Saudi Arabia expects to receive dividends amounting to 25 billion riyals this year from the Public Investment Fund, as a one-time measure.
According to Arabiya Net, Saudi Finance Minister Muhammad Al-Jadaan said after the announcement of Saudi Arabia's 2021 budget: We asked for part of the dividends, so we are likely to receive about 15 To 25 billion Saudi riyals as dividends from the Public Investment Fund.
He said that receiving distributions from the fund's profits was an exceptional decision, and that the government does not generally plan to request dividends from the fund in the future.
Al-Jadaan said that there are no current plans to raise taxes, and when asked about imposing a tax on income, he said it was not on the table.
Al-Jadaan said that the transfer of $ 40 billion this year from the Saudi Central Bank to the Public Investment Fund to support its investments was a very exceptional transfer in a very exceptional year, adding that there is no Currently, plan to do more transfers of this kind.
Al-Jadaan said that the fund invested most of that money abroad and made a profit of more than 19% in a period of seven or eight months.
He said that the deficit next year, which is expected to reach 141 billion riyals, will be covered by debt sales, very limited withdrawals from Saudi reserves and the sale of assets to the Ministry of Finance if Needed.
Al-Jadaan said that Saudi Arabia witnessed ten privatization deals this year in the sectors of health care, education, water desalination and treatment, and other sectors. Looking ahead, expect more privatization deals in these sectors, as well as in the ports sector.
