UK-based multinational consultancy and project management company Amec Foster Wheeler is likely to sign a contract on a multibillion-dollar project in Saudi Arabia before November, according to the company’s regional president Roberto Penno.

“We’re expecting to make an announcement in the near future… probably early October,” Penno said. “It’s going to be important and it will be worth several billion dollars. It is in the very early stages. It starts with front end and it’s going to be a big front end.”

Penno declined to give further details on the contract.

Amec Foster Wheeler has identified Saudi Arabia as a key market for expansion in the medium term and is planning to double its workforce in the country over the next three years.

Currently 450 people work for the company in Saudi Arabia.

Amec Foster Wheeler’s planned expansion in Saudi Arabia comes amid concerns about the country’s economy and the stability of its project market.

On 6 September Saudi Arabia’s Finance Minister Ibrahim Alassaf told the broadcaster CNBC Arabia that the country would cut spending in some areas and delay some projects due to low global oil prices.

Saudi Arabia has predicted a budget shortfall of $39bn for 2015, but analysts believe the actual figure could be much higher.

On 2 September the Saudi Arabian consultancy Jadwa Investment said it expects the shortfall to be around $109bn.