Abdul Hannan Tago reports:
In 2011 the KSA market was double the other GCC states combined, Edward James, CEO of Meed Insight told Arab News. He said rapid growth in the region with the negative growth in Europe and difficult times in North America attracted foreign companies to the Kingdom. Saudi Arabia is expected to award more than $50 billion in projects, equivalent to an additional $10 billion a year.
Saudi government spending on infrastructure is huge. We know that. But in the lack of an elected parliament to oversee that spending, the opportunities for waste and corruption are also huge. Take, for example, this interesting tidbit that can be found a couple of paragraphs later: “Saudi bin Ladin Group and Saudi Oger were by far the biggest enterprises with an estimated $40 billion worth of contracts in hand.” Does that mean that two companies are controlling 80% of government contracts? Is this the reason why the two companies were not allowed to bid for the Riyadh Metro project?