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Saudi Arabia signs road contracts worth $587m

01 Nov 2010

(MENAFN) The Saudi government has signed contracts worth $587 million mostly for road-building and is looking to sign more next month, the state news agency SPA said.

Saudi Arabia, the world’s biggest oil exporter, has stepped up its public expenditure over the past two years to counter the effects of the global financial crisis and plans to spend a record $143.6 million this year.

The Opec member is also investing $400 billion in the five years to 2013 to enhance the infrastructure in the country, diversify its economy, and provide jobs for its growing local population of 18 million.

The transport ministry previously signed contracts for other projects worth up to $2.43 billion, and is looking to sign six more projects worth $155 million next month.

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