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 Study: Saudi government projects worth billions of dollars under threat of cancellation

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Posts : 12135
Join date : 2015-02-19

PostSubject: Study: Saudi government projects worth billions of dollars under threat of cancellation   Thu Jan 19, 2017 11:00 pm

Study: Saudi government projects worth billions of dollars under threat of cancellation

Yesterday, 13:36

BAGHDAD / Sky Press

Facing governmental projects in Saudi Arabia worth $ 13.3 billion at risk of cancellation this year because of financial pressures and the changing priorities of the government, according to a report prepared by the company "Faithfull Gould" advisory.

The Web site "angle Projects", citing the study projects that the value of contracts that will be adopted in 2017, expected to reach $ 27 billion, with the potential to increase to $ 32 billion, in the event of adoption of Makkah Metro project.

The figures indicate that the value of the contracts, which were awarded last year, amounted to $ 20 billion, compared with $ 35.5 billion in 2015.

The forecasts assume the company "Faithfull Gold" for the 2017 adoption of a large infrastructure project "exceptionally or royal decree," likely a large proportion awarded Makkah Metro project because it is a priority.

The report confirmed that the pipe lines projects worth $ 820 billion planned by the UK in the long term may be canceled about 20% of which are due to the program of re-prioritization.

Said David Clifton, regional development manager at "Faithful Gould," he said: "The year 2017 will see a reduction of about 50 billion riyals at least due to the program of re-prioritization because of the financial pressures and rearrange projects planned between national priorities."

He added: "I do not expect 2017 to be a year of very easy for construction companies, pointing out that the work in progress is shrinking, while the employees were laid off, but Clifton expected to be the year 2018 is probably the beginning of recovery.

Company data showed that the contracts, which established the Kingdom of value greatly from year to year varied over the past eight years, with the rise and fall in government spending, which peaked at $ 75.9 billion in 2011.

In the wake of falling oil prices, the government and private companies have taken a much more conservative direction, as the Saudi government depends on oil revenues significantly.

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