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Small Cap4,895 -0.24
Micro Cap8,498 -0.25

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GFH 0.5 1,361,733
BKSB 0.14 70,617
DANA 0.62 13,288,208
DAMAC 3.85 372,716
DSI 0.39 34,049,322
ALINMA 16.47 22,194,374
SABIC 98.09 2,208,800

Saudi Arabia Budget 2010

Source: Global Investment House

Saudi Arabia Budgets Fiscal Deficit of SR70bn in 2010

The Kingdom of Saudi Arabia on Monday, December 21, 2009 announced the national budget for fiscal year 2010. Saudi Arabia with its fiscal strength, largely due to (i) accumulated oil wealth ii) public debt to GDP between 10% to 20% (2007–09) and iii) SAMA’s net foreign assets showing an increase (Jul-Oct 2009) of 1.8% reaching SR1.4trillion, continues to show its commitment towards enhanced public spending with budgeted government expenditure showing an increase of 13.7% to reach SR540bn (US$144.0bn) in 2010 (as compared to 2009 budgeted expenditure). In these turbulent global financial times, Saudi Arabia’s 2009 announcement for planned domestic spending of US$400bn over a period of five years seems to be kicking in. We expect 2010 to be most likely a year of fiscal surplus posting a figure of SR108.7bn.

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