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.
“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
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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 -
A view of the exchange board at the Stock Exchange Market (Tadawul) bourse in Riyadh displaying Aramco shares. AFP -
An investor looks at a screen of asset prices at the Tadawul exchange in Saudi Arabia. AFP -
A man walks past the Tadawul sign in Saudi Arabia. Reuters -
Middle East IPOs have raised about $21 billion in 2022. AFP -
Investors are seen at the Tadawul stock exchange in Saudi Arabia. AP
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
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Saudi Arabia's ambassador to the US, Princess Reema bint Bandar, speaks at the Future Investment Initiative conference in Riyadh. Reuters -
Noel Quinn, chief executive of HSBC Holdings Plc, speaks during a panel session on day two. Bloomberg -
Kamal Bahamdan, chief executive of Safanad Ltd. Saudi Arabia hopes the FII will put Riyadh on the map as a global destination for deals. Bloomberg -
Nelson Peltz, founder of Trian Fund Management, on day two of the conference in Riyadh. Bloomberg -
Saudi Minister of Finance Mohammed Al Jadaan speaks during a panel event. AFP -
A man in the mirror at the conference in Riyadh. Reuters -
Amin Nasser, chief executive of Saudi Aramco, front row fourth right, and Yasir Al Rumayyan, governor of the Public Investment Fund, front row third right, during day two of the conference. Bloomberg -
Amin Nasser, chief executive of Saudi Aramco, right, during a panel session. Bloomberg -
Yasir Al Rumayyan, governor of the Public Investment Fund, centre right, at the conference in Riyadh. Bloomberg -
Omar Abdulla Al Futtaim, chief executive of Al-Futtaim Group, arrives at a panel session on day two. Bloomberg -
David Grover, chief executive officer of Roshn Real Estate Co, centre, speaks to conference attendees. Bloomberg -
Steven Mnuchin, former US treasury secretary, appears onscreen during a panel session. Bloomberg -
Nabeel Alamudi, president of Olayan Financing Co, on day two of the conference in Riyadh. Bloomberg -
Sheikh Salman bin Khalifa Al Khalifa, Bahrain's Finance Minister, left, and Mr Mnuchin, second right, during a panel session. Bloomberg -
Saudi Energy Minister Prince Abdulaziz bin Salman at the annual Future Investment Initiative conference. AFP -
Princess Reema bint Bandar, Saudi ambassador to the US. AFP -
Jared Kushner, Donald Trump's son in law and founder of global investment firm Affinity Partners, was present. AFP -
Former Italy prime minister Matteo Renzi. AFP -
Saudi Arabia hopes the FII will put Riyadh on the map as a global destination for deals. Bloomberg -
Saudi Arabia also hopes to increase domestic investment through the event. Bloomberg -
Paddy Padmanathan of ACWA Power, centre. Bloomberg -
Lubna Olayan, chairman of Olayan Financing, speaks during a panel session. Bloomberg -
A busy FII conference hall between sessions. Bloomberg -
Jeannette zu Furstenberg, founding partner of La Famiglia venture capital fund, centre. Bloomberg -
Another busy concourse at the event. Bloomberg -
Omar Alsenayen of Jeddah Central Development Company, centre. Bloomberg -
The opening ceremony of the FII conference on a digital screen in the lobby of the Exhibition and Conference Centre at the Ritz Carlton Hotel in Riyadh. Reuters -
Arriving at the conference. AFP -
The queue at the entrance of the FII conference. Bloomberg
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.
