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Credit crunch hurts Saudi projects
- Saudi Arabia: Wednesday, October 03 - 2007 at 11:01
Firms looking to obtain funding for upcoming projects in Saudi Arabia will have difficulty in a market hurt by a global credit crunch unless Saudi lenders come to their rescue, reported Reuters. Saudi Basic Industries (Sabic), Saudi Arabian Mining, and Chevron Phillips Chemical are all seeking investment for major projects in the Kingdom totaling $6.25bn. Analysts say the fact that all these projects are happening at the same time means they will be competing against each other for funding that is increasingly drying up.
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Jeff Florian, Senior ReporterWednesday, October 03 - 2007 at 11:01 UAE local time (GMT+4)
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