Several alliances of local and international companies have started submitting prequalification applications to join the bidding process for the Makkah Metro service project. “Fifteen national and multinational consortia have submitted their eligibility documents to be qualified for bidding for the civil works of the Phase 1 of the Makkah Metro project,” said Makkah Mayor Osama […]
Saudi Arabia has a growing population with a steadily rising demand for energy as consumption increases by 7-10 percent each year, according to experts attending the high-profile event in Riyadh on “Empowering Saudi Arabia’s emerging renewable sector”. They said 80 percent of the Kingdom’s GDP is dependent on oil revenues. Although rich in oil, the […]
Real estate index for Makkah region surprised all forecasts that said deals in the sector will point to the downside during 2013. The numbers, values, and scopes of the deals up to the end of last year witnessed a rise of 350 percent compared with a year before. The value of deals during the year […]
The volume of Saudi Arabia’s booming construction and contracting market is expected to hit $300 billion (SR1.12 trillion) by 2015, said Fahd bin Mohammed Al-Hammadi, chairman of the National Contractors Committee at the Council of Saudi Chambers. “Construction is the Kingdom’s second largest economic sector after oil,” he said. In 2012, the sector contributed 16.5 […]
The health care industry in the GCC is expected to continue its robust growth propelled by demographic and macroeconomic factors in the region. GCC health care spending is expected to increase by a CAGR of 11.4 percent from 2010-2015. The main growth drivers of the industry include the region’s fast growing population, rising income levels, […]
The Saudi construction market, which captures 40 percent of the GCC market, is expected to award construction projects worth $90 billion (SR 337.5 billion) in 2014, local media said quoting a study prepared by a British financial firm. The study, disclosed at the Big Five International building & Construction Show, Dubai, said the value of […]
Riyadh, with SR99 billion real estate transactions, has ranked as the most sought-after city in the Kingdom. The capital city outweighs Jeddah, which had recorded more than SR90 billion of real estate transactions as per the real estate index issued by the Ministry of Justice. The real estate sector has revealed the positive impact of […]
JEDDAH – Saudi Minister of Water and Electricity Abdullah Al-Hussayen disclosed Sunday that the government will spend around SR110 billion on new projects to improve water and power infrastructure. In his speech during the inauguration of the Saudi Water and Power Forum 2013 at the Hilton Jeddah, he also said the ministry will sign projects […]
The cement industry in Saudi Arabia and Kuwait is expected to flourish due to the current construction boom in GCC region where the total value of projects planned or underway is estimated at $2.3 trillion, according to Kuwait Finance House ( KFH ). The weekly economic report of KFH , also known as Baitak, said government support has been a key […]
The Saudi construction market, the most valuable market in the GCC at present, is valued at $495 billion, including projects currently under way and those confirmed and in pre-execution stage. Local companies, including Saudi Basic Industries Corporation (SABIC), Saudi Pipes Company and Saudi Export Development Authority, will be taking advantage of the opportunity to showcase […]