(MENAFN) Abdullah Abdul Mohsin al-Khodari and Sons, the Saudi Arabian construction firm, announced it has won a USD359.7 million contract from the government for the construction of a staff housing at King Khaled University, Gulf Business reported.
The construction firm said that the contract, which financial impact is expected to start being reflected in its fourth-quarter earnings statement, was granted by the Saudi Ministry of Higher Education, though it did not disclose further information in regards to the duration of the project.
Despite the Saudi government slowing its spending to its lowest rate in a decade during 2014, its USD227.68 billion state budget included plans to build 465 schools and 11 hospitals, as well as a 25 percent jump in spending on infrastructure projects.
Al Khodari said that it expects to double its capital spending in coming years to cope with the work it hopes to do on the country's big infrastructure projects, and that it does not expect that the fall in oil prices will affect the country's plans to heavily invest on developing its infrastructure.
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