Thursday, 20 December 2018

Saudi Arabia to boost energy spending in 2019

Skyline of Riyadh, the Saudi capital Skyline of Riyadh, the Saudi capital

Saudi Arabia’s 2019 budget has allocated 33 billion riyals ($8.8 billion) for the energy, industry, mining and logistics sectors – more than three times the amount spent in the previous budget. State spending will rise by over 7% next year to an equivalent of $295 million, and most of these higher expenses are intended to be financed through rising oil revenues.

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