Saudi Arabia’s record expenditure plan reflects the kingdom’s determination to continue spurring domestic growth through public spending amid a global downturn and regional political upheaval.
The world’s biggest oil exporter said on Saturday that it would spend SR820bn ($219bn) this year. It projected a surplus of SR9bn. The government did not reveal the oil price assumption, but Riyadh-based Jadwa Investment estimated it had set production at 9.6m barrels a day at $66 a barrel. Last year’s price average was about $111.5 a barrel.
Saudis maintain high spending strategy - FT.com
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