Saudi Arabia sets record US $144 billion budget

Record breaking budget up 14% on 2009

Saudi Arabia has announced a record busting budget (HASSAN AMMAR/AFP/Getty Images).
Saudi Arabia has announced a record busting budget (HASSAN AMMAR/AFP/Getty Images).

Saudi Arabia unveiled the largest budget in its history yesterday, projecting expenditures at US $144 billion (SR 540 billion) and revenues at $125 billion.

The budget expenditure has increased by 14% compared to 2009 and has a deficit of $18.6 billion. It is the second consecutive annual budget deficit for the Kingdom.

“We’ll channel our financial resources to areas which require more spending in order to boost economic growth and development, make our economy more attractive for investment, and create more jobs for Saudis,” said King Abdullah in his address to the nation regarding the new budget.

Arab News reported that $36.5 billion was allocated towards new projects in education and training which covers 1,200 schools, new universities in Dammam, Al-Kharj, Majmaa and Shaqra, the completion of campuses of existing universities and the establishment of new technical colleges and vocational institutes.

$16.3 billion was allocated for health and social development, including eight new hospitals and the expansion of 19 existing hospitals.

Allocations for the water, industrial and agricultural sector amounted to 12.3 billion, which included funds for infrastructure projects required by mineral industries in Ras Al-Zour.

The municipal service sector will receive $5.9 billion, and the transport and telecom sector $6.4 billion.

 

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