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Saudi Restructuring Plan Hands Out 1,420 Contracts

Middle East : 22 July 2010

The Kingdom handed out 1,420 contracts over the first part of 2010 totaling SR71.5 billion, reports the Ministry of Finance

A spokesman confirmed Tuesday that this large number of contracts was a continuation of the government’s restructuring plan.

In 2009 the Kingdom announced a spending plan spread over five years focusing on infrastructural and oil facility projects and set to counteract the financial crisis spreading around the globe.

There are 1,018 projects in the construction sector totaling SR60.03 billion, although that total does not take smaller, short term projects (under SR5 million and with an implementation process of under 12 months) into account.

SR6 billion was allocated to the water and sewage sector and SR5.6 billion was ear marked for development in the area’s villages and towns.

The Kingdom made a draw on its reserves to cover the record setting budgets and maintain the commitments in their five-year program to develop infrastructure.

It was stated that the contracts were awarded by the government to continue implementation of the stimulation program designed to help the area’s economy grow and create employment for residents, said Finance Minister Ibrahim Al-Assaf.

In 2009 project spending hit SR180 billion, rising 37 per cent over the year before.  This increase is also part of the government’s plan to invest in the Kingdom.

The strategy, which aims to counter the downturn with dedicated spending, is helpful for nations who depend on oil export revenue say policymakers.

Andrew Reid, Staff Writer, Gulf Jobs Market News
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