Saudi Arabia is eyeing a budget surplus in 2022 after quite some time, even if oil prices remain low due to various factors.
“We aim to place further attention to the security and health of citizens and residents, human development, the continuation of economic growth and diversity, and financial sustainability,” King Salman said early in December when the country announced the budget for the coming year.
Saudi Arabia has since 2016 started a wide-ranging program to diversify its economy to end its dependence on oil.
Nevertheless, petroleum still generates more than two-thirds of public revenues of the kingdom.
However, Saudi Arabia has since the announcement of Vision 2030 in 2016 managed to boost quite a few of the other sectors.
For example, it has seen investment to the tune of $1 trillion in the infrastructure and real-estate front alone.
Now, with the new budget and the worst of the repercussions of Covid-19 expected to be in the rearview mirror, here are the sectors Saudi Arabia is focusing on in 2022:
