Exclusive: Saudi Arabia orders 5 percent cut in contract spending

By Marwa Rashad RIYADH (Reuters) - Saudi Arabia's government, its finances strained by low oil prices, is opening a fresh austerity drive by ordering ministries to cut their spending on contracts by at least 5 percent, a document seen by Reuters shows. The spending cuts could further slow economic growth in the world's top oil exporter and hurt the construction industry, where many companies are struggling with deteriorating cash flow and rising labor costs. The document, sent by the central gov