A view shows the construction of the King Abdullah Financial District in Riyadh, Saudi Arabia May 12, 2016. REUTERS/Faisal Al Nasser
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Saudi Arabia is repaying debts to contractors after long delays that squeezed company finances and hurt investor sentiment.Some companies were told 30 percent to 40 percent of the outstanding dues will be paid before the end of the year, with the remainder to be settled in 2017, two people said. The world's biggest oil exporter started delaying payments to contractors last year as it sought to rein in a budget deficit that reached about 15 percent of gross domestic product. Saudi daily Okaz reported last month that the government had started to pay dues owed to Saudi Binladin Group, the kingdom's biggest construction company, citing Abdullah Basodan, adviser to company Chairman Bakr bin Mohammed Bin Ladin.
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