King Salman signs the 2018 budget during a Cabinet meeting in Riyadh.
Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
Saudi Arabia's 2018 budget is a relief for investors who watched austerity measures pummel growth over the past two years. The world's biggest oil exporter will boost spending to 1.1 trillion riyals ($293 billion) to revive an economy that has languished as the nation copes with lower oil prices. The Tadawul All Share Index advanced 0.2 percent to the highest level since Oct. 5 in Riyadh.The gauge has missed out on a rally that put emerging-market stocks on course for their best year since 2009, and the proportion of stocks owned by foreigners has lingered below 5 percent since the kingdom first allowed overseas investors to trade Saudi shares directly in 2015 . The economy will expand 2.7 percent next year after contracting 0.5 percent in 2017, while inflation will accelerate to 5.7 percent from less than zero as of the end of 2017, according to government forecasts.
FOLLOW THIS ARTICLE