The budgeted expenditure for 2016 was at SR 840 billion. However,the actual spending in 2016 was SR 825 billion, representing a decline of approximately 1.8%. The main reason for this decrease was due to government’s decision to cut down public pending and putting on hold mega projects. The highest budget allocation was for Military, Security & Regional Administration and the actual spending on this sector was 37% which was approximately 4% higher than the budgeted figure. While Education & Training segment received the second largest share at 25% of total actual spending. Education & Training sector remained almost stable at budgeted and actual level of spending.
The KSA economy account for a second budget defi cit Last year. The year 2015 ended with a defi cit of SR 367 billion compared to the projected defi cit fi gure of SR 145 billion. Expenditure for 2016 is budgeted at SR 840 billion while Revenue is at SR 514 billion. The Oil revenue in the current budget still accounts for 73% whereas the Non-Oil sector is contributing 27% respectively. Among the revenue increasing initiatives by the KSA government saw an increase in the petrol prices in the domestic market.
There are no property taxes in Saudi Arabia However based on the official Saudi Press Agency (SPA), the Shura Council agreed to impose an annual fee on ‘white lands’. The Council agreed that Ministry of Municipal and Rural Affairs will be in charge to issue the implementing regulations to control and organise the necessary mechanism to impose annual fees on such land that is located within the white urban scale.
Century21 Saudi’s Research & Advisory Department (CRA) recently issued “Riyadh Real Estate Market Overview” for 1st half of 2015. The report is covering real estate market overview, performance, and supply & demand dynamics of Riyadh city. In addition, prices/rents of residential & commercial lands, apartments, villas, offices, and showrooms for the key locations of city are included in this report.
2014 was highly productive year for KSA real estate sector. We observed completion of several projects and in parallel we witnessed announcements for several new residential and commercial developments. In 2014 real estate sector will maintain its solid growth momentum. Since inception, Century21Saudi has stood as one of the most trusted and reputable real estate marketing and consultancy firm, serving through its six fully operational offices across KSA. Century21Saudi has continued to grow and evolve with the changing time and continues to be at the forefront of real estate marketing and consultancy industry. Century21Saudi’s dedication and commitment to its clients remain and will continue to be the very essence of the company. We always put ourselves in the shoes of our clients and offer our services to meet and even exceed their demands.