Saudi Arabia expected to raise 2015 expenditure

Saudi Arabia’s 2015 state budget is expected to raise spending marginally from this year’s original plan while covering a deficit due to sliding oil prices with the kingdom’s huge fiscal reserves, a Saudi newspaper reported. Projected 2015 revenues would drop to 715b riyals from 855bn riyals in the 2014 plan, leaving a deficit of 145bn riyals. Saudi Arabia will continue spending actively on major strategic projects such as housing, transport and the construction of industrial cities, the newspaper said.