Saudi Press

Saudi Arabia and the world
Sunday, Dec 01, 2024

Saudi Arabia Projects Economic Growth Amid 2025 Budget Deficit, Launches Tourist VAT Refund to Boost Non-Oil Revenue

Saudi Arabia anticipates a SR101 billion deficit in 2025, projects 4.6% GDP growth with drives in non-oil sectors, and plans a VAT refund for tourists to boost economy.
Saudi Arabia is forecasting a SR101 billion deficit in its 2025 budget due to increased spending, while projecting a 4.6% GDP growth supported by non-oil sectors as part of its Vision 2030 economic diversification drive.

Complementing these diversification efforts, Saudi Arabia will launch a VAT refund system for tourists in 2025 to boost tourism and grow non-oil revenues, aiming to attract 127 million visitors and achieve SR346.6 billion in tourism spending.

Expanding on its ambitious plans, Saudi Arabia revealed progress on the Expo 2030 in Riyadh at a Paris assembly, highlighting themes centered on global collaboration and sustainability, supported by strategic planning from the Riyadh Expo Development Company.

Meanwhile, over in Turkey, the country has scaled back its F-16 purchases from the US and will now focus on domestic upgrades, showcasing its renewed ambitions in fighter jet capabilities with plans to purchase 40 F-16 Block-70 Vipers.

In a bid for peace in another region, a ceasefire between Israel and Hezbollah has been hailed by global leaders as a crucial step toward regional stability, with support from US and French presidents highlighting the importance of protecting Israel and boosting the Lebanese army.

However, hopes for peace face challenges as Israeli airstrikes in Gaza have claimed 15 lives amid the ongoing ceasefire efforts with Hezbollah, reflecting the complex dynamics in the region even as the newly brokered ceasefire begins.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Israel Offers $5 Million for Each Gaza Hostage Freed
CIA Official Arrested for Leaking Intelligence on Israel-Iran Conflict
A Chinese retail chain has swapped out traditional mannequins for real women walking on treadmills, displaying their clothing in action.
Iranian Man Charged in Plot to Assassinate Donald Trump
IMF Projects Economic Growth for Middle East as Saudi Arabia Emerges as a Tech and Investment Powerhouse
Saudi Arabia Commits $25 Billion to Strengthen Economic Ties with Africa Amid Vision 2030 Goals
Saudi Arabia Crown Prince, Mohammed Bin Salman calls for Netanyahu to be held criminally responsible for crimes against Palestinians
Escalating Conflicts, Legal Battles, and Global Alliances: A Snapshot of Today's International Headlines
Saudi Arabia's Vision 2030: Advancing Tourism, Sports, and AI in Urban Transformation
Middle East in Turmoil: Yemen's Outcry Over Custody Death, Hezbollah Leadership Hit, and Saudi Arabia's Bold Economic Moves
Madinah's Tourism Boom: A 124% Surge as UN Tensions Escalate and Saudi Arabia Expands Opportunities for Women
Blinken Sees Opportunity in Hamas Leader's Death
Israel Eliminates Successor of Hezbollah Leader Hassan Nasrallah
Egypt Shifts Energy Goals Amid Gas Challenges; Saudi Arabia Celebrates Military and Culinary Achievements; Moldovans Vote on EU Alignment
Israeli Airstrike Targets Hezbollah's Financial Resources
Farewell to Liam Payne: A Tribute Amidst Saudi Arabia's Transformative Cultural and Technological Advancements
Heartwarming Rescue: Saudi Stray Cats and Dogs Find New Homes in the Philippines Through Global Efforts
Saudi Aid Lands in Beirut, Saudi Culture Celebrated in Mauritania, and Global Reactions to Middle East Tensions
Global Challenges and Triumphs: From Middle East Peace Calls to Historic Sports Achievements
Global Tensions and Diplomatic Moves: From King Charles's Australian Tour to Rising Middle Eastern Conflicts
Global Tensions Rise: Harris Challenges Trump in Michigan, Humanitarian Efforts Expand, and Middle East Conflicts Escalate
Escalating Middle East Tensions Highlight Multifaceted Security Challenges and Political Maneuvering on Global Stage
Global Tensions and Local Debates: Key Highlights from Monarchical Visits to Criminal Justice Reforms
From Art Tributes to Legal Disputes: Global Interconnections in Justice and Humanitarian Efforts
Saudi Arabia's Global and Domestic Initiatives: From Humanitarian Aid to Economic Growth and Disaster Preparedness
Tragic Loss, Diplomatic Moves, and Global Struggles: Key Stories Shaping Our World Today
Global Tensions and Crises: Humanitarian Challenges in Gaza, Rising Gang Violence in Sweden, and Political Complexities in South Asia
EU Frustration, Saudi Growth, and Green Initiatives: A Global Snapshot of Economic and Cultural Developments
French Cement Giant Lafarge Faces Trial for Terror Financing; Global Stories Unfold: Fake Bomb Threats in India, Egypt-Iran Diplomacy, and Student Debt Relief in the US
Hong Kong's Rare Conviction of Policemen, Rising Oil Prices, and Global Geopolitical Tensions: A Worldwide Snapshot
Global Tensions and Humanitarian Crises: U.S.-Israel Talks, Ukraine Conflict, and India-Canada Diplomatic Strain
Xi Jinping Urges Troops to Prepare for Conflict Amid Taiwan Drills
Netanyahu Condemns Alleged Hezbollah Assassination Attempt
Israeli Leaflet Campaign in Gaza: A Critical Update
Saudi Arabia Launches Global Harmony Initiative Amid Escalating Middle East Tensions
Surge in Bomb Threat Hoaxes Strikes Indian Airlines Amidst Weather Chaos and Global Economic Shifts
Global Turmoil: Hoax Bomb Threats Disrupt Indian Flights, Russian Sailor's Survival Story, and Calls for Clemency Shake U.S. Justice
Global Shifts: Sudan's Crisis, Middle East Tensions, and the Push Towards Green Energy
Elon Musk's $75 Million Donation Boosts Pro-Trump Efforts Amid Global Political Shifts
Global Shifts: China-U.S. Diplomacy, Korean Tensions, Middle Eastern Peace Calls, EU Initiatives, and Indonesia’s Halal Compliance
Hamas Chief Yahya Sinwar Killed in Israeli Operation
Biden Praises Israel's Military Action Against Hamas Chief Yahya Sinwar
Yahya Sinwar’s Death Marks Pivotal Moment in Gaza War
Global Tensions Surge: Hate Crime in Maryland, Rising Middle Eastern Conflicts, and US Political Drama Unfold
Hezbollah Deputy Chief Calls for Ceasefire Amidst Escalating Conflict with Israel
US Warns Israel of Potential Aid Cuts Over Gaza Assistance Delays
Global Solar Initiatives Surge in Saudi Arabia Amidst Rising Middle East Tensions
Israeli Airstrike in Lebanon Sparks UN Investigation Calls Amid Rising Regional Tensions and Global Responses
Saudi Arabia Champions Cultural and Diplomatic Initiatives for Middle East Stability and Palestinian Support
Turkiye Protests Intensify Amid Rising Femicides as Global Tensions Escalate and EU-GCC Summit Approaches
×