Oil windfall boosts arms spendingnote

A high-ranking Saudi government official says the government has agreed to use not more than 10% of the surplus of oil revenues to purchase weapons and equipment for the Saudi Army, the Saudi Arabian National Guard and the security forces. Officials at the Ministries of Defence and Aviation had been talking about 15%, but Crown Prince Abdullah preferred to use the difference of 5% to finance industrial and social projects.

Saudi Newswires - September 15, 2004 - 1st Year