MIDEAST STOCKS-Markets rise as Saudis maintain spending in 2015 budget | News by Country | Reuters:
"Gulf stock markets rose on Thursday as Saudi Arabia released a 2015 state budget that will keep spending high, reassuring the region that economic growth is unlikely to be hurt much by the plunge of oil prices.
The Saudi budget envisions state spending at a record 860 billion riyals ($230 billion) next year, up 0.6 percent from the 2014 budget plan.
That would be the smallest rise in over a decade, but much better than the possible spending cuts that the markets were worrying about early this month. A 145 billion riyal budget deficit would be covered by the government's huge reserves."
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