Saudi allocates huge funds for new homes

31 December 2011: Saudi Arabia has set aside $66.66 billion (approx Rs.353,999) from the 2011 budget surplus to fund one of the special projects, the construction of 500,000 homes. It projected the budget surplus, which depends largely on oil revenues, would shrink to just 12 billion riyals next year.

Saudi government plans to spend $184 billion (approx Rs.937,137 crore) in 2012, cutting expenditure from an estimated 804 billion riyals this year, when social spending was ramped up in an effort to ensure political stability. The ministry's 2012 spending plan showed authorities would continue to spend heavily on welfare.

Source: Trade Arabia