Surplus ‘can be channeled into housing projects’

Updated 21 December 2012
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Surplus ‘can be channeled into housing projects’

A number of Saudi economists and financial experts have called on the government to allocate more resources from the Kingdom’s budget surplus for 2012, estimated at SR 500 billion, to finance more housing and health projects.
The plea comes a day after Municipal and Rural Affairs Minister Prince Mansour bin Miteb launched construction of 25,000 new housing units in the Bay of Salman.
About 5,000 of these units will be completed in three years at a cost of SR 1.5 billion.
“We expect greater support for housing projects next year,” said Wadie Kabili, professor of economics at King Abdulaziz University in Jeddah. “We are also seeking more government efforts to fight unemployment,” he told Al-Madinah Arabic daily.
Ahmed Al-Zailaee, a member of the Shoura Council and professor of history and antiquities at King Saud University, said more government funds for residential projects would help ease the housing crisis.
The Jeddah Development and Urban Regeneration Company (JDURC) hosted Wednesday’s launching ceremony in the Bay of Salman.
Prince Mansour commended the Jeddah Municipality and JDURC’s leaders for their efforts in serving the nation and the well-being of Saudi nationals.


Indian rupee, bonds slump after cenbank governor’s resignation

In this file photo taken on April 1, 2014, the Reserve Bank of India (RBI) logo is seen on the main entrance gate of the RBI headquarters in Mumbai. (AFP)
Updated 11 December 2018
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Indian rupee, bonds slump after cenbank governor’s resignation

  • The RBI governor resigned abruptly after a months-long tussle over policy with the government

MUMBAI: India’s rupee and bonds plunged following Reserve Bank of India Governor Urjit Patel’s unexpected resignation after market hours on Monday shocked investors.
Concerns about likely mixed results from crucial state elections later on Tuesday also kept traders wary.
The Indian rupee came off earlier lows at 72.1350 to the dollar after opening at 72.46, but was sharply lower from its close of 71.35 on Monday.
The 10-year benchmark bond yield rose to 7.64 percent from 7.59 percent at the previous close.
The broader NSE stock index opened down 1.3 percent but recovered some of its losses and was 0.9 percent lower.
Investors will await state election results for further trading cues during the day.
The RBI governor resigned abruptly after a months-long tussle over policy with the government that has raised concerns about the central bank’s independence as a national election nears.