(WASHINGTON, DC) - The Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al-Saud today issued three royal decrees on the state's budget for Fiscal Year 1435/1436H (FY 2014). Budget revenue and spending for 2014 were set at a record $228 billion (SR 855 billion).
King Abdullah stated, “…we announce the budget of the new fiscal year, which amounts to SR 855 billion ($228 billion), aiming to continue expenditure on programs and projects that further boost the march of sustainable development, create more job opportunity for citizens, and improve services.” The King added, “This budget is clear evidence of the great economic renaissance in our country.”
The focus will be on infrastructure, education, health, social services, security services, municipal services, water and water treatment services, and roads and highways. Moreover, the budget gives particular emphasis to science and technology projects and e-government.
“This year’s record budget is a reflection of the Kingdom’s continued investment in the welfare of the Saudi people,” said Saudi Ambassador to the U.S. Adel bin Ahmed Al-Jubeir. “This is another banner year for Saudi Arabia under the wise leadership of King Abdullah.”
Expenditures on education and health and social affairs continued to receive the largest shares of the budget. The general budget allocations for major sectors are as follows:
- Education: $56 billion (SR 210 billion), representing 25 percent of FY 2014 total appropriations and an increase of 3 percent
- Health and Social Affairs: $28.8 billion (SR 108 billion), an increase of 8 percent
- Municipality Services: $10.4 billion (SR 39 billion), an increase of 9 percent
- Infrastructure and Transportation: $17.8 billion (SR 66.6 billion), an increase of 2.5 percent
- Water, Agriculture, Industry, and Other Economic Resources: $16. 3 billion (SR 61 billion), an increase of 5.7 percent