Saudi Arabia estimates borrowing around $12bn in 2023, approves plan

Finance Minister Abdullah Al-Jadaan approved the 2023 annual borrowing plan and a domestic sukuk issuance calendar, the NDMC said in a statement. File
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Updated 25 January 2023
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Saudi Arabia estimates borrowing around $12bn in 2023, approves plan

RIYADH: Saudi Arabia expects its financing needs to be around SR45 billion ($12 billion) this year, the National Debt Management Center said on Wednesday.

Finance Minister Abdullah Al-Jadaan approved the 2023 annual borrowing plan and a domestic sukuk issuance calendar, the NDMC said in a statement.

The Kingdom raised about SR48 billion for 2023 financing needs in pre-funding transactions in 2022, it added.

The center said the Kingdom aims to “continue its funding activities in the domestic and international markets with the objective of repaying debt principal that will mature during the year 2023 and during the medium-term.”

The NDMC will continue to consider additional funding activities subject to market conditions and through available funding channels locally or internationally, the statement added.

The sovereign debt portfolio rose by about SR52 billion in 2022 to SR990 billion, or 25 percent of gross domestic product, down from 30 percent the previous year, but higher than NDMC’s estimate a year ago of SR938 billion.

For 2023, it forecasts the debt portfolio to fall to SR951 billion, or 24.6 percent of GDP.

Last year, the majority of about SR125 billion in borrowing was raised domestically with roughly 15 percent raised internationally, a decline from almost 40 percent in 2021.

The split between domestic and international debt will be largely unchanged from 2022, NDMC said.


Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

Updated 25 January 2026
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Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

RIYADH: Culture has become a fundamental pillar in bilateral relations between France and Saudi Arabia, according to the French Ambassador to the Kingdom, Patrick Maisonnave.

Maisonnave noted its connection to the entertainment and tourism sectors, which makes it a new engine for economic cooperation between Riyadh and Paris.

He told Al-Eqtisadiah during the opening ceremony of La Fabrique in the Jax district of Diriyah that cultural cooperation with Saudi Arabia is an important element for its attractiveness in the coming decades.

La Fabrique is a space dedicated to artistic creativity and cultural exchange, launched as part of a partnership between the Riyadh Art program and the French Institute in Riyadh. 

Running from Jan. 22 until Feb 14, the initiative will provide an open workspace that allows artists to develop and work on their ideas within a collaborative framework.

Launching La Fabrique as a space dedicated to artistic creativity

The ambassador highlighted that the transformation journey in the Kingdom under Vision 2030 has contributed to the emergence of a new generation of young artists and creators, alongside a growing desire in Saudi society to connect with culture and to embrace what is happening globally. 

He affirmed that the relationship between the two countries is “profound, even cultural par excellence,” with interest from the Saudi side in French culture, matched by increasing interest from the French public and cultural institutions unfolding in the Kingdom.

Latest estimates indicate that the culture-based economy represents about 2.3 percent of France’s gross domestic product, equivalent to more than 90 billion euros ($106.4 billion) in annual revenues, according to government data. The sector directly employs more than 600,000 people, making it one of the largest job-creating sectors in the fields of creativity, publishing, cinema, and visual arts.

Saudi Arabia benefiting from French experience in the cultural field

Maisonnave explained that France possesses established cultural institutions, while Saudi Arabia is building a strong cultural sector, which opens the door for cooperation opportunities.

This comes as an extension of the signing of 10 major cultural agreements a year ago between French and Saudi institutions, aiming to enhance cooperation and transfer French expertise and knowledge to contribute to the development of the cultural system in the Kingdom.

He added that experiences like La Fabrique provide an opportunity to meet the new generation of Saudi creators, who have expressed interest in connecting with French institutions and artists in Paris and France.

La Fabrique encompasses a space for multiple contemporary artistic practices, including performance arts, digital and interactive arts, photography, music, and cinema, while providing the public with an opportunity to witness the stages of producing artistic works and interact with the creative process.