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Sunday, 16 April 2017

Exclusive: Saudi to shelve, reform billions of dollars of unfinished projects - sources | Reuters

Exclusive: Saudi to shelve, reform billions of dollars of unfinished projects - sources | Reuters:

"Saudi Arabia's government is ordering its ministries and agencies to review billions of dollars' worth of unfinished infrastructure and economic development projects with a view to shelving or restructuring them, government sources said. Riyadh's Bureau of Capital and Operational Spending Rationalization, set up last year to make the government more efficient, is compiling a list of projects that are under 25 percent complete, the sources told Reuters. Many of these projects are relics of a decade-long boom of high oil prices and lavish state spending, which ended when oil began sliding in mid-2014, making it increasingly difficult for Riyadh to find the money needed to complete their construction."



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