QUOTED

“Public revenue is budgeted to be $222 billion, 62 percent of which is attributed to the oil revenue and 38 percent to the non-oil revenue. The budgeted expenditure for 2020 is $272 billion, out of which about 50 percent is allocated to employee compensation. At 19 percent, education has the largest allocation in terms of sectors, followed by military, with an allocation of 18 percent.”

Global Accounting Firm KPMG, in its newly-published KSA 2020 Budget Report

TOP STORY

2020 BUDGET

A Look at Saudi Arabia’s 2020 Budget

Crown Prince Mohammed bin Salman with King Salman in Riyadh.

This week, Saudi Arabia unveiled its 2020 budget, which signals an end to the expansionary trend of recent years, assumes lower oil prices than in 2019, and continues to invest in the economic diversification as outlined in the Kingdom’s Vision 2030 economic and social reform plans. [more]

 

MORE TOP STORYLINES

Saudi Aramco hits $2 trillion market cap on second day of trading

Via Natasha Turak in cnbc.com : Share rose 10% to 38.7 riyals apiece ($10.32) but slipped back to 37 riyals within minutes of the market open.

Saudi Arabia May Tap Debt Market in January to Cover Deficit

Via Vivian Nereim and Sarah Algethami in bloomberg.com : Most of the debt will be local and about 45% will be raised overseas through sukuk and conventional bonds, Fahad Al-Saif, head of the Finance Ministry’s debt management office, said in an interview on Wednesday. The country will also refinance roughly 44 billion riyals ($11.7 billion) of existing local debt, he said.

Saudi university launches Kingdom’s first self-driving buses

Via Aseel Bashraheel in arabnews.com : Two driverless shuttles, nicknamed Olli and EZ10, will undergo trials on the King Abdullah University of Science and Technology (KAUST) campus with a view to starting regular commuter services for students and staff early next year.

 

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