Tuesday, December 23, 2008

Saudi combats the global slowdown

Saudi Arabia has announced an SR475 billion ($US126.7 billion) economic stimulus budget for 2009, allocating more money for education and increasing public spending by 15.8 percent (SR65 billion)

The new budget has earmarked huge money for health services and social development, for water, municipality, agriculture, industry and mining infrastructure .

Large amounts have been identified for new road projects and for the maintenance of existing roads indicating an expectation for an increased reliance on roads rather than pipelines!!!
Saudi is determined to enter the global mining market and one should not under estimate the financial power of this socially conservative but fiscally aggressive kingdom...And Citadel Resource Group (ASX:CGG) is extremely well placed both geologically and politically.

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