Saudis to slow spending to lowest pace in a decade | The National

Saudis to slow spending to lowest pace in a decade | The National:

"Saudi Arabia plans to slow its spending to the lowest pace in more than a decade next year as the government responds to warnings that high expenditure risks running down oil wealth for future generations.

The impact of the budget, announced by the finance ministry this week, is likely to be closely watched by regional contractors as the kingdom scales back the pace on large building projects.

The 4 per cent rise in total budgeted spending to 855 billion riyals (Dh837.4bn) compares to a 5.9 per cent increase in actual expenditure during the current fiscal year.

The budget’s 248bn riyals earmarked for capital expenditure is around 13 per cent down from this year, the first time in 12 years that the government has trimmed planned spending in that area."

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