摆脱石油依赖见成效，沙特首次非石油收入与石油收入持平

Core Insights - Saudi Arabia's non-oil revenue has reached nearly half of the government's total revenue for the first time, reflecting the success of fiscal reforms under the "Vision 2030" initiative aimed at reducing oil dependency [1][3]. Revenue Breakdown - In Q2 2025, Saudi Arabia's total revenue increased by approximately 14.4% to 301.595 billion riyals, with non-oil revenue contributing 149.861 billion riyals (about 39.9 billion USD), marking a 7% year-on-year growth [1][3]. - Non-oil revenue accounted for 49.7% of total revenue, nearly equal to oil revenue, which was recorded at 151.7 billion riyals (about 40.4 billion USD), showing a significant year-on-year decline of 29% [3][5]. Budget and Deficit - The Saudi government reported a budget deficit of 9.2 billion USD in Q2 2025, which has narrowed by 41.1% compared to Q1 2025 [3][5]. - Oil revenue showed a slight quarter-on-quarter increase of 1.28% due to OPEC+ production adjustments, indicating some recovery [3]. Economic Transformation - The transformation of Saudi Arabia's economy is driven by the Public Investment Fund (PIF), which has evolved from a domestic entity to a global sovereign wealth fund, investing in sectors aligned with future economic trends [5]. - The PIF's investment portfolio includes sectors such as artificial intelligence, global startups, and partnerships in autonomous driving technology, as well as stakes in major companies like Starbucks, Disney, Boeing, and Citigroup [5]. External Economic Factors - The decline in oil prices has exerted pressure on Saudi Arabia's revenues, with an expected fiscal deficit of approximately 27 billion USD for the year [5]. - The International Monetary Fund (IMF) has raised Saudi Arabia's GDP growth forecast for 2025 to 3.5%, driven by strong demand for government-led large projects and support from the gradual easing of oil production cuts by OPEC+ [5].