Saudi unveils record US$228b budget for 2014

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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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About thomasdinnocenzi

Thomas D'Innocenzi is a highly accomplished, results-focused senior international executive with extensive experience in global sourcing and market development worldwide to meet evolving business needs. Tom has proven ability in implementing and managing profitable global sourcing operations worldwide. Extensive experience in international market development operations to accommodate rapid growth. Skilled in building top-performing teams, benchmarking performance, and restricting organizations to improve efficiency, productivity, and profitability. Experienced transition leader and change agent. As principal of Nova Advisors, LLC I’ve assembled an exemplary team that brings with them the knowledge and experience gained from starting up a Global Sourcing program with multiple Fortune 500 companies as well as the largest supplier network throughout the Asia-Pacific region. We have experience and expertise in more than a thousand medical and pharmaceutical products in manufacturing and sourcing at the best value. The right product, the right price point and the right branding fueled these successes that resulted in double-digit growth for top line sales and bottom line net margins for our customers. What sets us apart: • Our reach includes a large network of suppliers & manufacturers spanning 13 countries in Asia-Pacific region • We understand the manufacturing process and the business of the supplier and the buyer • Our company culture is based on quality assurance and our process is based on local quality control Our commitment is to be your partner offering the best products and services at the lowest cost. Contact me to discuss how we can make the global marketplace work for you. thomas@novaadvisors.com In addition, I am open to discussing opportunities in global sourcing, international marketing & sales, logistics and medical/pharma in Thailand, Vietnam, Malaysia, Philippines & Japan. Aside from my work I enjoy piano, astronomy, physics, and assisting my daughters with their studies. SPECIALTIES: Global Sourcing, Supply Chain Management, Business Development, Marketing, Logistics, Global Networking, Market Development, Healthcare Solutions, Pharmaceuticals, Medical Devices, Technology, Asia, Southeast Asia, US and Canada
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