Published On:May 18 2010
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Saudi Arabia has develop 652 projects

Riyadh: Saudi Arabia has approved 652 projects worth 40 billion Saudi riyals ($10.7 billion) in the four months to the end of April.

This compares to around 1,600 contracts approved during all of 2009 worth 126.9 billion riyals, he said.

The Saudi government had planned a 70 billion riyal deficit for 2010, based on a conservative oil price projection of $46 per barrel.

The Opec member is investing $400 billion in the five years to 2013, mainly to boost infrastructure in the country of 26 million people.

One of the risks the global economy faces is shaky public finances and an increase in the public debt ratio in several countries, especially developed nations.

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