FY 2025 Budget approved with $27bn deficit forecast
Saudi Arabia the state budget for fiscal year 2025 with revenues projected at SR1.18 trillion ($315.73 billion) and expenditure at SR1.28 trillion, leading to a deficit of SR101 billion. Saudi Arabia’s Real GDP growth is projected at 4.6 percent in 2025, up from the 0.8% in 2024
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Moody’s upgrades Saudi Arabia’s rating on economic diversification efforts
Moody’s upgraded Saudi Arabia’s sovereign credit rating to Aa3, citing progress in economic diversification and prudent fiscal management. The agency’s fourth-highest grade reflects confidence in KSA to sustain forecasted deficits of 2%-3% per year through 2030, supported by a low debt to GDP ratio. -
First three lines of Riyadh Metro to open this week
The Riyadh Metro is part of the King Abdulaziz Project for Riyadh Public Transport and will consist of six metro lines spanning a total length of 176 kilometres (109 mi), with 84 stations. The project will cost $22.5 billion to build.[ -
Saudi has localized about 20% of its military spending
Saudi Arabia has localized 19.35% of its military spending, a significant increase from 4% in 2018, with plans to exceed 50% by 2030 according to Eng. Ahmed Al-Ohali, Governor of the General Authority for Military Industries (GAMI). -
Spike Lee to head Red Sea International Film Festival Jury
Spike Lee will preside over the jury of the fourth edition of Saudi Arabia‘s Red Sea Film Festival.
More From SUSTG
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Design revealed for 92,000-seat venue to be flagship of 2034 FIFA World Cup
Saudi Arabia unveiled plans on Tuesday for the King Salman International Stadium, a 92,000-seat venue designed to host the opening and final matches of the 2034 FIFA World Cup. Located in northern Riyadh, the stadium will be the largest in the country and is scheduled for completion in 2029. -
Misk Global Forum 2024 underway in Riyadh
The Misk Global Forum 2024 is taking place in the Mohammed Bin Salman Nonprofit City "Misk City," centered around the theme: "By Youth for Youth." -
Saudi FM participates in G20 Summit in Brazil
The G20 2024 summit is being held in Rio de Janeiro, Brazil on November 18 and 19 with a focus on the fight against hunger, poverty and inequality; sustainable development and reform for global governance. -
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IMF and Saudi Arabia to hold annual conference on emerging markets
The Al-Ula Conference for Emerging Market Economies will convene a select group of emerging markets’ ministers of finance, central bank governors, and policymakers, as well as public and private sector leaders, international institutions, and academia. -
Saudi leads growing MENA cinema market
New Omdia analysis shows the MENA cinema market is poised for substantial revenue growth, projected to increase from $900 million in 2024 to $1.5 billion by 2029. The Kingdom of Saudi Arabia is expected to play a pivotal role, contributing nearly two-thirds of the region's cinema revenue by 2029.
