Saudi Arabia's 2025 Budget: Crown Prince Highlights Vision 2030 Progress and Economic Resilience
Riyadh, November 25, 2024 (Saudi Arabia Breaking News) – His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister, and Chairman of the Council of Economic and Development Affairs, issued a statement today following the approval of Saudi Arabia’s 2025 fiscal budget. He emphasized the Kingdom’s significant achievements locally, regionally, and internationally, attributing its progress to Vision 2030 reforms and sound financial policies.
The Crown Prince underscored the government’s commitment to advancing citizen welfare, fostering economic diversification, and enhancing non-oil revenues. “The 2025 budget reflects the leadership of the Custodian of the Two Holy Mosques and the diligent efforts of Saudi citizens,” he said, praising their contributions to the nation’s development.
Key achievements highlighted include:
GDP Growth: Saudi Arabia is projected to have the second-fastest GDP growth among major economies in 2025, driven by non-oil activities, which accounted for 52% of economic output in 2024.
Employment Progress: The unemployment rate for Saudis dropped to a historic low of 7.1%, nearing Vision 2030 targets, while Saudi women’s workforce participation rose to 35.4%, surpassing the goal of 30%.
Foreign Investments: Net foreign investment inflows reached SAR 21.2 billion in the first half of 2024, reflecting growing confidence in the Kingdom's economy.
The Crown Prince also stressed the importance of financial sustainability, highlighting fiscal reforms and policies that have positively impacted the Kingdom’s credit ratings. He reiterated the role of the Public Investment Fund (PIF) and the National Development Fund in driving economic diversification and creating investment opportunities.
The 2025 budget prioritizes:
Strengthening the private sector's role as the main driver of economic growth.
Supporting small and medium enterprises and fostering a robust business environment.
Continuing infrastructure development and improving essential services for citizens and residents.
Implementing programs and initiatives under Vision 2030 while ensuring financial sustainability.
Prince Mohammed bin Salman reaffirmed Saudi Arabia’s commitment to regional and global economic stability, noting the Kingdom’s role in addressing global challenges. He emphasized transparency and efficiency in the implementation of budgetary programs, with a continued focus on sustainable growth and humanitarian efforts.
“Our goal remains clear: to serve citizens and residents, safeguard development achievements, and continue building a vibrant, thriving, and ambitious nation,” he said, expressing confidence in the talent and capabilities of Saudi youth in driving the Kingdom’s vision forward.