Saudi Arabia scales back plans for 11 stadiums
Aramco was charged with overseeing the construction project in 2014
Saudi Arabia will scale back plans to dramatically increase the size and scope of 11 stadiums due to be built in the Kingdom by Saudi Aramco, Reuters reports.
Only two out of 11 stadiums will go up as the oil price slump has taken its toll on funding, sources said.
“We’re now led to believe only two new stadiums will be built — in (the eastern city) Dammam and one in either Mecca or Medina,” Reuters quoted a senior executive involved in the tendering process as saying.
Another executive at an international construction firm said that Saudi Aramco would go ahead with the project but it would take a while “before anything happens.”
“With the price of oil and the commitment Saudi has in Yemen, it has put a strain on the budget so they’re looking at unnecessary commitments they can reduce,” he said.
Contract awards were expected to be announced in early 2015 but plans have stalled since the death of Saudi Arabia’s late King Abdullah in January.