Saudi Budget 2023: Expenditure for key projects and programmes

Saudi Budget 2023: Expenditure for key projects and programmes

The Saudi Ministry of Finance’s budget statement for fiscal year (FY) 2023 disclosed expenditures for key projects and programmes in each sector.

Zawya Projects highlights the proposed projects and programmes in some sectors, with the Kingdom earmarking over 1.141 trillion Saudi riyals ($303 billion) in expenditure for next fiscal year.

Economic resource: SAR72 billion

-Building a disaster recovery centre to restore services and business to ensure business continuity

-Achieving financial savings of SAR30 billion by raising the efficiency of CAPEX and OPEX for projects in cooperation with government entities

-Development of industrial sites for the Royal Commission for Jubail and Yanbu with an area of about 8 million square metres (sqm) to attract industrial investments

-Establishing 105 ready-built factories factories in Jazan Industrial City, Qassim Industrial Oasis and Dammam Second Industrial City to complete the infrastructure services of industrial cities

-Supporting basic supply chains of the aviation industry by developing 10 promising investment opportunities

-Implementing a national strategy for petrochemicals to convert 4 million barrels per day of petroleum and gas liquids into petrochemicals inside and outside the Kingdom

-Developing 10 renewable energy projects with an estimated capacity of 7 gigawatts (GW)

-Construction of 33 dams with a storage capacity of 507 million cubic metres in addition to drilling 19