Saudi Arabia is banking on rising oil prices to help slash its budget deficit by more than a third. The kingdom’s newly released 2017 budget projects revenue to grow for the first time in five years, although non-oil revenue growth is set to stall despite its vaunted 2030 Vision.

Saudi Arabia has unveiled its 2017 budget which projects an increase in spending to boost growth, while at the same time projecting the budget deficit to fall by 36% in real terms.

The 2017 budget...