No. 5/1/3/1223
Date: 4/6/1376 AH
By the grace of Almighty God,
We, Saud bin Abdulaziz Al Saud, King of the Kingdom of Saudi Arabia,
In view of the country’s need for a construction policy aimed at advancing urban development projects and raising the standard of living of the people across various vital sectors,
And after reviewing the Council of Ministers’ Resolution No. 61 dated 11/5/1376 AH, and based on what has been presented to us by the Prime Minister,
We hereby decree the following:
Article One
The State’s revenue from oil proceeds shall be allocated to urban development projects within a special budget.
Article Two
This budget shall take effect beginning with the fiscal year 1376 AH.
Article Three
The Council of Ministers is authorized to determine the urban development projects that fall under this budget. It may establish programs, issue regulations and decisions related to these projects, and determine their phases and priorities for implementation.
Article Four
The financial regulations, systems, and instructions currently in force shall continue to apply to this budget and to the projects financed through it.
Article Five
The Prime Minister shall implement this decree and communicate it to the competent authorities.
No. 5/1/3/1223