JEDDAH, 20 February 2005 — Government spending on infrastructure projects will increase tremendously in the coming years, says Minister of Finance Dr. Ibrahim Al-Assaf.
“This is a positive indicator of the Kingdom’s economic development and will have positive effect on the citizens,” the minister told Arab News. Al-Assaf underlined the role of oil prices in determining the Kingdom’s national budget.
“Oil prices and spending on development projects control the budget,” he pointed out.
He said the budget allocations made for infrastructure projects would be spent not only this year but also in many years to come.
The minister’s statement came after oil prices rose to $50 per barrel in the international market, the highest in 20 years. Many economic experts predict that the Kingdom’s oil revenues would cross $300 billion.
He hoped that the Kingdom would be able to pay off its public debts within a short span by paying a specified amount every year.
Prince Saud Thunayyan, chairman of the Royal Commission for Jubail and Yanbu, revealed to Arab News that the commission was working to complete Jubail 2 industrial city project as soon as possible.
“We have received many investment offers from foreign companies to invest in opportunities available in Jubail and Yanbu,” he said. “The commission is currently studying these offers and supplying the companies with all information they want about opportunities available,” he explained.
The prince said that Jeddah Forum is a big economic opportunity that will have positive impact on the country at present and in future. He said that many well-known economic personalities would benefit from economic experiences and implement them to support the national economy.
