RIYADH, Dec 13: Unveiling a surplus 2006 budget, the largest in its history, Saudi Arabia has projected revenues for the next year at a record SR390 ($105.33) billion and expenditures at SR335 ($89.33) billion. SR126bn have been allocated for new projects.

Finance Minister Ibrahim Al-Assaf predicted that the Kingdom’s total revenues in 2005 would reach SR555 billion with SR341 billion in expenditures. He said the surplus budget would be utilized to carry out welfare projects and cut public debts, as instructed by King Abdullah.

The Kingdom’s gross domestic product (GDP) was projected to grow in 2005 by 22.7 per cent in current prices and by 6.54 per cent in constant prices, reaching SR1.15 trillion and SR767.7 billion in current and constant prices, respectively. Private sector GDP is projected to grow in constant prices by 6.7 per cent.

Addressing the cabinet, King Abdullah said the new budget was designed to accelerate the development process and improve the living conditions of citizens. “We have set aside 26 per cent of the budget for education and training,” the king said, emphasizing the significance of an educated, skilled work force.

The budget has given the utmost importance to scholarship programmes in order to help Saudis master modern science and technology.