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Saudi Arabia expects its investment needs in the next 10 years to range between 3.5 and 4 trillion Saudi riyals ($933-1.06 trillion), a minister has said.
Minister of Economy and Planning Faisal Al-Ibrahim told local reporters in Riyadh on Wednesday that such substantial investments required by the Saudi economy would open up numerous opportunities for the private sector.
He predicted that the non-oil sector would grow at a rate between 4.5 percent and 6 percent in the coming period as the country is pushing ahead with diversification plans.
In his remarks about the 2026 budget, Finance minister Mohammed Al-Jadaan said debt levels are not alarming "as long as the return on debt exceeds the cost of debt,” noting that the government has set a debt ceiling of no more than 40 percent of GDP.
The Saudi Cabinet on Tuesday approved the 2026 budget. Public expenditures are projected at SAR1.3 trillion and revenues are at SAR1.147 trillion riyals, creating a projected deficit of SAR165.4 billion.
(Writing by N Saeed; Editing by Anoop Menon)
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