Saudi public debt to increase to 31.3% of GDP in 2022

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Updated 01 October 2021
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Saudi public debt to increase to 31.3% of GDP in 2022

JEDDAH: Saudi Arabia’s national debt is expected to be at SR989 billion ($264 billion), or 31.3 percent of its GDP, in the next fiscal year, according to the Ministry of Finance's budget forecast today.

The debt will jump from 30.2 percent of GDP that is forecasted this year, according to the statement. 

Next year the principal repayments on debt will reach SR76 billion, the ministry said, adding that in “the medium-term, public debt levels are projected to remain constant.”

“Through coordination between the Ministry of Finance (MoF) and the National Debt Management Center (NDMC) the annual borrowing plan is being prepared within the framework of a medium-term debt strategy,” the statement said.

The ministry expected Saudi GDP to grow at 7.5 percent in 2022, assuming recovery in economic activities and an improvement in the Kingdom’s balance of trade “in light of positive performance in the first half of 2021.” 

“The private sector is projected to grow in 2022 to lead economic growth and job creation,” it added.

The government strives to control budget deficit which is projected to be approximately 1.6 percent of the GDP in 2022. 
 


QatarEnergy announces force majeure following Iran attacks: statement

Updated 04 March 2026
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QatarEnergy announces force majeure following Iran attacks: statement

DOHA: Qatar’s state-run energy firm on Wednesday declared force majeure following attacks on two of its main facilities that halted liquefied natural gas production and as Iran pressed missile and drone attacks across the Gulf.

“Further to the announcement by QatarEnergy to stop production of liquefied natural gas and associated products, QatarEnergy has declared Force Majeure to its affected buyers,” the company said in a statement.

QatarEnergy invoked the clause, which shields it from penalties and potential breach of contract claims from clients, after stopping LNG production on Monday.

Iranian drones attacked two of the company’s main production hubs in Ras Laffan Industrial City, 80 km north of Doha and in Mesaieed 40 km south of the Qatari capital, Doha’s ministry of defense said at the time.

The Gulf state is one of the world’s top liquefied natural gas producers, alongside the US, Australia and Russia.

On Tuesday, QatarEnergy said it would halt some downstream production of some products including urea, polymers, methanol, aluminum and others.

Qatar shares the world’s largest natural gas reservoir with Iran.

QatarEnergy estimates the Gulf state’s portion of the reservoir, the North Field, holds about 10 percent of the world’s known natural gas reserves.

In recent years, Qatar has inked a series of long-term LNG deals with France’s Total, Britain’s Shell, India’s Petronet, China’s Sinopec and Italy’s Eni, among others.