Non-oil revenues increased to 369 billion riyals

The growth rates of the non-oil economy increased from 0.2% in 2016 to about 5.4% during the first half of 2021, driven by the increase in private investments and the growth of various productive and service activities, while non-oil revenues rose to 369 billion riyals, Minister of Finance Mohammed bin Abdullah Al-Jadaan explained The directives of the leadership and the concerted efforts of the concerned authorities contributed to the continuation of the gradual recovery of the Saudi economy, noting that the Ministry of Finance, in partnership with the National Center for Government Resource Systems, received, until the end of August of this year, through the digital credit platform, more than 623,000 payment orders, With a value exceeding 575 billion riyals, and disbursement procedures worth approximately 568 billion riyals were completed within 15 days (a rate of more than 98% of the value of the payment orders received).

The volume of trading in the local secondary debt markets increased by more than 70 billion riyals in the year 2020, compared to 10 billion riyals in 2019. The indirect lending initiative contributed to financing small and medium enterprises with amounts estimated at 642 million riyals to serve 611 small and medium enterprises. Supporting corporate sustainability and the Project Support Fund initiative have contributed to supporting private sector enterprises to enhance their role in the economic system in order to achieve the goals of the Kingdom’s Vision 2030, and the volume of financing approvals by the end of the year 2020 reached 4 billion riyals, and the payment of loan installments due during the year 2020 was postponed, and procedures were eased. To face the repercussions of the Corona pandemic. He noted the efforts made to develop the Saudi stock market “Tadawul”, as the total number of listed companies and funds increased by 7.6% to reach 213 companies, compared to 198 companies at the end of 2017, bringing the value of foreign investors’ ownership in the Saudi financial market by 195.9% to reach 208.3 billion riyals. By the end of 2020, with an ownership rate of 12.8% of the total free shares in the main market, compared to the value of foreign investments amounting to 70.4 billion riyals at the end of 2017, while the volume of assets under management amounted to 612 billion riyals at the end of 2020, compared to 391 billion riyals at the end of 2017, an increase The rate is 57%.

The Minister of Finance indicated that since the launch of the Kingdom’s Vision 2030, the levels of the state’s public finance deficit have been controlled from 15.8% in 2015 to 4.5% in 2019, and it is expected to reach lower levels in the current year’s 2021 budget after the financial and economic effects recede from the repercussions of the pandemic ( COVID-19) as a result of initiatives to develop non-oil revenues, which rose from 166 billion riyals in 2015 to 369 billion riyals in 2020.

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