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.
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.
