- RIYADH: The record 2012 surplus budget of SR 690 billion $184 billion) announced Monday was 50,000 times more than Saudi Arabia’s first budget announced in 1934, Al-Eqtisadiah, a sister publication of Arab News, reported Tuesday.
The first official budget, two years after the unification of the country under its present name, was only SR14 million.
That year, founder King Abdul Aziz issued a decision to establish a Finance Ministry. Until then, the monetary and financial affairs were looked after by what was known as the General Directorate of Finance.
It was based in Makkah to meet the expenses of the Haj and at the same time benefit from trade activities in the Holy City conducted by pilgrims who came from all over the world.
