Saudi Gazette report
DAMMAM — Saudi Crown Prince and Prime Minister Mohammed bin Salman said that the 2026 general budget affirms that the welfare of citizens remains the top priority of the Saudi government.
In his remarks following the approval of the state’s general budget for the fiscal year 2026 by the Cabinet session, held in Dammam on Tuesday, the Crown Prince hailed the positive indicators of the Saudi economy, saying that they are a continuation of the Kingdom's ongoing reforms under Vision 2030. “Preliminary estimates indicate to the real GDP growth of 4.6 percent, driven by the continued pivotal role of non-oil activities in leading economic growth, with registering a growth rate of 4.8 percent,” he said.
Prince Mohammed bin Salman highlighted that the major achievements scored by the Kingdom were made possible by the directives of Custodian of the Two Holy Mosques King Salman and the efforts of the Saudi citizens. The Crown Prince said that the Kingdom's Vision 2030 will enter its third phase in 2026, requiring intensified implementation efforts and accelerated progress to ensure a sustainable impact beyond 2030. In this context, he emphasized that the structural transformation realized since the launch of Vision 2030 has contributed to improving the growth rates of non-oil activities, keeping inflation at levels lower than global averages, developing the business environment, enhancing the role of the private sector as an active partner in development, and solidifying the Kingdom’s position as a global economic and investment hub.
The Crown Prince affirmed that the government continues to support economic growth and fiscal sustainability to enhance the local economy’s ability to withstand global fluctuations while maintaining the momentum of sustainable development. This is achieved through the continued adoption of flexible and disciplined fiscal, economic, and social policies, grounded in long-term planning and the systematic use of sovereign financing instruments within the medium-term debt strategy.
He emphasized that the Kingdom has achieved unprecedented strides in empowering youth, with the number of Saudi employees in the private sector reaching an all-time high of 2.5 million. “This has resulted in Saudi unemployment rates falling to a record low, exceeding the Vision 2030 target of 7 percent. Key initiatives have focused on increasing quality employment, supporting entrepreneurship, and empowering women. Furthermore, efforts in the real estate sector have boosted homeownership among Saudi families to 65.4 percent by the end of 2024, surpassing the 2025 target,” he said while affirming continued support for social assistance programs and the promotion of investment opportunities.
The Crown Prince stated that the 2026 budget affirms the government’s commitment to strengthening the resilience and flexibility of the local economy and ensuring sustainable growth amid global fluctuations. This strategy involves maintaining sustainable public debt levels and building substantial financial reserves. Furthermore, the Kingdom remains focused on diversifying its economic base, stimulating investment, and accelerating economic transformation in line with Vision 2030, which continues to secure advanced positions in international rankings.
The Crown Prince emphasized that the Public Investment Fund (PIF), as the Kingdom's investment arm, will continue to support Vision 2030 by developing strategic sectors and building global economic partnerships. This strategy complements efforts to diversify the local economy, strengthening its resilience and the long-term sustainability of public finances. He also noted the complementary role of the National Development Fund and its affiliated funds in stimulating economic growth and diversification alongside the state's general budget.
The Crown Prince further highlighted that ongoing economic reforms have successfully enhanced the private sector's role, with its contribution reaching 50.3 percent of real GDP. He emphasized the commitment to implementing programs related to infrastructure development and improving basic services. Furthermore, the Crown Prince stressed the government's resolve to maintain medium- and long-term spending efficiency, meticulous and transparent budget implementation, and adherence to fiscal sustainability while completing all planned Vision 2030 projects.
The Crown Prince affirmed the Kingdom’s pride in its steadfast approach of investing in the capabilities of its citizens, achieving comprehensive development, attaining leadership in various fields, and continuing humanitarian work both domestically and internationally. He emphasized that this commitment is rooted in Islamic principles and values, stating: “We will continue our steady progress toward achieving our goals, relying on God Almighty and placing our trust in Him."
