The Saudi Minister of Finance, Mohammed Al-Jadaan, expected that the Saudi non-oil economy would grow by 5 percent during the current and next year, noting that "the Kingdom attracts large foreign investments compared to previous years."
Al-Jadaan explained that "these results came as an effect of the Kingdom's vision 2030, where non-oil revenues double and the economy began to grow significantly and recovered from the pandemic," affirming that "the non-oil economy is increasingly contributing to the Saudi budget, reflecting the achievement of the goals of Vision 2030," noting that "the same expectations remain that the GDP deficit will reach 2.7% by the end of the year."
He pointed out that "the level of investment and consumption rose to before the pandemic, expecting this performance to remain and the growth of the domestic product to continue," noting that "non-oil GDP is important for the Kingdom, as attention is currently focused on diversifying the economy."
Al-Jadaan emphasized: "our debt strategy is clear in terms of size, ceiling and distribution between foreign and local issuance," noting that "47 percent of the Kingdom's debt issuances are local, while the Ministry of Finance is studying the issuance of green bonds, but the timing depends on market conditions," explaining that “lending through green instruments or ordinary bonds and sukuk is not only related to deficit financing, but also serves other purposes of public finance in a broader scope.”
Source (Al-Arabiya.net website, Edited)
