Saudi's spending poised to touch SAR 1trn this year

Investment in infrastructure projects could provide a significant opportunity for investors in Saudi Arabia, as government spending is set to touch SR 1 trillion ($ 266.6 billion) in 2013, according to Emirates NBD Wealth Management, a part of the Middle East's leading bank.

Speaking at an investor road show in Riyadh, Mark McFarland, chief investment strategist, Emirates NBD Wealth Management, said: "Across the GCC, government spending will be a key driver of GDP growth in 2013, as regional economies focus on upgrading their physical infrastructure and social facilities in line with world-class standards. This is particularly true of Saudi Arabia, where public spending is set to increase by 15 percent in 2012 to touch SR 1 trillion. Much of this investment will be directed toward construction of residential, educational and health facilities and improvement of transport infrastructure." Other GCC countries that could benefit from increased government spending and resultant public sector job creation include Qatar and Oman.

Read more: http://www.zawya.com/story/Saudis_spending_poised_to_touch_SAR1trn_this_year-ZAWYA20130303024845/