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FINANCIAL NEWS
Saudi spends $5.6b on infrastructure projects in Q1
25 Apr 2010
(MENAFN) Saudi Arabia awarded development contracts $5.6 billion during the first quarter, as the country pursues a five-year infrastructure program, SPA reported.
Saudi Arabia boosted spending on infrastructure, health care and education to diversify and strengthen its economic growth. But this quarter’s $5.6 billion contracts were down by nearly 50 percent from a year earlier.
Saudi Arabia, the biggest Arab economy, plans to invest more than $400 billion until 2013 in infrastructure projects such as roads and hospitals to serve its young population of 18 million nationals.
In the fourth quarter the value of contracts had risen to $8.53 billion versus $5.3 billion in the same period a year earlier, according to SPA.
It is worth mentioning that the International Monetary Fund (IMF) expects the Saudi economy to grow by 3.7 percent this year after 0.15 percent in 2009.
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