[RT] The oil-rich kingdom of Soddy Arabia...a kingdom taking up the bulk of the Arabian peninsula. Its primary economic activity involves exporting oil and soaking Islamic rubes on the annual hajj pilgrimage. The country supports a large number of princes in whatcha might call princely splendor. When the oil runs out the rest of the world is going to kick sand in the Soddy national face...
has been forced to cancel or restructure economic and infrastructure projects worth billions of dollars, according to a Rooters report, which refers to sources in the government.
The Saudi government has ordered ministries and organizations to review the projects to either scrap or make them more efficient.
Most of the projects go back to the era of lavish government spending buoyed by crude oil prices above $100 per barrel. However,
alcohol has never solved anybody's problems. But then, neither has milk...
as current prices are below $55, they are no longer cost-efficient.
Riyadh's Bureau of Capital and Operational Spending Rationalization is now assessing the projects that are under 25 percent complete, the sources told Rooters.
"Some projects could be retendered so they can be executed in partnership with the private sector, possibly through build-operate-transfer (BOT) contracts," one source familiar with the plan told the agency.