Source: www.reuters.com
The $23 billion Riyadh Metro will be completed on schedule in 2019 and its budget is ring-fenced, a senior official said on Wednesday, quashing speculation the project could be scaled back or delayed following a slump in Saudi Arabia’s oil revenues.
Since late last year, the government has clamped down on spending to curb an annual budget deficit of about $100 billion, slowing or suspending work on some projects. In some instances, contractors and their employees have not been paid.
Yet the 176-kilometre (110 miles) Riyadh Metro is unaffected, said Alwalid Alekrish, Director of Construction Development Projects and Project Director of the Riyadh Metro, Arriyadh Development Authority (ADA).
“A lot of people are asking are we going to cut the project back, take something out,” Alekrish told Reuters when asked if the oil price drop had affected the metro. More info
