Saudi Arabia focused on economic, revenues growth; no plans to raise taxes: Finance Minister

Finance Minister Mohammed Al-Jadaan

Saudi Arabia is working to expand the size of its local economy, increase revenues and reduce debt, Finance Minister Mohammed Al-Jadaan said during an Atlantic Council session at the 2025 Annual Meetings of the World Bank Group and the International Monetary Fund in Washington.

There are no plans to raise taxes or the tax burden, he noted, adding that unemployment in the Kingdom is at an all-time low, not by coincidence, but as a result of a clear vision and realistic planning.

He said that transformation is not easy and requires a bold vision to build momentum for change.

The fiscal deficit in Saudi Arabia’s budget is “intentional,” driven by investments in strategic, high-productivity programs that create opportunities, foster growth, and support economic diversification, he added.

The Kingdom’s debt-to-GDP ratio remains among the lowest in the G20, Al-Jadaan noted, affirming that Saudi Arabia will continue to grow its non-oil GDP to around 65% of total output by 2030.

The minister also stressed the importance of ongoing evaluation of the viability of megaprojects, noting that Crown Prince Mohammed bin Salman has directed that if the justifications or needs for continuing any project no longer exist, “we will not hesitate to change course or halt it.”

He added that the government has accelerated logistics sector projects to support tourism and ensure its readiness, in addition to boosting the manufacturing sector.