MIDEAST STOCKS-Big Saudi payout, stronger oil to boost Gulf | Reuters:
"Gulf equity markets are set to rise sharply on Sunday after Saudi Arabia's new King Salman ordered a lavish payout to state employees and oil prices surged on news of a record weekly decline in U.S. oil drilling activity.
Late on Thursday, Salman ordered the immediate payment of two months of bonus salary to all state employees and pension to retired government workers, as well as payments to students.
The payout could be worth up to 70 billion riyals ($18.6 billion) - about 8 percent of the original state budget for 2015, or 2.5 percent of last year's gross domestic product. Additional state spending was allocated to students, civic and professional associations around the country, and upgrading electricity and water services."
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