead of schedule, with official data showing the Kingdom welcomed 116 million tourists in 2024 鈥 exceeding its annual target for the second year in a row. 

Qusai bin Abdullah Al-Fakhri, CEO of TDF, said: 鈥淲e remain committed to empowering entrepreneurs to transform their ideas into promising, impactful projects. We strive to provide a comprehensive support ecosystem that addresses the needs of businesses at every stage, helping them overcome challenges and accelerate their growth.鈥  

He added: 鈥淭hese three programs embody our dedication to practical enablement, offering guidance, support, and connections with key stakeholders, to build a sustainable tourism sector full of opportunity and aligned with the aspirations of Saudi Vision 2030.鈥 

The Grow Tourism Incubator Program, now in its first edition, will target early-stage tourism startups. Registration opened on June 24 and will remain open until July 17. 

The incubator offers a 10-month immersive environment, providing participants with access to shared workspaces, as well as legal, marketing, and logistical support, along with technical and administrative services. 

The program will also include workshops, specialized training sessions, and mentorship by leading industry experts, delivered both virtually and in person at TDF headquarters 鈥 ensuring accessibility for entrepreneurs across the Kingdom. 

The Tourism Hackathons and Bootcamps program aims to support innovators and early-stage tourism projects, with a focus on three key regions: Asir, Al-Ahsa, and Madinah. 

Running for five months, the program will allow participants to take part in hackathons followed by training bootcamps, helping them develop their ideas into actionable prototypes. 

Registrations opened on July 1 and will remain open until July 22. 

The Grow Tourism Accelerator builds on the success of previous cohorts, which have graduated 99 participants to date. 

This three-month program is designed to support startups and help them scale within the tourism sector. 

鈥淭he accelerator also attracts international companies, enriching the diversity of the investment landscape and elevating service quality across the industry. The program provides integrated mentorship, culminating in graduation and connections with potential investors,鈥 the TDF release stated. 

It added that the TDF Grow platform has supported 8,800 beneficiaries through its non-financial programs and initiatives, helping entrepreneurs and small and medium enterprises accelerate their projects and enhance the competitiveness of 萝莉视频鈥檚 tourism sector.


OPEC says no peak to oil demand before 2050

OPEC says no peak to oil demand before 2050
Updated 10 July 2025

OPEC says no peak to oil demand before 2050

OPEC says no peak to oil demand before 2050
  • OPEC sees oil demand rising by 18.6% to around 123 mbd in 2050
  • It expects demand to grow for longer than other forecasters

PARIS: The OPEC oil cartel said Thursday that demand for crude will continue to expand through at least 2050, calling efforts to rapidly shift away from fossil fuels an unworkable fantasy.

In its latest annual report on the outlook for oil demand, OPEC sees global oil demand rising by 18.6 percent from 103.7 million barrels per day in 2024 to around 123 mbd in 2050.

That rising demand will be 鈥渄riven by expanding economic growth, rising populations, increasing urbanization, new energy-intensive industries like artificial intelligence, and the need to bring energy to the billions without it,鈥 said OPEC Secretary General Haitham Al-Ghais in his foreword to the report.

鈥淭here is no peak oil demand on the horizon,鈥 he said.

That forecast puts OPEC, which gathers together a number of the world鈥檚 leading oil exporting nations, at odds with the International Energy Agency, whose member states include many oil-consuming nations.

The IEA said last month that it expects global oil demand to begin to decline in 2030, driven by the rise of electric cars and the shift away from crude to produce power.

The IEA even sees oil demand dropping in 萝莉视频 as it replaces crude with gas and renewable energy to produce power.

Ghais said that OPEC sees growth in oil demand being primarily driven by developing nations, and that fossil fuels still account for around 80 percent of the global fuel mix, little changed from when the cartel was founded in 1960.

.鈥..it has become increasingly clear to many policymakers in recent years that the narrative of swiftly phasing out oil and gas has been seen for what it is: unworkable, and a fantasy,鈥 he said.

The OPEC chief blasted many timelines to reach net-zero carbon emissions as having 鈥渓ittle regard for energy security, affordability or feasibility.鈥

Experts say a rapid phase-out of fossil fuels is necessary if global warming is be kept to 1.5 degrees Celsius above preindustrial levels.