KSA counteracts effects of global economic crisis with increased public expenditure
Saudi Arabia signed contracts worth 2.2 billion riyals (US $587 million) on Sunday October 31 mostly for road-building, according to state news agency SPA.
Furthermore, the country is expected to sign more next month.
There are only six more projects remaining and their contracts will cost 583 million riyals and will be signed next month, the report stated.
Saudi Arabia has stepped up its public expenditure over the past two years to counter the effects of the global financial crisis and plans to spend a record 540 billion riyals this year.
The Opec member is also investing $400 billion in five years to 2013 to enhance the infrastructure in the country, diversify its economy, and provide jobs for its growing local population of 18 million.
The transport ministry previously signed contracts for other projects worth up to 9.12 billion riyals, and is looking to sign six more projects worth 583 million riyals next month.
The government issued 3184 contracts worth 103.7 billion riyals for construction and education projects in the first quarters of this year, the finance ministry said in October.
Last December, Saudi Arabia drafted its 2010 budget with a gap of 70 billion riyals and spending of 540 billion riyals.