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FINANCIAL NEWS
Saudi Arabia to spend USD 29.9bn on construction projects
30 Mar 2016
(MENAFN) Saudi Arabia’s government is predicted to spend USD 29.9bn on building projects in 2016 and the same amount in 2017, despite the global oil price slump.
Moreover, the state construction debt for this year is 20 percent lower than last year’s budget, reflecting the 65 percent collapse in the price of Nrent crude.
The kingdom’s lower budget of USD 229bn for this year will result in “a large number of projects either being scaled down and revised or put on hold.”
In addition, more than 30 percent of the country’s workforce is employed in the infrastructure and construction sectors.
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