Saudi Arabia has increased its expenditure in the health and education sectors in the first half of 2022 according to recent figures published by the government.
These sectors account for 39% of total budget spending and equal SAR 197.9 billion (USD 52.6 billion) out of a total of SAR 512.9 billion (USD 136.8 billion) respectively.
The education sector amounted to SAR 98.3 billion (USD 26.21 billion) equivalent to 53.1% of its approved budget. Spending in the health and social development sector amounted to SAR 99.5 billion (USD 26.5 billion) equivalent to 72% of its approved budget.
In contrast, Saudi Arabia’s oil revenues soared 89% year-on-year in the second quarter of 2022, helping the country post a SAR 77.9 billion (USD 20.8 billion) budget surplus. Consequently, revenues reached SAR 250.4 billion (USD 66.8 billion) in the three months to June, compared to SAR 132.1 billion (USD 35.2 billion) in the same period in 2021.
Furthermore, oil exports reached SAR 112.5 billion (USD 30 billion) in March, the highest in six years, according to Bloomberg News. The rally in oil prices combined with rising production increased the value of crude exports by 123% to almost SAR 3.75 billion (USD 1 billion) per day.
The Organization of Petroleum Exporting Countries (OPEC+) and its allies have been gradually boosting crude production with prices trading around SAR 375 (USD 100) a barrel. Therefore, observed seaborne shipments from the Kingdom of Saudi Arabia reached 7.5 million barrels a day last month, compared to 6.6 million barrels a day in June as per Bloomberg data.
Business Start Up Saudi Arabia has a network of subject matter experts and specialists to assist with activities throughout the lifecycle of a business in the Kingdom of Saudi Arabia. The activities include Market Research & Assessment Saudi Arabia, Saudi Arabia Business Case, Saudi Arabia Business Model Development, Feasibility Study / Business Plan Saudi Arabia, Organizational & Operational Structuring Saudi Arabia, Saudi Arabia Sponsorship & Partnership, Company Formation Saudi Arabia and many others.
Please click on the link to learn more about opportunities and possibilities in the Kingdom of Saudi Arabia as well as the initiatives of Business Start Up Saudi Arabia.
Saudi Arabia`s Ministry of Investment recently released updated statistics detailing foreign direct investment (FDI) into the Kingdom. The new methodology is preferred by the International Monetary Fund...Read more
Saudi Arabia`s Public Investment Fund (PIF) recently announced it would comply with the Global Investment Performance Standards (GIPS) from the Chartered Financial Analyst (CFA) Institute.
The sovereign...Read more
Saudi Arabia’s Ministry of Investment is offering a premium residency to executives based at regional headquarters. The initiative is part of its ongoing efforts to enhance its business environment and...Read more
State owned Saudi Venture Capital (SVC) is investing SAR 112 million (USD 30 million) in a fund that will finance startups and growth-stage companies from Saudi Arabia and the Middle East.
Saudi ministers recently discussed enhancing co-operation in trade and cultural sectors with their United Kingdom (UK) counterparts on the sidelines of the GCC Ministers of Trade and Industry meeting in...Read more
Business StartUp Saudi Arabia would like to congratulate the Kingdom of Saudi Arabia and its people on the occasion of Saudi National Day 2023!
On this day in 1932, the Sultanate of Najd and the Kingdom...Read more
Saudi Arabia recorded tourist revenue of SAR 37 billion (almost USD 10 billion) as the sector witnessed a massive surplus due to an unprecedented travel boom in the Kingdom.
According to figures released...Read more
Saudi Arabia`s National Development Fund (NDF) recently announced its participation in financing the largest renewable energy project in the country.
The Shuaiba project is a partnership between Saudi...Read more