Saudi Arabia on Tuesday approved its budget for next year with spending of 1.31 trillion Saudi riyals ($350 billion) and an estimated deficit of 165.4 billion riyals ($44 billion), as it continues to fund its economic diversification plan.
The budget forecasts revenue of 1.15 trillion for 2026, an increase of 5.1 per cent on this year, the Ministry of Finance said. Revenue this year is estimated at 1.09 trillion riyals, a decline of around 7.8 per cent compared with previous estimates, mainly due to lower oil prices.
Spending for this year is estimated at 1.336 trillion riyals, an increase of 4 per cent on the approved budget, as a result of “the ongoing efforts to support promising sectors in order to achieve the objectives of Saudi Vision 2030, diversify the economic base, and achieve inclusive growth”, the ministry said.
The government remains focused on the implementation of giga-projects and top-priority national strategies in line with the objectives of Saudi Vision 2030, the ministry said. This includes developing infrastructure, improving the quality of life and enhancing public services.
The ministry expects a budget deficit of 245 billion riyals in 2025, accounting for 5.3 per cent of GDP.
The 2026 budget was approved by Crown Prince Mohammed bin Salman, who also directed ministers and officials to commit to “implementing the programmes, strategies, and development and social projects included in the budget, consistent with the goals of the Saudi Vision 2030”, the Saudi Press Agency reported.
Real GDP growth is expected to increase to 4.6 per cent in 2026, up from 4.4 per cent this year, supported by a 5 per cent growth in non-oil activities. Inflation is forecast to decline to 2 per cent next year from 2.3 per cent in 2025.
Saudi Arabia’s non-oil private sector business activity expanded at its fastest rate in 10 months in November, driven by higher sales, rapid hiring and increased purchases, according to the seasonally-adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index released by S&P Global on Wednesday.
While the headline PMI slipped to 58.5 in November, from 60.2 in October, it remained well above the 50 mark that separates growth from contraction, indicating a strong improvement in business conditions, the survey found.
The kingdom is pushing to reform its economy and cut its reliance on the sale of hydrocarbons to generate revenue. Developing non-oil sectors and further boosting foreign direct investment are central planks of the kingdom’s Vision 2030 agenda. The reforms span sectors including property, investment, tourism and technology.
From the beginning of this year until the third quarter, GDP grew by 4.1 per cent annually, driven by a 4.7 per cent increase in non-oil activities, the ministry said.
“This is attributed to growing domestic demand, reflected in higher consumption and investment, resulting from expansion across diverse economic sectors,” it said.
“It is also due to the impact of continued economic diversification which supported the growth of non-oil activities and enhanced the role of the private sector and its ability to create jobs and attract investment.”
The percentage share of non-oil revenue covering total spending in the budget is expected to grow from 17 per cent in 2015 to around 37.5 per cent by the end of this year, the ministry said.
The total public debt balance is expected to reach about 1.45 billion riyals this year, rising to 1.62 billion riyals in 2026.
The kingdom has recorded a rise in foreign direct investment, with net inflows reaching about 46.5 billion riyals in the first half of this year, up more than 29 per cent annually, the ministry said.
AI and energy deals take shape at Saudi-US business forum
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
Terror attacks in Paris, November 13, 2015
– At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany– At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people– Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed– Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest– He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
More about Middle East geopoliticsNeed to know
Unlike other mobile wallets and payment apps, a unique feature of eWallet is that there is no need to have a bank account, credit or debit card to do digital payments.
Customers only need a valid Emirates ID and a working UAE mobile number to register for eWallet account.
Company%20profile
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What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
More on Turkey’s Syria offenceThe biog
Job: Fitness entrepreneur, body-builder and trainer
Favourite superhero: Batman
Favourite quote: We must become the change we want to see, by Mahatma Gandhi.
Favourite car: Lamborghini
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
What is the definition of an SME?
SMEs in the UAE are defined by the number of employees, annual turnover and sector. For example, a “small company” in the services industry has six to 50 employees with a turnover of more than Dh2 million up to Dh20m, while in the manufacturing industry the requirements are 10 to 100 employees with a turnover of more than Dh3m up to Dh50m, according to Dubai SME, an agency of the Department of Economic Development.
A “medium-sized company” can either have staff of 51 to 200 employees or 101 to 250 employees, and a turnover less than or equal to Dh200m or Dh250m, again depending on whether the business is in the trading, manufacturing or services sectors.
The Prison Letters of Nelson Mandela
Edited by Sahm Venter
Published by Liveright
UAE%20Warriors%2033%20Results
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THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
TERMINAL HIGH ALTITUDE AREA DEFENCE (THAAD)What is THAAD?
It is considered to be the US’s most superior missile defence system.
Production:
It was created in 2008.
Speed:
THAAD missiles can travel at over Mach 8, so fast that it is hypersonic.
Abilities:
THAAD is designed to take out ballistic missiles as they are on their downward trajectory towards their target, otherwise known as the “terminal phase”.
Purpose:
To protect high-value strategic sites, such as airfields or population centres.
Range:
THAAD can target projectiles inside and outside the Earth’s atmosphere, at an altitude of 150 kilometres above the Earth’s surface.
Creators:
Lockheed Martin was originally granted the contract to develop the system in 1992. Defence company Raytheon sub-contracts to develop other major parts of the system, such as ground-based radar.
UAE and THAAD:
In 2011, the UAE became the first country outside of the US to buy two THAAD missile defence systems. It then stationed them in 2016, becoming the first Gulf country to do so.
SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2-litre%204-cylinder%20petrol%20(V%20Class)%3B%20electric%20motor%20with%2060kW%20or%2090kW%20powerpack%20(EQV)%0D%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20233hp%20(V%20Class%2C%20best%20option)%3B%20204hp%20(EQV%2C%20best%20option)%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20350Nm%20(V%20Class%2C%20best%20option)%3B%20TBA%20(EQV)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3EMid-2024%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3ETBA%0D%3C%2Fp%3E%0A
Company%C2%A0profile
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Scream%20VI
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What are the influencer academy modules?
Mastery of audio-visual content creation.
Cinematography, shots and movement.
All aspects of post-production.
Emerging technologies and VFX with AI and CGI.
Understanding of marketing objectives and audience engagement.
Tourism industry knowledge.
Professional ethics.
BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China’s MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
KILLING OF QASSEM SULEIMANIGetting%20there%20
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