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
 Jul 5 2015 - UAE's Dana Gas to get USD1.943b from Kurdish authoritiesMENAFN
(MENAFN) Dana Gas, the oil and gas investor in the Kurdish region in Iraq, announced that it has received a confirmation from a London settlement court that can possibly lead the company into ...

 Jul 5 2015 - Saudi non-oil business records lower growth in JuneMENAFN
(MENAFN) Saudi Arabia's economy registered lower growth for its non-oil businesses in June, marking its lowest since August 2009, according to an official survey, Reuters reported.Emirates NBD Saudi ...

 Jul 5 2015 - In Gaza, entrepreneurs seek to create a tech hubGulf Times
(MENAFN - Gulf Times) When Iliana Montauk moved to the Gaza Strip in 2013, what most struck the former Google staffer and Harvard graduate wasn't the poverty, the rubble from decades of conflict, or ...

 Jul 5 2015 - Gulf carriers exploit Greek airline voidGulf Times
(MENAFN - Gulf Times) Greece's crisis in the last few years has provided a boost for airlines connecting Athens with Hellenic outposts around the world via the Gulf, while tapping demand from ...

 Jul 5 2015 - Libya magnet for jihadists from Tunisia and beyondGulf Times
(MENAFN - Gulf Times) Lawless Libya has become a magnet for radical militants who receive weapons training in jihadist camps before launching deadly attacks in other countries, like last week's beach ...

 Jul 5 2015 - Saudi fugitive killed in shootout with policeGulf Times
(MENAFN - Gulf Times) A Saudi fugitive was killed in a shootout with police after having escaped a raid on suspected jihadists, the interior ministry said Saturday.A policeman was shot dead during ...

 Jul 5 2015 - Sisi rallies troops in Sinai after IS attacksGulf Times
(MENAFN - Gulf Times) Egypt's president said yesterday the situation in the restive Sinai Peninsula, where dozens of soldiers, militants and civilians have been killed this week in yet more violence, ...

 Jul 5 2015 - Syria- Army barracks falls to rebels in Aleppo battleGulf Times
(MENAFN - Gulf Times) Two coalitions of Syrian rebels battled to advance in government-held western Aleppo yesterday, seizing an army barracks in one district but being pushed back in others. The ...

 Jul 5 2015 - Qatar- No more candies, supermarkets to tender exact changeGulf Times
(MENAFN - Gulf Times) Supermarkets in Qatar have stepped up efforts to ensure that coins are always available at their counters to provide the exact change to customers.This comes as a welcome step ...

 Jul 5 2015 - Ooredoo Fibre roll-out to propel Qatar to Top 5 slotGulf Times
(MENAFN - Gulf Times) The next phase of Ooredoo Fibre roll-out will position Qatar as "one of the top five countries" in the world for fibre penetration upon completion, said company chairman HE ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

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

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

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