Concentration on Growth: Saudi Arabian General Budget Set for 2024

*By: Prof. Alaa Alghamdi

The budget will allocate resources to selected areas strategically and efficiently, aiming to drive growth and improve citizens’ daily experiences. The expenditures have been broken down as follows: 269 billion has been allocated toward the military; 216 billion has been directed toward what’s referred to as “General Items”; 214 billion goes toward health and social development programs; 195 billion is allocated toward the education sector; 112 billion is reserved for the security sector and Regional Administration; 84 billion will be directed towards economic resources and related sectors; 81 billion is geared toward financing the Municipal Services sector; 43 billion has been allocated toward the Public Administrative sector; and finally, 38 billion will be invested in our Infrastructure and Transportation sectors. These figures were brought to the forefront by H.E. Mohammed Al-Jadaan, Minister of Finance, on Wednesday, the 6th of December. In all, the mindset behind the planning for this budget is, as it has been in prior budgets set, geared toward advancing all of the set goals established in the Vision 2030 program, lessening the reliance on Saudi’s natural resources while diversifying revenue streams, and advancing the nation’s quality of life (among other goals peppered throughout the program). During the press conference, Al-Jadaan provided a detailed account of the budget for the year 2024, outlining its plans to continue the current trajectory of success. This success will be achieved by aligning the budget with national strategies closely linked to the goals at play in the aforementioned Vision 2030 and other national priorities. The budget will reinforce the country’s commitment to achieving long-term sustainable development.

Furthermore, Al-Jadaan highlighted that the 2024 budget will prioritize investments that promote innovation and research development. This will ensure that the country remains at the forefront of technological advancements while creating new opportunities for businesses and entrepreneurs. At the budget presentation, HRH the Crown Prince and Prime Minister Mohammed Bin Salman made an appearance to support the proposal aimed at stabilizing government revenues and investing in sustainable economic growth. King Salman emphasized the importance of development and social programs and projects, urging ministers and senior officials to actively engage in the implementation of the proposed budget.