Saudi Arabia’s real GDP is estimated to have expanded 6.8 percent in 2012, according to Global Investment House’s review of the Saudi economy. Following the record oil production seen in 2012, the government has resorted to strong fiscal stimulus measures and greater investment in infrastructure projects. However, GDP growth is expected to lower to 4.4 […]
Dubai: In a major drive to further improve the infrastructure of the city, Dubai Municipality has launched 10 major projects to be completed at various dates in the next couple of years. The projects, at a cost of Dh883.5 million, include the Dubai Safari, traditional souqs, a new fish market, birds and animal market as […]
Saudi Arabia had the world’s third largest financial reserves after China and Japan at the end of 2012 following a sharp rise in the Gulf kingdom’s assets in 2012 because of higher oil prices and output, according Saudi newspaper. The country’s cash and gold reserves, controlled by the Saudi Arabian Monetary Agency ( Sama ), central bank, surged […]
A number of cities in the kingdom of Saudi Arabia are pushing forward with plans to develop metro networks. The number of pilgrims visiting Saudi Arabia for hajj or umrah pilgrimages is set to boom in the coming years and will place unique pressures on the country’s transport infrastructure. More than 3 million pilgrims visited the kingdom […]
Bahrain’s Al-Areen project is renewing its momentum with an upgrade of existing hospitality and leisure infrastructure, and the introduction of new facilities. Senior executives from Al-Areen Holding Company made this announcement at an investors’ seminar held at Al-Areen’s Client Relations Center. Esam Janahi, representing the owners, unveiled a partnership with US firm Avenue Ventures (AV) […]
Commerce and Industry Minister Tawfiq Al-Rabiah has approved the establishment of a new East Asia Agricultural Development and Investment Company with a capital of SR 100 million. The new company is based in Riyadh as a closed joint stock entity and 70 percent of its capital has already been paid up by its founding members. […]
RIYADH – Custodian of the Two Holy Mosques King Abdullah has approved allocation of more than SR15 billion to establish 22 medical projects in various regions of the Kingdom. These projects include 19 medical complexes and hospitals with a total of 7,400 beds as well as three centers for child behavioral and growth disorders. […]
Energy consumption in Saudi Arabia is witnessing an unprecedented growth, prompting a wave of investments expected to reach $133 billion (SR502.5 billion) for various power generation and water projects in the next decade, organizers of an industry event in the capital said. Being the third largest water consuming country in the world with an average […]
Oman will shift to a Friday-Saturday weekend to align itself more closely with banking and trade elsewhere in the world, its ruler Sultan Qaboos bin Said announced on Saturday. At present Oman, like neighbouring Saudi Arabia, follows a Thursday-Friday weekend. But other wealthy oil-exporting countries in the Gulf take off on Friday and Saturday, and […]
Large-scale tunnelling schemes will provide base for Qatar infrastructure ahead of the Fifa World Cup Doha is about to become the tunnelling capital of the Middle East as it moves forward on a series of multibillion-dollar infrastructure schemes ahead of the Fifa 2022 World Cup. The projects that involve large-scale tunnelling works are the Doha […]