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25-06-14

Saudi to post losses in contracting sector this year

(MENAFN) Saudi contracting sector is expected to post losses by 2015 on rising costs of projects and labor, which total 13 percent, according to Arab News. Costs in contracting sector have boosted to a level high, including various commercial, industrial and service sectors arising from decisions issued by the Ministry of Labor, head of Contractor Committee at Riyadh Chamber of Commerce and Industry (RCCI) Fahad Al-Hammadi said. He added that this has resulted in the high percentage of stalled projects at nearly 40 percent and the increased rate of contractors quitting the market due to losses.