Saudi to cancel $266bn projects on oil slump
Saudi Economic and Development Affairs Council agrees to shelve projects which fail to accelerate economic growth
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The Saudi Economic and Development Affairs Council has agreed to shelve SR1 trillion ($266 billion)-worth of future projects as the kingdom reels under a sharp oil price crunch, said a Saudi Press Agency (SPA) report.
The council had decided to stop contracting planned projects whose projected economic and development feasibility neither matches their costs nor contributes to accelerating growth and improving living standards, the SPA reported.
A meeting chaired by Deputy Crown Prince Mohammad bin Salman bin Abdulaziz also announced plans to complete payments due to the private sector by the year-end, said the report.
The council came out with a package of solutions and procedures for the settlement of dues that met the requirements, authorised by the chairman of the council, prior to being submitted to the King, the SPA added.
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