18 May 2011
(MENAFN) Saudi Finance Minister, Ibrahim Al-Assaf, said that as a result of extra spending on construction and job creation measures, this year, the country would overspend its budget by up to fifteen percent, reported Arab News.
Al- Assaf added that this year, the country’s economic growth would surplus four percent up from 3.8 percent in 2010, adding that the Kingdom would spend about USD130 billion of its yearly economic production on new houses, creating jobs, unemployment benefits and other measures. On the other hand, it would continue executing other huge investment programs, including investment expenditures in the budget of this fiscal year that amounts to USD70.6 billion.
He also said that despite the political upheaval in the region, the Kingdom’s economy continued to be steady and vibrant for no unusual financial movements occurred in the sector in the past few months.
It is worth noting that important resources are being committed to realize the various economic targets envisioned by the plans. The Ninth Development Plan allocated over USD373 billion, a 68.2 percent increase over the funds allocated to the Eighth Development Plan. Human Resources Development, which includes general education, higher education, technical and vocational training and science and technology and innovation, will receive about one half of total allocations.
17 Sep 2025
BBK and CrediMax launch exclusive offers for customers in collaboration with The Ritz-Carlton, Bahrain
31 Aug 2025
BBK announces an exceptional 6-month grace period financing campaign for Personal and Car Finance customers
13 Aug 2025
BBK’s BD 5,000,000 Al Hayrat scheme awards BD 680,000 to 390 Al Hayrat winners in August and September
04 Aug 2025
HM the King’s Support for Youth is an Inspirational Model for Their Empowerment Journey
28 Jul 2025
BBK discloses its financial results for the half year ended 30th June 2025
20 Jul 2025
CBB approves the transfer of the retail banking operations of HSBC Bank Middle East, Bahrain Branch to BBK
08 Jul 2025
BBK proudly launches the third edition of “Grow” and welcomes 20 Bahraini graduates
03 Jul 2025
BBK hosts executive leadership session on digital assets in collaboration with Rain
This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more