Saudi non-oil revenues surge 48% amid diversification drive

A tourist visits the Khuraiba archaeological site near Saudi Arabia’s northwestern town of Al-Ula. (AFP)
Updated 26 October 2018

Saudi non-oil revenues surge 48% amid diversification drive

RIYADH: Saudi Arabia’s third-quarter non-oil revenue surged by almost half according to the Kingdom’s finance minister.

Mohammed Al-Jadaan told the Future Investment Initiative (FII) in Riyadh that non-oil revenues grew by 48 percent, to SR211 billion ($56.25 billion), compared to a year earlier.

The Kingdom generated non-oil revenues of SR89.4 billion in the second quarter, up 42 percent year on year.

Government spending in the third quarter increased by about 25 percent, he said.

Saudi Arabia’s government expects to run a budget deficit of SR128 billion next year Jadaan said last month.

Jadaan was speaking on the final day of the FII event where global business leaders have gathered this week.

Deals signed at the event have topped $56 billion, Saudi Energy Minister Khalid Al-Falih said on Thursday.


Hong Kong posts biggest airport passenger number fall in a decade

Updated 15 December 2019

Hong Kong posts biggest airport passenger number fall in a decade

  • The airport handled just over five million passengers, down 16.2 percent from a year earlier
  • Hong Kong has been gripped by sometimes violent protests since June

HONG KONG: Hong Kong International Airport reported its biggest fall in passenger numbers in more than a decade in November, official data released on Sunday showed.
The airport handled just over five million passengers, down 16.2 percent from a year earlier, Airport Authority Hong Kong said in a statement.
That was the largest fall since June 2009, when the figure fell by 18.7 percent, data on the Civil Aviation Department’s website showed.
There were falls of more than 12 percent in the three previous months, the Civil Aviation Department data showed.
Hong Kong has been gripped by sometimes violent protests since June. Demonstrators halted operations at the airport for several days in August.
The Airport Authority did not immediately comment.