Expectations of an increase in oil revenues of 100 billion riyals from current estimates

Jadwa Investment expects an increase in government oil revenues by 100 billion riyals from current estimates. She said: The total Saudi revenues in the first half of 2020 amounted to 224 billion riyals, indicating that they were greatly enhanced thanks to the dividends from Aramco, and that they paid 119 billion riyals to the Ministry of Finance during that period. In a recent report, Jadwa added, commenting on the preliminary statement of the 2021 budget, that looking to the future, taking into account the revised estimates of the Ministry of Finance, and based on its estimates that Brent crude prices for 2020 as a whole will reach about $ 43 a barrel, it expects the revenue State oil is at least 100 billion riyals higher than its current estimate, at 353 billion riyals. Government oil revenues decreased 35% in the first half of 2020 to 224.49 billion riyals, compared to 343.99 billion riyals in the first half of 2019, and the Ministry of Finance had expected government oil revenues to reach 513 billion riyals in the current year compared to 594.42 billion riyals in 2019, according to a statement. The state’s general budget for the fiscal year 2020. Jadwa Investment expects that there will be an additional amount of 78 billion riyals in tax revenues in 2021, after increasing the value-added tax from 5% to 15%, assuming the value-added tax remains unchanged. As for spending, Jadwa said: She believes that most of the reallocation amounts within the 2020 budget have been included in the continuation of financial measures to support the private sector.

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