"Saudi Arabia's income from VAT [Value Added Tax] will contribute around 43 percent of non-oil revenue in 2021, up from 25 percent last year and 14 percent in 2019, Jadwa Investment estimated."
Saudi Arabia's income from VAT will contribute around 43 percent of non-oil revenue in 2021, up from 25 percent last year and 14 percent in 2019, Jadwa Investment estimated. "Value added tax (VAT) revenue remains a key component of non-oil revenue," the investment bank said in a note today on...
www.arabnews.com
What you fail to show is the detail(s) based on the 2021 GDP report from your government, you real growth is really only in real estate, finance/insurance, Petro-Chemical refinery, etc., while its' good and it not sustainable in the long-run. This doesn't include the Saudi Sovereign Wealth Fund (more like slush fund for the royals) just buying up stocks and earning dividend(s), some of those investments even dropped sadly.
The problem you guys don't have major manufacturing or export for real growth long-term. Your situation in the long run will be like the Russians sad to say.
Your article is from October 2021 when the official budget for 2022 was not yet released hence it is of no value. Moreover taxation is the main economic pillar of most developed economies in the world. KSA, for obvious reasons, is severely lacking on this front due to the almost non-existent taxation.
Who are you kidding?
Moody's awarded the Saudi Public Investment Fund PIF.. Headed by Crown Prince Mohammed bin Salman, the rating is A1 with a stable outlook..
Moody's said the PIF rating reflects very strong credit fundamentals. It enjoys a quality portfolio of investments with stable distributions. Noting that the fund has grown to become one of the main entities to diversify the Saudi economy.
A member of the Saudi Economic Association, Muhammad Al-Omran, pointed out that the classification reflects the strength of the Fund's fundamentals, with a portfolio of more than $400 billion .. And the quality of investments with stable distributions, and the strong liquidity of $ 60 billion.
The credit rating agency stated that the assets of the Saudi Public Investment Fund grew from $152 billion in 2015 to $412 billion in 2020..
https://www.alarabiya.net/aswaq/eco...ثمارات-العامة-السعودي-تصنيفA1-مع-نظرة-مستقرة-
And the total wealth of all sovereign wealth funds in KSA exceeds 1 trillion USD!
en.wikipedia.org
The total wealth of the sovereign wealth funds in the GCC approaches 4 trillion USD! No region on earth is richer in this regard.
Not withstanding the 100's of billions of USD (if not trillions) in terms of investments home and abroad.
You mean the same IMF that predicts continued high non-oil/gas growth in KSA for years to come? The same KSA that withstood COVID-19 better than 99.9% of all countries economically speaking?
1.3 trillion USD in mineral wealth alone. Largest economy in the MENA region and a G20 member.
Take a look at the long-term reports about largest economies in 2030, 2040, 2050, 2060. KSA is predicted to reach the top 15 by that time. So not too bad if I dare say.
Can you kindly highlight which non-oil sectors contributed the most to this and which non-oil sectors are the fastest growing in the country?
The kingdom is trying to reduce its dependence on oil.
www.al-monitor.com
Agriculture, mining, petrochemical sector (one of the main economic pillars), tourism, machinery, renewables, ships, boats and other floating structures (3.55 billion USD 2020 exports) etc.
Anyway a work in progress and things have been moving in the right direction for many years in a row, even despite COVID-19 ravaging the world and its economy.
saudigazette.com.sa
