Saudi Arabia Looks at Selling Assets and Income Taxes to Prop up Economy: Finance Minister

Saudi Arabia’s Finance Minister, Mohammed Al Jadaan, stated that the Government of Saudi Arabia was looking into all possible options to boost its finances. This includes plans to sell off state-owned assets worth SAR 50 billion over the next five years, via the privatisation of assets in the fields of education, health-care and water.

Al Jadaan highlighted that the Government was also mulling the introduction of income taxes as well, noting the complexities involved, but not yet ruling any options out at present.

Impacted by the COVID-19 pandemic as well as falling oil prices, Saudi Arabia has been taking steps to strengthen its economy. These include the increase in import...