Saudi finance ministry says the kingdom’s budget surplus in 2012 hit 386 billion riyals ($99.3 billion)

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http://finance.ninemsn.com.au/newsbusiness/8586599/saudi-2012-surplus-hits-99-3-bn-on-rising-revenues

The kingdom also announced what it described as a record budget for the coming year, with expenditure expected at US$218.7 billion ($210.9 billion) and revenues amounting to US$221 billion.

The world’s largest exporter of crude oil traditionally uses a conservative price for oil in its budget. Oil revenues amounted to 92 percent of total revenues in 2012, the finance ministry said in a statement.

Revenues in 2012 amounted to 1,239 billion riyals (US$330.4 billion), while expenditure hit 853 billion riyals (US$227.5) billion, said the statement carried by the SPA state news agency.

The oil-rich kingdom had expected a small surplus of 12 billion riyals (US$3.2 billion) in 2012, with revenues expected to reach 702 billion riyals (US$187.2 billion) and expenditure increasing only to 690 billion riyals (US$184 billion).

In 2013, revenues are projected to reach 829 billion riyals (US$221.06 billion), while expenditure is planned at 820 billion riyals (US$218.7 billion), the agency reported.

“The council of ministers has passed the largest budget in the history of the kingdom,” Al-Ekhbariyah state television reported.

Ailing King Abdullah, who underwent a back operation last month, presided over a council of ministers meeting on Saturday.

“There is plenty of wealth, thanks be to Allah,” the monarch said in a shaky voice, addressing his ministers, according to television footage.

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the house of saud gets around eh?

obscene amounts of money..

they could do so much with it..but wont..

401

~ by seeker401 on January 2, 2013.

3 Responses to “Saudi finance ministry says the kingdom’s budget surplus in 2012 hit 386 billion riyals ($99.3 billion)”

  1. http://topdocumentaryfilms.com/iron-triangle-the-carlyle-group-2/

    and they’ own your vitamins too http://money.cnn.com/2010/07/15/news/companies/NBTY_Carlyle_Group/

  2. https://en.wikipedia.org/wiki/NBTY

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