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‘King sought top priority for citizens'
Published in The Saudi Gazette on 23 - 12 - 2008

Drawing up the 2009-2010 state budget in arguably the most trying of times in recent times – considering the global economic meltdown and falling oil prices – King Abdullah, Custodian of the Two Holy Mosques, stressed that the new budget should include more allocations and projects than in the 2008-2009 budget and that priority should be given to development projects aimed at providing job opportunities for Saudi men and women, said Ibrahim Al-Assaf, Minister of Finance.
Accordingly, the new budget focuses on sustaining comprehensive development by also giving priority to services that directly affect the citizens, such as health, education, social, municipal services, including water and drainage, roads and electronic transactions besides supporting scientific research and infrastructure projects.
Al-Assaf said ongoing economic reforms have resulted in positive growth rates in the private sector as well as expansion and diversification of the national economy.
The private sector's contribution to the GDP this year reached 46%, with the exception of fixed-price imports.
In processing industries, private sector effectiveness has increased steadily in recent years.
Cost of living index: Rose 9.2% in 2008 compared to the previous year, according to the estimation of the General Statistics and Information Department.
GDP shrinkage in the non-oil sector, which is considered as one of the most important economic indexes for measuring inflation, is expected to increase 3.6% in 2008 compared to the previous fiscal year.
Public debt is forecast to fall at the end of fiscal 2008 to SR237 billion, or 13.5% of the expected GDP for the current fiscal year compared to 18.7% at the end of the previous fiscal year 2007, Al-Assaf said.
According to the preliminary estimates of the Saudi Arabian Monetary Agency (SAMA), trade balance would achieve a surplus of SR820.2 billion with an increase of 45.8% compared to the previous year, he said.
He pointed out that the current account balance of payment is expected to post a surplus of SR564.8 billion in the fiscal year 2008 against SR354.3 billion in the previous fiscal year, or an increase of 59.4%. – SPA
ALLOCATIONS AND EXPECTED REVENUES 2009
Mayoralties, Municipalities and Rural Complexes: Expenditure SR18,011,490,000, revenues SR2,370,394,000. The difference between of SR15,641,096,000 is to be approved from the state's budget.
General Seaports Authority: Expenditure SR1,076,324,000, revenue SR2,670,000,000.
Saudi Arabian Airlines: SR19,053,000,000*.
General Organization for Grain Silos and Flour Mills: Revenue SR1,432,000,000, expenditure SR935,387,000.
Saline Water Conversion Corporation (SWCC): SR7,645,527,000*.
General Organization for Railways: SR1,147,101,000*.
Royal Commission for Yanbu and Jubail: SR6,717,692,000*.
Saudi Arabian Standards Organization: SR161,637,000*.
Saudi Arabian General Investment Authority (SAGIA): SR136,303,000*.
King Saud University: SR5,423,782,000*.
King Abdul Aziz University: SR2,906,650,000*.
King Fahd University for Petroleum and Minerals: SR921,060,000*.
Imam Muhammad Bin Saud Islamic University: SR2,192,698,000*.
Islamic University: SR493,908,000*.
King Faisal University: SR2,741,146,000*.
Umm Al-Qura University: SR1,693,515,000*.
King Khalid University: SR1,974,558,000*.
Taiba University: SR1,150,611,000*.
Al-Qassim University: SR1,296,921,000*.
Taif University: SR935,536,000*.
Jizan University: SR720,720,000*.
Al-Jouf University: SR694,549,000*.
Hail University: SR588,137,000*.
Tabuk University: SR500,357,000*.
Al-Baha University: SR445,880,000*.
Najran University: SR398,640,000*.
Northern Frontier University: SR444,299,000*.
Princess Noura Bint Abdulrahman University: *SR1,425,603,000.
Technical and Vocational Training Corporation (TVTC): SR3,735,000,000*.
King Abdul Aziz City for Science and Technology (KACST): SR1,115,413,000*.
Institute of Public Administration: SR339,639,000*.
King Faisal Specialist Hospital and Research Center: SR3,879,250,000*.
Saudi Red Crescent Society: SR1,399,403,000*.
RGeneral Organization for Military Industries: SR1,206,061,000*.
Saudi General Survey Commission: SR164,670,000*.
General Commission for Tourism and Antiquities: SR384,935,000*.
Communication and Information Technology Commission (CITC): SR396,000,000*.
Food and Drug Authority (FDA): SR393,500,000*.
Saudi Post Organization: SR1,796,315,000*.
General Authority of Civil Aviation (GACA): SR5,149,929,000. – SPA
* Break evenHOW WE FARED IN 2008
Following are salient features of economic performance in 2008:
• Inflation, as measured by the cost of living index, is estimated at 9.2 percent in 2008. Non-oil GDP deflator showed an increase of 3.6%.
• Public debt to drop to around SR237 billion by the end of fiscal year 2008, according to preliminary estimates. The debt is totally domestic.
• Gross domestic product (GDP) reached SR1.7535 trillion at current rates, achieving 22% growth compared to 7.6% in the previous year.
• GDP projected to grow in 2008 by 22.0% reaching SR1,753 billion at current prices and 4.2% at fixed 1999 prices.
• Oil sector expected to grow by 34.9% at current prices.
• Government sector: Expected to grow at 3%
• Private sector expected to attain 8% growth at current prices.
• Private sector GDP estimated to grow by 4.3% at fixed prices.
• Private sector contribution to GDP expected to be 46% at fixed prices.
• Non-oil industrial sector estimated to grow by 5.4%, construction sector by 4.1%, electricity, gas and water sector by 6.3%, transport and communication sector by 11.4%, wholesale, retail, restaurants, and hotels by 4.2%, and finance, insurance and real estate by 2.2% at constant prices.
• Trade balance estimated to record a surplus of SR820 billion in 2008, a 45.8% jump compared to last year.
• Current account estimated to record a surplus amounting to SR564.8 billion in 2008 compared to SR354.3 billion in 2007, an increase of 59.4%
• Telecom, transportation and storage: Growth is estimated at 11.4%.
• Electricity, gas and water : Growth to reach 6.3%.
• Construction and building: Growth rate estimated at 4.1%
• Wholesale, retail, restaurants and hotels: 4.2% growth.
• Financial, insurance and real estate: Growth expected to reach 2.2%.
Foreign Trade and
Balance of Payment
• Total exports of goods and services expected to grow by 31.2%, reaching SR1,226 billion in 2008, according to Central Department of Statistics and Information,
* Non-oil exports expected to grow by 10%, amounting to SR115.0 billion and representing 10.2% of total goods exported.
• Total imports of goods and services expected to grow by 12% in 2008, amounting to SR610 billion.
• Trade balance estimated to record a surplus of SR820 billion in 2008, a 45.8% jump compared to last year, according to Saudi Arabian Monetary Agency (SAMA).
• Current account estimated to record a surplus amounting to SR564.8 billion in 2008 compared to SR354.3 billion in 2007, an increase of 59.4%
Money and Banking
• The broad money supply during the first 10 months of fiscal year 2008 grew by 14.0%. Bank deposits recorded a growth rate of 14.1% during the first 10 months of 2008 and total banks claims on public and private sectors increased by 30%. Banks' capitals and reserves increased by 15.4%, reaching SR157.0 billion.
Capital Market??
The Capital Market Authority (CMA) continued to develop the necessary by-laws of the capital market. There were 13 new IPO's in 2008, increasing the number of companies listed in the stock market to 127. The CMA licensed 30 new brokerage and portfolio management firms.
– Figures issued by the Ministry of Finance (SPA) APPROPRIATIONS 20092009 appropriations for the main development and public service sectors.
Education and
Manpower Development
Total expenditure: SR122.1 billion, including technical and vocational training.
• Continued implementation of King Abdullah Project for education Development and the creation of the recently approved Education Development Holding Company:SR9 billion
• New projects – 1,500 new schools (in addition to 3,240 schools currently under construction) and rehabilitation of (2000) existing buildings.
• Higher education: The new budget includes appropriations for construction of the new female university campus (Princess Noorah Bint Abdul Rahman University in Riyadh, and the Medical City for King Saud University. Furthermore, the scholarship program will continue next year. Implementation of the National Plan for Science and Technology, at a cost of 800 million is under way.
Health, Social Affairs
Total expenditure: SR52.3 billion.
• Projects include new primary care centers throughout the Kingdom, 86 new hospitals with capacity of 11,750 beds, and further development of the Saudi Red Crescent.
• For social services, the new budget allocates funds for building sport clubs, social centers, social welfare and labor offices. In addition, poverty reduction programs will be supported so as to shorten the time frame for eradicating poverty.
Municipality Services
Total expenditure: SR19.8 billion.
• New projects include inter-city roads, intersection and bridges, and road lighting, aimed at easing traffic congestion. Spending covers sanitary, trash collection, and other environment-related projects.
Transportation and
Telecommunication
Total expenditure: SR19.2 billion.
• New projects include 5,400 km of new roads in addition to 30,000 km currently under construction, ports, airports, railroads development and new postal services. Existing paved road network now stands at 56,000 km.
Water, Agriculture
and Infrastructure
Total expenditure: SR 35.4 billion.
• New projects includes appropriations for the two industrial cities of Jubail and Yanbu.
• Specialized credit development institutions and government financing programs include:
a. Replenishment of the resources of the Real Estate Development Fund by SR25 billion over a 5-year period from 2008.
b. Deposit of SR10 billion in the Saudi Credit and Savings Bank.
c. Estimated SR40 billion to be disbursed by government specialized credit institutions (Real Estate Development Fund, Saudi Industrial Development Fund, Saudi Credit and Saving Bank, Saudi Arabian Agriculture Bank, Public Investment Fund, and Government Lending program). – SPAFLASHBACK2006
Surplus: SR 288.75 billion
Spending: SR 390 billion
Revenues: SR 655 billion
Real GDP: Slowed to 4.2 percent
Non-oil private sector growth: 6.3 percent.
Inflation: 11-year high of 1.8 percent from 0.4 percent in 2005
2007
Surplus: SR178.5 billion
Spending: SR443 billion
Revenues: SR621.5 billion
Real GDP 3.5%
Inflation: 3.1%
Current account balance
SR344 billion
– Data compiled from Saudi Gazette Archives __


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