Saudi hands out $16bn in construction deals in H1 2010

By Reuters
  • Tuesday, 20 July 2010 1:08 PM
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(Getty Images)

(Getty Images)

The Saudi government handed out contracts SR60 billion ($16 billion) in construction deals in the past six months as the top oil exporter continues a infrastructure plan, the finance ministry said on Tuesday.

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 an little-diversified economy.

The Gulf Arab state handed out in total contracts worth SR71.5 billion in the December 18-June 12 period, the ministry said in a statement carried by the official SPA news agency.

Of construction contracts, SR10.5 billion was spent on roads and telecommunications and the same amount on education facilities, while about SR6 billion went to water and sewage projects and SR5.6 billion to village and town developments, SPA said. (Reuters)

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