No major tax reforms or project delays, says Al-Jadaan

Finance Minister Mohammed Al-Jadaan said the Kingdom’s 2025 budget will be more expansionary compared to 2024, Al-Arabiya TV reported.

He added that 2024 actual budget included several one-off expenses, such as SAR 55 billion allocated for land expropriations, which will not be recognized in 2025 budget, making the latter larger.

Regarding taxes, Al-Jadaan said the Saudi government has a clear decision not to increase the economic burden. However, it focuses on supporting economic growth.

The minister stressed that no major changes are planned for the tax framework or non-oil revenues. The aim is to improve procedures and compliance for taxpayers.

Al-Jadaan also affirmed that no announced projects have been delayed. Rather, all announced projects and strategies would continue to be funded. However, unannounced or ongoing projects might have their timelines extended if necessary to mitigate risks.

A 1% interest rate cut is equal to a SAR 10 billion reduction in the existing debt, which will positively affect the budget, the minister said.

He also highlighted that the Public Investment Fund remains committed to injecting SAR 150 billion into the local economy.