Saudi Govt awards $587 Mn road projects

Riyadh: Saudi Arabia signed contracts worth 2.2 billion riyals ($587 million) for road-building and is looking 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 Opec member is also investing $400 billion in the 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 3,184 contracts worth 103.7 billion riyals for construction and education projects in the first quarters of this year, the finance ministry said in October.