Saudi Arabia said to be mulling cancellation of $20bn projects

Saudi Arabia is reportedly working with PricewaterhouseCoopers on plans to cancel about $20 billion of projects as the Gulf kingdom battle with lower revenues amid lower oil prices.

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Saudi Arabia said to be mulling cancellation of $20bn projects

Saudi Arabia is reportedly working with PricewaterhouseCoopers on plans to cancel about $20 billion of projects as the Gulf kingdom battle with lower revenues amid lower oil prices.

Bloomberg reported on Monday that Ministry of Economy and Planning has appointed PwC to review $69 billion of government contracts with a view to cutting about a third of them, citing two people familiar with the matter.

It said that projects under review include contracts awarded by the ministries of housing, transport, health and education.

Bloomberg reported that PwC declined to comment, while a spokesman for the Ministry of Economy didn’t immediately respond to requests for comment. More info

By Staff  http://www.arabianbusiness.com/

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