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Annual budgets to keep rising in Saudi Arabia

Saudi Arabia's King Abdullah has said the kingdom is to keep increasing annual budgets to diversify its oil-based economy and invest in infrastructure, Reuters has reported. The king gave no spending figures but said policy focus is to keep building up industries outside the oil sector and improving infrastructure in the biggest Arab economy, which is rolling out a $400bn stimulus until 2013. Last month, Saudi Arabia said it would spend SR580bn ($155bn) in 2011, the kingdom's third straight record budget for planned spending.