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Saudi Arabia Said to Weigh Canceling $20 Billion of Projects | Tony Seruga
Sep
06

Saudi Arabia Said to Weigh Canceling $20 Billion of Projects

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  • Government to review thousands of contracts worth $69 billion
  • Ministries could be merged or eliminated under plans

Saudi Arabia is intensifying efforts to shrink the highest budget deficit among the world’s biggest 20 economies, aiming to cancel more than $20 billion of projects and slash ministry budgets by a quarter, people familiar with the matter said.

The government is reviewing thousands of projects valued at about 260 billion riyals ($69 billion) and may cancel a third of them, three people said, asking not to be identified as the discussions are private. The measures would impact the budget for several years, according to two of the people…

Saudi Arabia Said to Weigh Canceling $20 Billion of Projects

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