Saudi unveils record US$228b budget for 2014

Saudi-money-2

Saudi Arabia announced on Monday a record budget of US$228 billion for 2014, slightly up from US$218.7 billion set aside for this year.

The world’s largest oil exporter said it also expected to conclude this year with a budget surplus of 206 billion riyals (US$54.9 billion), after budgeting for a surplus of around US$613 million.

Revenues in 2013 were expected to reach 1.131 trillion riyals compared with expenditure of 925 billion riyals, according to a government statement.

The kingdom had budgeted for revenues of US$221 billion in 2013, and an expenditure of US$218.7 billion.

For 2014, Saudi Arabia is expecting a balanced budget of 855 billion riyals (US$228 billion), said the statement carried by SPA state news agency.

A quarter of the budget is earmarked for education and training, including building 465 schools and revamping 1,500 others.

The government will also spend 22 billion riyals in 2014 on 185,000 Saudis already on scholarships to study abroad.

The health sector will get 108 billion riyals.

Oil continues to contribute the bulk of revenues for Saudi Arabia, which pumps 9.7 million barrels per day of oil, and has a capacity to produce more than 12 million bpd.

The OPEC kingpin’s economy is expected to grow 3.8 per cent this year, according to the statement.

The International Monetary Fund is expecting the Arab world’s largest economy to grow by 3.6 per cent and 4.4 per cent in 2013 and 2014 respectively, after expanding by 5.1 per cent last year.

Saudi Arabia has been using part of its large windfalls of oil revenues to repay its public debt, which has dropped to 75.1 billion riyals (US$20 billion), or 2.7 per cent of its gross domestic product, according to the statement.

Public debt stood at 98.8 billion riyals ($26.3 billion) at the end of last year.

 

 

 

Source : Channel News Asia | December 24, 2013

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Thomas D’Innocenzi is a highly accomplished, results-focused international consultant with extensive experience in global sourcing and business development worldwide to meet evolving business needs. Tom has proven ability in implementing and managing profitable global marketing and sourcing operations. He has extensive experience in international business development to accommodate rapid growth. Skilled in building top-performing teams, bench-marking performance, and developing organizations to improve efficiency, productivity, and profitability. Experienced transition leader and change agent. Tom founded Nova Advisors with the mission of providing expert Global Business Development consulting services for companies seeking to expand their market share as an independent consultant. Tom has a network of experts and advisors throughout the Asia-Pacific region and North America. His expertise includes business development, global sourcing, manufacturing, commodities, logistics, QA/QC, FDA, regulatory compliance, sustainability, and supply chain optimization. Tom is experienced in the medical device, apparel, consumer goods and technology services verticals helping companies advance their global sourcing capabilities and develop new markets through a local and sustained approach. Located in SE Asia and the United States, Tom expands market reach to drive sales. His global sourcing strategy includes directly negotiating with commodity suppliers, supply chain networks and distributors for optimal terms based on his expertise and first-hand knowledge of the players. Contact Tom to use his consulting service to increase your global market and make global sourcing profitable for you in the Asia Pacific Region and the United States. http://www.NovaAdvisors.com thomas@NovaAdvisors.com USA Direct: +1.904.479.3600 SINGAPORE: +65.6818.6396 THAILAND: +662.207.9269
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