FINANCIAL NEWS

Saudi Arabia allocates $385b for infrastructure projects

17 Aug 2010

(MENAFN) Saudi Arabia’s Economy and Planning Minister announced that his country plans to build schools, hospitals, housing and other infrastructure projects as part of a five-year plan budgeted at $385 billion, Reuters reported.

The plan exceeds its previous five-year development plan by 67 percent. The minister added that over half the spending is devoted to manpower, education and training. That includes plans to build technology colleges and vocational schools while 19 percent of the funds will be devoted to the health care sector and seven percent to housing.

The country’s foreign population, many of them workers from India, Pakistan and the Philippines, jumped by 37 percent in census data released last week.

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