RIYADH/DUBAI: Saudi Arabia approved its state budget on Tuesday for 2025 forecasting a fiscal deficit of 101 billion riyals ($26.88 billion), as its finance minister said the kingdom will continue to spend on massive gigaprojects designed to wean the economy off hydrocarbon income.

The deficit is in line with a preliminary government projection made in September and would equate to about 2.3% of gross domestic product.

The kingdom’s finance minister Mohammed Al Jadaan said Saudi Arabia will continue strategic spending on projects linked to Vision 2030, the kingdom’s plan to wean its economy off oil.—Reuters