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  • 22-11-16

    Saudi Arabia to clear payments worth USD30bn to contractors

    (MENAFN) The National Committee of Contractors predicts the government to clear all outstanding payments to contractors, which reached more than SR100bn.

    However, the payments were delayed due to a decline in oil revenue and new measures taken by the government to reduce spending.

    Accordingly, the government has paid almost SR40bn so far in arrears to the contractors and they predict at least 80pct of the remaining bills.

    In addition, the payments would also increase the solvency of banks, and delays in payments of salaries to workers and revive faltering infrastructure projects.

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