Saudi non-oil revenue rose 48% YoY in Q3: Al Jadaan

Saudi Arabia’s non-oil revenue increased by 48 percent year-on-year (YoY) to SAR 211 billion at the end of the third quarter, the Kingdom’s finance minister Mohammed al-Jadaan, said on Thursday at the ongoing Future Investment Initiative (FII) conference in Riyadh.

Terming it as a ‘significant achievement’ the minister said this is due to self-initiatives that have been implemented.

“We ended up with significant reduction in the reliance on one volatile commodity,” he said.

At the same time, Saudi Arabia’s expenditure has been increased as efforts are on to make sure the economy grows and ministries need to spend on their plans in accordance with Vision 2030.

“Our expenditures have increased 25 percent by the end of the third quarter,” he said, adding that “we’re going to reduce our deficit even more than the budget, we’ve increased our non-oil revenue and increased our expenditure to fuel the economy and enable the growth.”