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FINANCIAL NEWS
Saudi government awards contracts worth $16b
21 Jul 2010
(MENAFN) The Saudi government said that it has handed out $16 billion in construction deals in the past six months as the top oil exporter continues the infrastructure plan, SPA reported.
The government launched in 2009 a five-year spending plan averaging an annual $80 billion to mainly develop infrastructure and its oil facilities and counter the repercussions of the global crisis on the little-diversified economy.
Of construction contracts, $2.9 billion was spent on roads and telecommunications, the finance ministry said in a press statement.
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