Saudi finance ministry says the kingdom’s budget surplus in 2012 hit 386 billion riyals ($99.3 billion)
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.
the house of saud gets around eh?
obscene amounts of money..
they could do so much with it..but wont..