SUBSCRIBERS

Saudi Arabia may cancel US$20b of projects

Published Wed, Sep 7, 2016 · 09:50 PM

Dubai

SAUDI Arabia is intensifying efforts to shrink the highest budget deficit among the world's biggest 20 economies, aiming to cancel more than US$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 (S$93 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 severa…

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to  t.me/BizTimes

International

SUPPORT SOUTH-EAST ASIA'S LEADING FINANCIAL DAILY

Get the latest coverage and full access to all BT premium content.

SUBSCRIBE NOW

Browse corporate subscription here