{"id":9374,"date":"2016-03-29T23:39:29","date_gmt":"2016-03-29T16:39:29","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=9374"},"modified":"2016-03-29T21:58:58","modified_gmt":"2016-03-29T14:58:58","slug":"saudi-has-cut-construction-budget-for-2016-by-20-per-cent","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/saudi-has-cut-construction-budget-for-2016-by-20-per-cent\/","title":{"rendered":"Saudi has cut construction budget for 2016 by 20 per cent"},"content":{"rendered":"


\n
\nReworked amount will remain same this year and nextSaudi Arabia’s government is expected to spend US$29.9 billion on construction projects in 2016 and the same amount again in 2017, despite the global oil price slump experts are predicting.According to cost consultant Faithful + Gould (F+G), the state construction budget for this year is 20 per cent lower than last year’s budget, reflecting the 65 per cent collapse in the price of Nrent crude since its summer 2014 highs of around $115 per barrel.
\nF+G said that the revisions had been made as the government cut back on spending in an attempt to shore up public finances.It said the kingdom’s lower budget of $229bn for this year will result in “a large number of projects either being scaled down and revised or put on hold indefinitely”.F+G predicted that construction sector spending would return to their previous levels in 2018.”[Although the new budgets] reflect a new and cautious attitude towards spending,” said David Clifton, the regional business development director of F+G. “They reaffirm the kingdom’s commitment to its growth and development.”
\n“Concurrently the country has initiated efforts to develop different funding models that go beyond the country’s historical reliance on oil revenues such as PPP to supplement its still consider\u00adable spend, ” Mr Clifton said.PPP [public private partnership] financing was used to fund the development of Medina airport last year and plans to use a similar funding model to build Taif airport are currently in tender.
\nSpeaking at a professional development seminar in association with the Saudi Council of Engineers, Mr Clifton said that more than 30 per cent of the country’s workforce is employed in the infrastructure and construction sectors.lbarnard@thenational.ae
\n
\nSource : thenational.ae
\nRead more…Saudi has cut construction budget for 2016 by 20 per cent<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Reworked amount will remain same this year and nextSaudi Arabia’s government is expected to...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-9374","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-2rc","jetpack-related-posts":[{"id":9376,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/saudi-arabia-cuts-construction-budget-for-2016-by-20-per-cent\/","url_meta":{"origin":9374,"position":0},"title":"Saudi Arabia cuts construction budget for 2016 by 20 per cent","date":"March 29, 2016","format":false,"excerpt":"\r \r Saudi Arabia's government is expected to spend US$29.9 billion on construction projects in 2016 and the same amount again in 2017, despite the global oil price slump experts are predicting.According to cost consultant Faithful + Gould (F+G), the state construction budget for this year is 20 per cent\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9378,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/saudi-arabia-construction-spending-forecast-to-fall-by-20-per-cent\/","url_meta":{"origin":9374,"position":1},"title":"Saudi Arabia construction spending forecast to fall by 20 per cent","date":"March 29, 2016","format":false,"excerpt":"\r \r Saudi Arabia's government is expected to spend US$29.9 billion on construction projects in 2016 and the same amount again in 2017, despite the global oil price slump experts are predicting.According to cost consultant Faithful + Gould (F+G), the state construction budget for this year is 20 per cent\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4154,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/contractors-feel-the-pinch-as-saudi-government-goes-slow-in-awarding-contracts\/","url_meta":{"origin":9374,"position":2},"title":"Contractors feel the pinch as Saudi government goes slow in awarding contracts","date":"February 9, 2016","format":false,"excerpt":"\r \r The value of new contracts won by the Saudi contractor Abdullah A M Al Khodari & Sons last year fell by nearly 50 per cent as \"government entities did not proceed with awards\" in the run-up to its 2016 budget announcement in December.The company, which is based in\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4160,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/contractors-feel-the-pinch-as-saudi-government-goes-slow-in-awarding-projects\/","url_meta":{"origin":9374,"position":3},"title":"Contractors feel the pinch as Saudi government goes slow in awarding projects","date":"February 9, 2016","format":false,"excerpt":"\r \r The value of new contracts won by the Saudi contractor Abdullah A M Al Khodari & Sons last year fell by nearly 50 per cent as \"government entities did not proceed with awards\" in the run-up to its 2016 budget announcement in December.The company, which is based in\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":995,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/what-to-expect-from-the-abu-dhabi-property-market-in-2016\/","url_meta":{"origin":9374,"position":4},"title":"What to expect from the Abu Dhabi property market in 2016","date":"January 8, 2016","format":false,"excerpt":"\r \r The Abu Dhabi real estate sector was something of Dr Jekyll and Mr Hyde last year. Sales prices have been flat since the last quarter of 2014, but leasing failed to read the script and was up by as much as 7 per cent in some areas last\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":13952,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/saudi-arabia-construction-contract-awards-drop-by-51-per-cent-in-first-three-months\/","url_meta":{"origin":9374,"position":5},"title":"Saudi Arabia construction contract awards drop by 51 per cent in first three months","date":"May 22, 2016","format":false,"excerpt":"\r Saudi Arabia's construction market is in for a \"challenging year\" as lower oil prices continue to place restrictions on capital spending, according to a new report by National Commercial Bank (NCB).NCB's quarterly construction contracts index reports that just 27.9 billion Saudi riyals (Dh27.3bn) of new contract awards were made\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/9374"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=9374"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/9374\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=9374"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=9374"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=9374"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}