Saudi Arabia expected to gain $ 157 bn from 2005 oil revenues
29-08-05 Saudi Arabia is expected to gain $ 106 bn from 2005's oil revenues in comparison to $ 106 bn in 2004, said a report by Saudi American Bank (SAMBA).
In 2005, the report also expected that Saudi Arabia's national return would increase by 6.5 % due to the record hike in oil prices.
As the current budget will have a surplus of $ 96 bn, which is 30 % of the total national return, the budget would record a surplus for the seventh year in a row. Foreign assets in Saudi banks will increase by $ 47 bn to reach $ 135 bn.
The growth in the cash flow has extended credit and loan opportunities to 75 % of Saudis.
Reaching its lowest percentage in six years, Saudi Arabia's governmental debt has decreased from 119 % to 59 %.
The Saudi Finance Minister Ibrahim Al-Assat expected the total of national debt to shrink down to less than $ 160 bn.
Source: PIN/KUNA