Riyadh, Saudi Arabia’s capital and primary financial centre, is located in the country’s middle on a desert plateau. The 302m-high Kingdom Centre, with a sky bridge connecting two towers, and the 267m-high Al Faisaliah Centre, with a glass-globe apex, are both business area highlights. Saudi Arabia Reportedly consists of natural gas which boosts its economical factor. Besides that India- Arabia have economic dealings so as the historic visits of Prime Minister Shri. Narendra Modi to the Kingdom in 2016 and 2019, as well as Crown Prince Mohammad bin Salman’s State visit to India in February 2019, heralded a new era in bilateral relations, culminating in the formation of the Strategic Partnership Council (SPC), co-chaired by the two leaders. Aside from that, the two sides signed 11 other Memorandums of Understanding in the fields of energy, security, combating narcotic drug trafficking, defence production, civil aviation, medical products, strategic petroleum reserves, small and medium-sized industries, the launch of the Rupay card, cooperation in diplomat training, cooperation between stock exchanges, and so on. Both parties have made a number of Ministerial visits on a regular basis.
Saudi Arabia has reported a budget surplus for 2022 of SR102 billion ($27.13 billion), which is SR12 billion more than was anticipated. The discoveries came as Saudi media outlets stated that the Saudi government had approved a budget for 2023 of SR1.114 trillion that was projected to have an SR16 billion surplus. The Kingdom anticipates SR1.13 trillion in revenue for the coming year, according to Saudi-owned Al Arabiya TV. The surplus is 0.4 percent of GDP, which is 0.2 percentage points greater than what was anticipated in September. In 2022, total receipts are predicted to total SR1.234 trillion, while spending is expected to total SR1.132 trillion. This results in a surplus of 2.6 percent of GDP, which is 0.1 percentage points greater than anticipated. Inflation in Saudi Arabia, which was 2.6 percent in 2022, is anticipated to drop to 2.1 percent in 2023.
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