Saudi Arabia to increase spending on infrastructure projects
Government spending on infrastructure projects will increase tremendously in the coming years, said Saudi Minister of Finance Dr. Ibrahim Al-Assaf. "This is a positive indicator of the Kingdom's economic development and will have positive effect on the citizens," the minister told Arab News.
Al-Assaf underlined the role of oil prices in determining the Kingdom's national budget. "Oil prices and spending on development projects control the budget," he pointed out.
He said the budget allocations made for infrastructure projects would be spent not only this year but also in many years to come.
Meanwhile, Prince Saud Thunayyan, chairman of the Royal Commission for Jubail and Yanbu, conveyed to Arab News that the commission was working to complete Jubail 2 industrial city project as soon as possible. "We have received many investment offers from foreign companies to invest in opportunities available in Jubail and Yanbu," he said. "The commission is currently studying these offers and supplying the companies with all information they want about opportunities available," he explained.