Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi budget surplus may exceed SR225bn  Join our daily free Newsletter

MENAFN - Arab News - 15/12/2013
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab News) Saudis pin great hopes on the new fiscal budget for 2014, which is expected to be announced next week. They are optimistic the new budget would make allocations for more welfare projects across the country.
Economists believe this year's budget surplus would exceed SR225 billion and that the government would continue its policy of massive spending to spur economic growth and create more jobs.
Speaking to Arab News, economist Ihsan Buhulaiga, a former Shoura member, stressed that the 2014 budget should focus on strengthening the private sector to play a greater role in accelerating growth.
"I believe that the government would continue its policy of increased spending to carry out mega projects. This will not only strengthen the private sector but also create more jobs for Saudis," he said.
He said the capital spending in the Kingdom grew from SR38 billion in 2004 to SR285 billion in 2013. He said there are indicators that oil prices could decline due to extra supplies in the market from Iran and Iraq.
"I hope that the new budget would be a motivator for the private sector," Buhulaiga said, adding that the sector should achieve an annual growth of not less than seven percent. He called for new regulations to allocate value jobs in the private sector to Saudis.
Fahd bin Juma, another economist, said he expected the Kingdom's actual spending this year would reach SR870 billion, exceeding the actual spending for 2012 by SR17 billion.
"I expect that actual oil revenues in 2013 would reach SR1.08 trillion, bringing the total fiscal revenue to SR1.16 trillion. This will increase the surplus for this year to SR290 billion," he said. In 2012 the surplus was SR96 billion because of a fall in oil prices.
Buhulaiga expected part of the surplus would go to housing and transport projects and remaining to public reserves. He said public debts would be brought down to 3.4 percent of the GDP.
Asked about measures to control inflation, Buhulaiga said the present rate, which is less than five percent is manageable. "It is a challenge for the government to keep the inflation rate below five percent."
Abdul Aziz Al-Daeej, another economist, said he expected a four percent increase in revenues for 2014 budget, compared to 2013. He also believed the surplus would be equal to that of 2012.
Khaled Jamal, CEO of EFG-Hermes said the Kingdom is poised to post a budget surplus of SR266 billion. "It will continue to have surplus budgets in the years to come so long as oil price remains above 100 per barrel."
Abdul Hameed Al-Amry, a member of the Saudi Economic Society, said the surplus would reach around SR225 to SR240 billion this year with total revenues amounting to SR1.2 trillion.
"This is somewhat equal to what was predicted last year," Al-Amry said. He said total expenditures would reach to SR975 billion, 11.7 percent more than that of 2012.
The surplus, he said, would bring down the Kingdom's public debts to less than SR92 billion, which is 3.4 percent of the gross domestic product. "This is the lowest public debt rates of governments in the world."

 


Arab News




  MENA News Headlines
 Nov 1 2014 - Saudi- Trooper ambush suspect in court after long manhuntArab News
(MENAFN - Arab News) MILFORD Pennsylvania: Onlookers shouted 'Are you sorry' and 'Why did you do it' as state troopers led a suspect in a fatal police barracks ambush from his first court appearance ...

 Nov 1 2014 - Saudi- US judge rejects Ebola quarantine for nurseArab News
(MENAFN - Arab News) FORT KENT: A nurse who defied an Ebola quarantine in the state of Maine after treating patients in West Africa can travel unrestricted after a judge rejected the state's bid to ...

 Nov 1 2014 - Bombs at marketplaces near Baghdad kill 9 peopleArab News
(MENAFN - Arab News) BAGHDAD: Iraqi officials say bombs have struck marketplaces near Baghdad killing at least nine people.One bomb went off at a sheep market in the Iraqi capital's western suburb of ...

 Nov 1 2014 - Only men over 50 pray at Aqsa mosque amid tight securityArab News
(MENAFN - Arab News) JERUSALEM: Muslim men over 50 prayed at the Aqsa mosque in Jerusalem's Old City on Friday amid intense security a day after Israel closed all access to the sacred compound for ...

 Nov 1 2014 - Airstrikes hit Kobani ahead of entry by Kurdish forcesArab News
(MENAFN - Arab News) SURUC Turkey: US-led airstrikes hit Islamic State positions around the Syrian border town of Kobani on Friday in an apparent bid to pave the way for heavily-armed Kurdish ...

 Nov 1 2014 - Saudi- Mindshare celebrates 15th anniversaryArab News
(MENAFN - Arab News) Mindshare which is part of WPP is a global media agency network helping clients to make collaborative and adaptive decisions across their paid owned and earned marketing in ...

 Nov 1 2014 - MoH opens two women's health screening clinics at Riyadh mallsArab News
(MENAFN - Arab News) The Ministry of Health (MoH) is marking Breast Cancer Awareness Month in October with the launch of two new women's health screening clinics in Al Hayat Mall and Panorama Mall in ...

 Nov 1 2014 - Saudi- SABIC resin makes success in making windows for ultra-lightweight electric carArab News
(MENAFN - Arab News) A Saudi Basic Industries Corporation (SABIC)-made resin has been successfully used in making the windows of a new ultra-lightweight electric car concept developed by BMW-led ...

 Nov 1 2014 - Saudi- Johnson Window Films releases new window productsArab News
(MENAFN - Arab News) Recently Johnson Window Films began sales of new improved versions of energy-saving window film for both cars and buildings with solar control and heat insulation properties.The ...

 Nov 1 2014 - Etihad Airways to operate third daily Mumbai New Delhi flightsArab News
(MENAFN - Arab News) Etihad Airways the national airline of the UAE has announced that Mumbai and New Delhi will become its first destinations in India to be served with triple-daily flights ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help