Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi - Kingdom ranks second in GCC projects growth  Join our daily free Newsletter

MENAFN - Arab News - 04/12/2013
No. of Ratings : 0
Add to Mixx!

(MENAFN - Arab News) The volume of canceled projects in the Kingdom is estimated at 196 billion (SR735 billion) where other projects worth 167 million (SR626.25 million) have been delayed, local media said quoting MEED GCC Projects Index.
However, the Kingdom ranked second at the GCC level to have posted the biggest project growth index at 31 percent in the current year (2013) jumping over the 1 trillion (SR3.75 trillion) mark in November, the first since 2010, the report said.
Five biggest contracts in the GCC region were awarded in the Kingdom; three of them were in one project - Riyadh (mini-rail) metro project, the report said.
On the other hand, the Kingdom will spend more than 800 billion (SR3 trillion) in the pipeline of future projects by 2030 thanks to the efforts of Custodian of the Two Holy Mosques King Abdullah on the diversification of the Kingdom's economy, the report said.
Meanwhile, the UAE posted the highest project growth index at 32 percent in the current year on the back of the projected Dubai property boom, according to the report.
Despite the advanced position of Saudi construction market, projects worth 167 million (SR626.25 million) have been suspended and another 196 billion projects canceled compared to 336 billion and 383 billion, respectively, in the UAE, the report said.
According to the report, the GCC projects index reached the highest level at 3.19 trillion in November 2012 after a series of fluctuations it experienced during the last seven years. In 2009, it reached the 3 trillion mark but with the advent of the global financial crisis it fell back to 2.2 trillion in June 2011, the report added.
Since a year ago, the GCC project index has grown by more than 30 percent to reach its current level of 3.19 trillion thanks to the re-launch of the suspended projects and introduction of new ones, the report added.
Based on data earlier released by MEED, the construction sector in the Kingdom has historically been the largest sector followed by oil and gas, power and chemicals. The main drivers of the market continue to be high oil prices, the need to diversify the economy, job creation and demographic growth, it said.


Arab News

  MENA News Headlines
 Oct 9 2015 - Qatar- QSE falls 34 points, bullish phase continuesGulf Times
(MENAFN - Gulf Times) Qatar Stock Exchange failed to surpass the 11,800 mark as its key index lost 34 points, after being in a bullish phase for the last three consecutive sessions.Consumer goods, ...

 Oct 9 2015 - Saudi said to order spend curbs amid oil price slumpGulf Times
(MENAFN - Gulf Times) Saudi Arabia is ordering a series of cost-cutting measures as the slide in oil prices weighs on the kingdom's budget, according to two people with knowledge of the matter.The ...

 Oct 9 2015 - KSA- SABB Q3 profit rises 7.7% to $304mnGulf Times
(MENAFN - Gulf Times) Saudi British Bank (SABB), the kingdom's fifth-largest bank by assets, posted a 7.7% rise in third-quarter net profit yesterday, in line with analyst forecasts. The bank, an ...

 Oct 9 2015 - Qatar wealth fund said interested in Glencore agriculture unit saleGulf Times
(MENAFN - Gulf Times) The sovereign wealth fund of Qatar has joined investors expressing an interest in buying a minority stake in Glencore's agriculture business, according to three people familiar ...

 Oct 9 2015 - Almost 300 Europe-bound migrants arrested in LibyaGulf Times
(MENAFN - Gulf Times) Libyan authorities said almost 300 migrants, a third of them from Senegal, were arrested Thursday as they prepared to board boats for the Mediterranean crossing to Europe."After ...

 Oct 9 2015 - Netanyahu moves to lower tensions over holy siteGulf Times
(MENAFN - Gulf Times) Prime Minister Benjamin Netanyahu has banned Israeli cabinet ministers and legislators from visiting a sensitive Jerusalem holy site where rising tensions have spilled over into ...

 Oct 9 2015 - France carries out fresh strikes against IS in SyriaGulf Times
(MENAFN - Gulf Times) France said on Friday it had carried out a second wave of strikes overnight on Islamic State targets in Syria and accused Russia of failing to target the group."Two Rafale jets ...

 Oct 9 2015 - UN envoy proposes Libya unity governmentGulf Times
(MENAFN - Gulf Times) UN envoy Bernardino Leon proposed a Libyan unity government on Friday aimed at ending years of conflict, but the plan was quickly dismissed by members of the country's two rival ...

 Oct 9 2015 - Tunisian dialogue mediators win Nobel Peace PrizeGulf Times
(MENAFN - Gulf Times) Tunisia's National Dialogue Quartet won the Nobel Peace Prize on Friday for building democracy in the country after the 2011 revolution which unleashed the Arab Spring.The award ...

 Oct 9 2015 - Four Arabs stabbed in southern Israel, Jewish suspect heldGulf Times
(MENAFN - Gulf Times) Four Arabs were stabbed in a town in southern Israel on Friday and a Jewish suspect was arrested, police said. The attacks follow a surge in knife violence by Palestinians ...




Click to Apply


Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help