Saudi King Abdullah’s pledge to increase spending on housing by 55 billion riyals ($15 billion) probably will do little to relieve the country’s home shortage unless it’s coupled with long-delayed changes in mortgage financing laws.
Saudi Arabia is spending more than $60 billion on a logistics hub, airport improvement and roads to reduce travel time in the Arab world’s biggest economy.
Saudi Arabia’s break-even price to balance next year’s budget will rise to $71.5 a barrel from $70.9 this year, according to National Commercial Bank, the kingdom’s largest lender by assets.
Saudi Arabia, the world’s top oil exporter, forecast a budget surplus of 12 billion riyals ($3.2 billion) next year as the kingdom boosts planned spending while investing to create jobs.
Iran’s central bank moved to avert a slide in the value of the rial as the U.S. and allies prepared for further sanctions that may include an oil embargo.
Saudi Arabia’s domestic consumption of crude oil rose 4 percent in 2011 from a year earlier, data the government submitted to the Joint Organization Data Initiative showed.
Saudi Arabia, the world’s largest oil exporter, is waiting for a successor to the crown prince as the ruling family gathers tomorrow for prayers after the death of Sultan bin Abdulaziz Al Saud.
Saudi Arabia’s Crown Prince Sultan bin Abdulaziz Al Saud has died, setting in motion succession plans for the world’s largest oil exporter.
Saudi Arabia, the world’s largest oil exporter, may be forced to tap its reserves to fund spending programs as oil drops below the kingdom’s breakeven budget price.
"The kingdom is set to invest up to $30 billion in key infrastructure projects over the coming years, across a range of sectors including transport, housing, manufacturing, energy, healthcare and education."
- Jarmo Kotilaine on Dec 21, 2014