KSU record $2.31 billion annual budget for 2012

Rector, King Saud UniversityKing Saud University has received a budget of 8,625,561 SAR (2.31 billion USD) budget for 2012, an allocation that KSU Rector Abdullah Al-Othman believes demonstrates that the Saudi government considers “investment in talent and intelligence” to be the Kingdom’s highest priority. The annual budget is the largest in KSU’s 55-year history, 13 percent higher than allocated to education and training a year ago, and represents 24 percent of the country’s overall operating budget. “Industry used to be the key asset in a country’s budget and calculations,” Dr. Al-Othman said. “Now, it is the creation of knowledge. This is more profitable than the creation of wealth. Investment in talent and intelligence is now the foremost productive investment. “The safety and security of any nation hinges on the strength and wisdom of its leadership. Our country is blessed with a leadership building for the future with a solid base of hard current facts.” The Rector said the Kingdom’s leadership is fully cognizant of its duty to the country’s citizens and is committed to developing individuals who respond to the financial commitment by optimizing their potential. He said that the Kingdom’s leaders have wisely guided the country through the turbulent economic times and a nagging recession by exercising efficient management of revenue and income distribution. Dr. Al-Othman said that because of the leaders wisdom, the Kingdom remains is a safe haven for world investors. In the “Doing Business Project,” Saudi Arabia ranks 12th among 183 countries in regard to the ease of starting and operation of local firms. The Rector thanked King Abdullah bin Abdul-Aziz Al Saud, the Custodian of the Two Holy Mosques, his Crown Prince Naif bin Abdulaziz, the Minister of Higher Education and the Minister of Finance for their support of KSU’s developmental plans. The budget was the largest allocated to all the Kingdom’s major universities.