HRH the Crown Prince Reaffirms Commitment to Diversifying and Expanding the Kingdom's Economic Base and Strengthening its Financial Position, Following 2025 Budget Announcement

Following the approval of the Kingdom's general budget for the fiscal year 2025, today, 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 highlighting the Kingdom's significant local, regional, and international achievements, including advanced positions in global indices, which underscore the robustness of Saudi Arabia's financial standing, the government's success in navigating global economic challenges and its dedication to fulfilling the goals of Vision 2030.
 The Crown Prince said the 2025 budget demonstrates the government's commitment to the country's advancement and citizen welfare, and attributed the nation's accomplishments to Allah, to the leadership of Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, and to the diligent efforts of the Kingdom's citizens.
 The Crown Prince also emphasized the role of government spending in diversifying the Kingdom's economy by focusing on empowering promising sectors, boosting the investment environment, and stimulating industries. He highlighted the efforts to increase local content and non-oil exports, while continuing to implement programs to realize the Kingdom's Vision 2030 and national strategies, and enhancing the private sector's role in contributing to investment projects, an approach that enables the government to maintain its focus on comprehensive and sustainable economic development.
 The government's efforts continue, guided by systematic planning for the medium and long term, taking into account regional and global economic developments and challenges to ensure the achievement of strategic goals while preserving economic gains and maintaining financial sustainability.
 The Crown Prince stressed that the positive indicators of the Saudi economy are a result of the ongoing reforms under Vision 2030. The Kingdom is projected to have the second-fastest GDP growth rate among major economies next year, estimated at 4.6%. This growth is fueled by the increasing contribution of non-oil activities, which reached a record 52% in 2024.
 Additionally, the unemployment rate for Saudis fell to a historic low of 7.1% by the second quarter, nearing the Vision 2030 target of 7%. The participation rate of Saudi women in the labor market rose to 35.4% until the second quarter, surpassing the vision's goal of 30%.
 Net foreign investment inflows totaled SAR21.2 billion in the first half of 2024, reflecting the government's commitment, under the leadership of the Custodian of the Two Holy Mosques, to supporting all segments of society.
 The Crown Prince emphasized the crucial role of the Public Investment Fund and National Development Fund, along with its development funds, in supporting economic stability and driving comprehensive development. These funds are pivotal to diversifying the Kingdom's economy and fostering investment, to achieve the objectives of Vision 2030.
 His Royal Highness said that the 2025 budget underscores the commitment to strengthening the robustness and flexibility of the Kingdom's economy, which is growing rapidly and creating unprecedented opportunities. This is achieved by maintaining sustainable levels of public debt and substantial government reserves, along with a flexible spending policy that enables the Kingdom to address global economic challenges and fluctuations.
 He noted that the financial reforms implemented by the Kingdom, through the government's adoption of financial policies that maintain financial sustainability and efficient financial planning, have positively impacted its credit ratings.
 The Crown Prince also affirmed the government's commitment to fostering economic growth through transformational spending, while ensuring financial sustainability in the medium and long term. He highlighted efforts to increase the private sector's role in the economy, enabling it to become the primary driver of economic growth by creating a conducive investment environment and supporting small and medium enterprises. This strategy aims to build a strong and promising business sector that boosts the capabilities of human resources in various projects, and enables the government to remain focused on promoting economic growth to ensure financial sustainability and the continuation of projects with economic and social benefits. Additionally, efforts will persist in developing infrastructure and improving the quality of essential services for citizens, residents, and visitors.
 The Crown Prince emphasized that the fiscal year budget 2025 reaffirms the Kingdom's commitment to continuing regulatory and structural reforms and developing policies aimed at enhancing the standard of living, empowering the private sector, and improving the business environment. This includes preparing an annual borrowing plan in line with the medium-term debt strategy, which aims to maintain debt sustainability, diversify local and foreign financing sources, and access global debt markets.
 He highlighted the Kingdom's pivotal role in supporting regional and global economic and financial stability, leveraging its robust economy to overcome challenges.
 Acknowledging the fact that the Saudi economy is an integral part of the global economy, the Crown Prince said that it is subject to global developments, like any other economy, and this necessitates continuous efforts to address global challenges, through long-term financial planning. He added that the focus remains on achieving and implementing programs and initiatives while committing to efficient spending, and ensuring the meticulous and transparent execution of all budget items, and on completing the programs and projects outlined in Vision 2030, and the national and sectoral strategies.
 The Crown Prince emphasized the Kingdom's clear approach and highlighted that the government's primary goal, under the leadership of the Custodian of the Two Holy Mosques, is to serve citizens and residents, safeguard the development achieved so far, and continue humanitarian endeavors, both domestically and internationally, in line with the teachings of true Islam.
 He reaffirmed commitment to utilizing all resources and efforts to achieve these objectives, seeking guidance from Allah, and expressed confidence in the talent and capabilities of the nation's sons and daughters, who are eager to innovate, produce, and contribute to achieving the vision of a vibrant society, a thriving economy, and an ambitious nation.