Construction costs tumbling in Saudi Arabia, executive says | Reuters:
"One of Saudi Arabia's biggest urban development projects is paying as much as 15 percent less towards construction costs as cuts in state spending reduce pressure on supplies of building materials and labor in the kingdom.
Fahd Al Rasheed, group chief executive of Emaar the Economic City (EEC), said construction firms' pricing had become more competitive, leading to a drop in costs of 10 percent to 15 percent per square meter.
"Local production levels for all building materials - as well as imports - were set for a time of boom in contracting," which has caused oversupply, Rasheed said in an interview in Dubai."
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