FINANCIAL NEWS

Saudi high oil revenues to offset rise in expenditure

03 Oct 2011

(MENAFN) Saudi Finance Minister, Ibrahim al-Assaf, said that the Kingdom’s USD130 billion planned expenditure for 2011 would be compensated by the increase in the country’s oil revenues, reported Arabian Business.

Al-Assaf added that the plan to increase spending, which was issued by a Royal decree, would cover the social sector in addition to housing projects for Saudis.

He also said that three years ago, the Kingdom launched a five-year USD400 billion development plan, which was the biggest spending package relative to gross domestic product (GDP) among the world’s top 20 developed countries, in order to improve the country’s infrastructure, including airports and roads.

It is worth noting that over the past ten years, Saudi budget spending more than doubled to a record USD154.6 billion planned for the current year.

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