UK Economy Grew in Q2, Revised Data Shows    1,200 publishing houses showcase titles as Riyadh Book Fair kicks off    Saudi Arabia joins IAEA board of governors    Weather Forecast for Friday    Investment Minister Chairs the Saudi Side during Meeting of Trade and Investment Committee between Saudi Arabia and China    Minister of Culture Meets with Malaysian Minister of Tourism, Arts and Culture    GCC Secretary General Affirms the GCC's Support of Security and Stability in Sudan    Minister of Culture Meets with Minister of Communication, Culture, Arts and Tourism of Burkina Faso    MWL Condemns Iranian Attacks on Iraqi Kurdistan    Bahrain Stock Exchange Indices Close Trading Higher    CITC, National Telecommunications Agency of Brazil Sign MoU    Crown Prince receives written message from Bangladesh prime minister    Prince Badr affirms Saudi Arabia's appreciation for UNESCO's efforts    Iran president says 'chaos' will not be accepted as protests continue    GASTAT: Saudi unemployment rate drops to 9.7% in Q2    FSDP sets SR45 target for individual insurance Medical insurance will increase to 45%    Crown Prince unveils Savvy Game strategy to invest SR142 billion in esports    Russia and West trade blame over alleged sabotage of undersea gas pipelines Nord Stream leak    Australian adviser to Suu Kyi gets three years jail in Myanmar    FSC Holds Meeting with Delegation from World Affairs Councils of America    Royal Commission for Jubail and Yanbu Signs Investment Agreements worth over SAR7 Billion    Board of Grievances, US Case Western Reserve University Sign MoU in Research and Training    KAPSARC: Saudi economy 60% more resilient to oil market shocks as a result of Vision 2030 reforms    Saudi Arabia to establish new unified regulator for insurance sector    Body of famed US climber found on Mt Manaslu in Himalayas    Yoga introduced to Saudi universities    Pregnant woman and her fetus rescued after being run over in Jeddah    'Gate to the East', all the way spectacular artwork from Saudi Arabia to China    Islamic Minister Al-Sheikh: Juristic judgment catalyst to salvage Islamic Ummah    Federer bows out of tennis with final match    Culinary Arts Commission Registers 13 Foods on Slow Food List of Endangered Food    Australian Football League: Racism allegations prompt calls for inquiry    F1 returns to Jeddah in 2023 March    72% of Children Globally have been Victims of Cyber Threats    Australian football club hit by 'harrowing' racism, bullying claims    Saudi National Football Team Continues Preparations for Friendly Match against Ecuador    Saudi Futsal Team Beats San Marino, Wins Silver in Croatian International Championship    During 2nd Global AI Summit.. AI-powered Early Breast Cancer Detection Program Launched    Triple talaq: India Muslim women in limbo after instant divorce ruling    Film Commission Reviews Film Industry Prospects in Saudi Arabia at Venice International Film Festival    Saudi national volleyball team loses to Kyrgyzstan in Asian Challenge Cup final    Saudi national volleyball team beats Uzbekistan, qualifies for the final of the Asian Challenge Cup    Ka'aba door bears witness to Saudi rulers' care for the House of God Kaaba' door, repentance' door contain more than 280 KG of pure gold    How Aamir Khan adapted Forrest Gump to Bollywood Laal Singh Chaddha    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    Pilgrims Perform Dhuhr and Asr Prayers at Arafat Holy Site    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

Biggest ever budget unveiled
Published in The Saudi Gazette on 27 - 12 - 2011

Expenditure at SR690b, revenue at SR702b
New projects worth SR265 billion planned
SR168b for developing human resources
SR87b to upgrade health and social servicesRIYADH — Riding high on steady oil prices in world markets and showing signs of a robust and resilient economy, the Kingdom Monday unveiled its budget for the fiscal year 1433-34H (2012). It is by far the biggest budget in the history of the nation with expenditure surging to SR690 billion, an increase of SR110 billion on last year's budget. Revenues are estimated at SR702 billion as oil prices are likely to remain high during the fiscal year.
Presenting the budget at a meeting of the Council of Ministers here, King Abdullah, Custodian of the Two Holy Mosques, said the budget is the “continuation of efforts to strengthen and enhance the sustainable development of our dear country.” Moreover, the Monarch said, the budgetary allocations in different sectors will create more job opportunities for citizens.
The budget includes plans to launch new projects and the expansion of several other projects. A sum of SR265 billion has been set aside for the purpose, the King said. “The budget confirms the continuation of our policies in according top priority to the development of human resources. Owing to this, an amount of SR168 billion has been allocated for general and higher education and training of manpower,” the King said.
Part of this spending on human resources includes the construction of more than 700 new schools for girls and boys, new university campuses and other technical training projects.
In the area of the health and social development, a sum of SR87 billion has been allocated to provide and upgrade the standards of health and social services. Additionally, the new budget includes the implementation of a number of projects, such as the completion and preparation of primary health centers all over the Kingdom besides the construction of 17 new hospitals.
The budget also includes new projects for setting up sports clubs and cities as well as construction of a number of correctional homes and social rehabilitation centers along with the necessary allocations for the support of social security programs.
More than SR29 billion has been allocated for spending on municipal services, while SR35 billion will be spent on roads, transportation and communications. In addition, SR58 billion will be spent on water, agriculture and other basic infrastructure.
As has been the case with previous budgets, there will be allocations to continue the implementation of the national plan for science and technology and the plan for telecommunications and information technology. The King added that government agencies and financial institutions will continue to provide loans for industrial and agricultural projects and small and medium-scale projects. This is intended to support economic development and stimulate commercial financing.
“We are thankful to Almighty Allah for enabling us to continue mobilizing all our financial potential in the service of our beloved country. We pray to Allah to help us continue doing this in the interest of citizens,” said the King.
Ibrahim Al-Assaf, Minister of Finance, said in a statement that actual revenues are expected to reach SR1.110 trillion with an increase of 160 percent. About 93 percent of the revenues will come from oil. The general expenditure is expected to reach SR804 billion with an increase of SR224 billion representing an increase of 39 percent.
King Abdullah has directed the transfer of SR250 billion of the surplus of the current budget to the account of the Saudi Arabian Monetary Agency and this amount has been allocated to finance the construction of 500,000 residential units approved by a Royal Decree issued earlier this year.
A major characteristic of the state's budget for the new fiscal year 2012-13 is to strengthen the march of development and to push forward the wheel of economic growth. It is aimed at finding new job opportunities for citizens, the minister said.
Financial allocations have been distributed on education, health, security services, municipal and social services, water, sanitary drainage, roads, electronic transactions and scientific research, Al-Assaf said.

Clic here to read the story from its source.