Saudi Arabia will launch 120 billion riyals ($32 billion) of development projects in the area around the capital city Riyadh, Saudi King Abdullah said.
The plan, which will involve both public and private investment, includes 1,800 projects in areas including health, education, water and electricity in the Riyadh region, Asharq al-Awsat daily reported.
Saudi Arabia is spending an oil windfall on development projects, including a $26.7 billion economic city the Jazan region in the south of the country and another $52 billion King Abdullah Economic City near the city of Jeddah.
Saudi Arabia's current account surplus would reach 23.4 percent of gross domestic product in 2007, Standard Chartered forecast in March.
The plan, which will involve both public and private investment, includes 1,800 projects in areas including health, education, water and electricity in the Riyadh region, Asharq al-Awsat daily reported.
Saudi Arabia is spending an oil windfall on development projects, including a $26.7 billion economic city the Jazan region in the south of the country and another $52 billion King Abdullah Economic City near the city of Jeddah.
Saudi Arabia's current account surplus would reach 23.4 percent of gross domestic product in 2007, Standard Chartered forecast in March.BajaeNergyBLOG
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