RIYADH: Saudi Arabia is expected to record a surplus of SR27 billion in 2023 and SR42 billion in 2024, the finance minister Mohammed Al-Jadaan said in a press conference following the cabinet’s approval of fiscal budget for 2022.

He said the Kingdom expects revenues to reach SR968 billion in 2023 while it will go up to SR992 billion.

While Saudi Arabia’s revenues are expected to be less than 2022 levels, it sees spending to be lower than the levels announced next year, he said in his presentation.

Spending next year to be SR941 billion and it will go up to SR951 billion in the following year. 

Saudi Arabia will cap spending at SR955 billion next year, the minister added.