Riyadh – Mubasher: Saudi Arabia achieved a budget surplus of SAR 27.8 billion ($7.41 billion) in the first quarter of 2019, the kingdom’s finance minister said on Wednesday.

The Saudi finance ministry has launched initiatives worth SAR 12.5 billion in a bid to support the private sector, Mohammed Al Jadaan added at the Financial Sector Conference (FSC) held in Riyadh.

The kingdom’s non-oil revenues more than tripled during Q1-19, the finance minister revealed.

In 2018, foreign investments to Saudi Arabia doubled, while direct investments rose about 5%, he highlighted. 

The finance ministry is working with 18 other ministries to iron out all the obstacles facing investors, Al Jadaan noted.