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Arab News
10-05-2025
- Business
- Arab News
Saudi Arabia's Q1 2025 budget: Managing deficits, driving growth
Saudi Arabia's first-quarter 2025 budget results highlight the ongoing challenge of balancing economic growth with social responsibility. The quarter ended with a $15.6 billion budget deficit, as revenues totaled $70.3 billion and expenditures reached $85.9 billion. The deficit resulted from a 10 percent decline in total revenues, mainly due to an 18 percent drop in oil revenues, which fell to $39.9 billion as Saudi Arabia maintained production cuts in line with OPEC+ policies. Despite the shortfall, the government remains committed to economic and financial reforms under Vision 2030, aiming to strengthen long-term fiscal sustainability and accelerate diversification beyond oil. Non-oil revenues rose by 2 percent, reflecting ongoing efforts to broaden revenue sources. This growth was driven by strong first-quarter economic indicators, particularly a 12.3 percent annual surge in consumer spending. Contributing factors included a 46.3 percent jump in e-commerce, a 25.7 percent rise in SADAD payments, and an 8 percent increase in point-of-sale transactions. These trends indicate robust consumer confidence and sustained momentum in domestic demand and financial activity. Additionally, the Purchasing Managers' Index — a key indicator of non-oil private sector performance — averaged 59 points in the first quarter of 2025, maintaining a four-year streak above the 50-point threshold. Notably, the index climbed to 60.5 points in January 2025, its highest level since 2014. This surge highlights strong business confidence and reflects optimistic growth expectations at the start of the year, reinforcing the resilience and momentum of Saudi Arabia's economic expansion. On the labor market front, the overall unemployment rate declined to 3.5 percent by the fourth quarter of 2024, down from 3.7 percent in the previous quarter. Unemployment among Saudis also dropped to a historic low, reaching the Vision 2030 target of 7 percent in the fourth quarter — down from 7.8 percent — marking a 0.8 percentage point decline. The government is also working to enhance the efficiency of the social support system and foster a more dynamic investment environment in pursuit of Vision 2030 targets. Spending on social benefits surged by 28 percent, exceeding $8 billion in the first quarter of 2025, compared to $6.4 billion in the same period of 2024. This increase underscores the government's commitment to prioritizing citizen welfare by enhancing healthcare, education, and social support programs aimed at improving quality of life. It is important to note that the first-quarter 2025 budget deficit was anticipated and strategically planned, reflecting the government's proactive approach to economic restructuring. The Kingdom's ongoing financial and structural reforms have achieved key objectives, strengthened economic resilience, and established a solid foundation for sustainable growth and diversification. This is particularly evident in the continued expansion of non-oil activities, which remain robust despite global economic challenges. These reforms have also helped offset the impact of declining oil activity by fostering income diversification, promoting a dynamic business environment that empowers the private sector, and providing targeted support to high-potential industries — all contributing to sustained economic growth and stability. This progress affirms the Kingdom's commitment to fiscal sustainability and long-term economic growth, guided by strategic fiscal planning and supported by available fiscal space. Furthermore, the government remains committed to implementing transformational initiatives and strategic projects that drive comprehensive development across all sectors of the Kingdom. The government also aims to diversify the economic base, support sustained economic growth, advance infrastructure development, and improve public services to enhance quality of life. In conclusion, the Saudi government's continued success in boosting non-oil revenues through economic diversification has been crucial in enhancing the business environment, attracting both local and foreign investments, and strengthening the Kingdom's trade balance. Moreover, Saudi Arabia remains dedicated to implementing impactful programs and projects that deliver economic, social, and environmental benefits, aligning with the three core pillars of Vision 2030 — an ambitious nation, a thriving economy, and a vibrant society. The government's prudent fiscal policy has been instrumental in maintaining financial stability, ensuring a strong fiscal position, and sustaining healthy government reserves, which now exceed $104.8 billion. • Talat Zaki Hafiz is an economist and financial analyst. X: @TalatHafiz
Leaders
09-04-2025
- Leaders
Saudi Arabia Eases Iqama Renewal Rules for Residents with Family Abroad
Saudi Arabia's General Directorate of Passports has introduced a new policy, allowing residents to renew their 'Iqama' (residency permit) even if family members are abroad. This decision aims to resolve challenges expats face when dependents travel for education, medical care, or emergencies. Under the new policy, only the head of the household must remain in Saudi Arabia during renewal. Authorities removed the previous requirement for all family members to stay within the Kingdom. The reform It recognizes common scenarios, such as children traveling for education or a parent accompanying a sick relative abroad. Family emergencies often require travel, making this policy essential for many residents. Families can now maintain legal residency status seamlessly, avoiding delays or penalties from expired iqamas. Streamlined Digital Services Additionally, the Directorate announced that extending exit and re-entry visas for family members abroad is fully electronic. Residents can utilize the 'SADAD' system and the 'Absher' platform. This enhancement eliminates the need for in-person visits to passport offices, making the process more convenient. This move reflects Saudi Arabia's commitment to easing bureaucratic hurdles for residents. It ensures uninterrupted access to healthcare, education, and essential services, boosting convenience for expatriate communities. Short link : Post Views: 36 Related Stories
Gulf Insider
08-04-2025
- Gulf Insider
Saudi Arabia Allows Iqama Renewal For Residents Even If Family Members Are Abroad
Saudi Arabia's General Directorate of Passports has announced a new policy allowing residents to renew their 'Iqama' (residency permit) even if one of their dependents or companions is currently outside the Kingdom, provided the head of the household remains in the country. The new decision aims to help expatriates facing difficulties renewing their residency permits due to a family member being abroad. The new rule ensures that the presence of the head of the household within Saudi Arabia is sufficient to proceed with the renewal process. The policy has significant humanitarian and administrative implications, addressing common situations faced by resident families, such as children traveling for education, one parent accompanying a sick family member for medical treatment, or family emergencies abroad. Previously, the requirement that all family members be in Saudi Arabia had led to delays and potential legal risks if the Iqama expired. Under the updated guidelines, families can maintain their legal status and continue receiving essential services, even if one member is abroad, as long as the head of the household is in the Kingdom and manages the renewal process. Additionally, the Directorate clarified that the extension of exit and re-entry visas for family members outside the Kingdom is now fully electronic. This can be done through the 'SADAD' system and the 'Absher' platform, removing the need for in-person visits to passport offices. Source Gulf News
Express Tribune
08-04-2025
- Express Tribune
Saudi Arabia announces new policy for 'Iqama' renewal
Listen to article Saudi Arabia's General Directorate of Passports has introduced a new policy that allows residents to renew their 'Iqama' (residency permit) even if some dependents or companions are currently outside the country, as long as the head of the household remains within the Kingdom. The move is expected to ease administrative challenges for expatriates who previously faced obstacles renewing their residency due to a family member's absence from Saudi Arabia. 'The presence of the head of the household inside the Kingdom is now sufficient for Iqama renewal,' the Directorate confirmed in a statement. The policy addresses various real-life situations commonly faced by expatriate families — such as children studying abroad, a parent travelling for medical reasons, or family emergencies requiring travel. Previously, such cases risked delays or legal complications if the Iqama expired while a family member was outside the Kingdom. Under the revised rules, families can maintain their legal residency status and continue accessing government and private sector services, even if one or more dependents are overseas. In addition, the Directorate announced that the extension of exit and re-entry visas for family members currently abroad can now be handled entirely online. The service is available through the 'Absher' platform and the government's 'SADAD' payment system, eliminating the need for in-person visits to passport offices. The update is seen as both a humanitarian and administrative step forward, simplifying procedures for thousands of resident families across Saudi Arabia.
Saba Yemen
03-03-2025
- Business
- Saba Yemen
PM launches strategic digital transformation project
Sana'a - Saba: Prime Minister Ahmed al-Rahawi inaugurated on Monday a strategic orientation project aimed at leading digital transformation in Yemen at the Ministry of Communications and Information Technology. The project focuses on digital transformation, developing ICT and postal infrastructure, achieving comprehensive digitalization across sectors, and building a digital economy driven by innovation and entrepreneurship. It also aims to strengthen national cybersecurity, enhance digital skills, and modernize legal frameworks for the ICT and postal sector. Prime Minister al-Rahawi praised the ministry's leadership and staff for their commitment to this vital initiative, highlighting its importance for state institutions and national technical development. He acknowledged the ministry's role in cybersecurity and its efforts to maintain services across Yemen, including in areas under occupation, despite challenges posed by external actors. Al-Rahawi condemned attempts to alter the demographic reality of Socotra and reiterated Yemen's readiness to confront any escalation in Gaza or aggression against the Yemeni people. Minister of Communications and Information Technology, Eng. Mohammed al-Mahdi, emphasized that the project aligns with the government's modernization efforts and aims to transform Yemen into a digitally advanced nation. He detailed the project's vision, mission, values, and strategic goals, developed by a specialized advisory team. The strategic direction is based on Republican Resolution No. 44 of 1446 AH, which mandates the ministry to lead digital transformation and provide modern ICT services. The ministry plans to host Yemen's first digital transformation conference, preceded by workshops with relevant stakeholders. Engineer Amin al-Harthi, head of the advisory team, outlined the project's focus on emerging technologies and artificial intelligence, drawing from best international practices. He highlighted the analysis of the ministry's structure and its realignment with new legal directives. Presentations were also given on digital transformation initiatives within the SADAD platform and the importance of cloud computing for government institutions. The event was attended by various government officials and ICT sector leaders. Whatsapp Telegram Email Print more of (Local)
