Saudi public work projects worth $133bn put on hold

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The North-South Railway Project Civil and Track Works-subcontract for track laying and miscellaneous Railway Works from Ras As Zawr to Az Jabira, Saudi Arabia. Photo - Archirodon.net

Leading Saudi newspaper Arab News cited an unidentified report on Sunday which said the Gulf Kingdom has put on hold public work projects worth more than SAR500bn ($133bn) across the country, including 166 in major cities.

According to Citigroup’s MENA Construction Projects Tracker, published in November 2011, Saudi Arabia is the largest real estate market in the region and values at around $648bn.

It also claimed the Kingdom was one of the main driving forces of MENA project awards in 2011.

The study underlined the number of cancelled and on hold projects across the main MENA markets, which stood at $1,744bn, while putting the total number of projects cancelled or delayed in Saudi Arabia at $354bn.

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