By Innovation-sa on January 2, 2019 in News

Saudi Arabia is committed to settle all outstanding payments owed to private sector companies by the Saudi government as soon as possible, announced Kingdom’s economy and planning minister Mohammed Al-Tuwaijri.

A major setback faced by the Saudi government following fall in oil prices since mid-2014 led them to cut-down several projects and delay payments to several contractors and suppliers. In addition, some settlements were delayed due to disputes.

Al-Tuwaijri said that a vast majority of claims have now been addressed with the government repaying billions of dollars in outstanding payments and the rest will be settled within months.