Saudi budget is balm for investors stung by austerity drive

Dubai

FOR investors who watched austerity measures pummel growth over the past two years, Saudi Arabia's 2018 budget is a relief.

The world's biggest oil exporter will boost spending to 1.1 trillion riyals (S$395 billion) to revive an economy that has languished as the country copes with lower oil prices. Ashmore Group plc says it's a sign Crown Prince Mohammed bin Salman's reforms are going ahead.