The Chairman of Asharqia Chamber, Abdul Hakim bin Hamad Al-Ammar Al-Khalidi, praised the budget for the financial year 1440/1441 (2019) by saying, "It is a historic budget with an unprecedented leap."
The determination of the wise leadership showed strength in the levels of growth and development in the country by continuing spending policies, which creates great investment opportunities both for domestic capital and foreign or for partnerships between the two.
He considered it as a message to the whole world on the safety and quality of the new data through which the national economy starts by raising economic growth rates in various fields and sectors and reaching the best investment for available financial resources.
AlKhalidi stressed that the budget, which amounts to spending one trillion and 106 billion riyals and revenues 975 billion riyals, is reflecting the strength of the Kingdom's economy and positive indicators of growth, whether the ability to reduce the budget deficit to about 131 billion riyals by 4.2% of GDP compared to the previous year or increase spending to 7% and revenues to 9% for 2018.
This means more projects, investment opportunities and more jobs for the national workforce.
This is the expected outcome of the process of structural transformation in the structure of the national economy, which was approved by the vision of the Kingdom of 2030.
The country is still living the stages of implementation by focusing on basic services for citizens and the development of government services, which is the focus of the attention of good leadership; putting the Saudi citizen first.
Al Khalidi attributed the positive budget for the year to those structural reforms in the structure of the national economy and the clear paths adopted by the vision of the Kingdom of 2030 by diversifying its inputs and increasing its non-oil revenues, which now cover about 30% of the budget.
He noted that the increase in spending is an additional force in the direction of greater mobility of the private sector and accelerated growth.
He expressed his confidence in the ability of the national economy to meet the challenges by continuing to consolidate its rules towards diversification of sources of income driven by partnership with the private sector.
Al-Khalidi said that this budget confirms the way forward in the path of economic reform and the consolidation of financial management controls and the promotion of transparency and empowerment of the private sector in the development process.
He appreciated the support of the wise leadership of the private sector, which has become an active factor in the development of the national economy and that all businessmen commit themselves to contribute to programs and initiatives in the fields of employment and social and economic services to achieve what the country aspires to.
