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 29 2015 - Egypt says 'new Suez Canal' ready for businessAFP
(MENAFN - AFP) Egypt said on Wednesday that the "new Suez Canal" was ready for navigation for all kinds of ships, as authorities geared up to launch the shipping route officially next month. Dubbed ...

 Jul 29 2015 - Israel welcomes 200 French Jewish immigrantsThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) Two-hundred French Jewish immigrants have arrived in Israel, according to a Tuesday statement issued by The Jewish Agency for Israel.The newcomers € half of ...

 Jul 29 2015 - Germany criticizes Israel's new settlement plansThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) Germany has criticized Israel for approving the construction of more than a thousand settlements in occupied West Bank, terming the move a threat to the ...

 Jul 29 2015 - President Erdogan calls Jordanian KingThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) Turkish President Recep Tayyip Erdogan informed Jordanian King Abdullah II and Italian Prime Minister Matteo Renzi about Turkey's ongoing "anti-terrorist ...

 Jul 29 2015 - Egypt- Fascism Incorporated: Our faultDaily News Egypt
(MENAFN - Daily News Egypt) When the blood of the other becomes a fathomable reality, fascism is born. I remember well standing among thousands in front of the UN, on 30 June 2013, as we screamed ...

 Jul 29 2015 - Egypt- Media gag ordered for case involving judge demanding sexual favoursDaily News Egypt
(MENAFN - Daily News Egypt) A media gag was ordered by the General Prosecution on Tuesday in the case of a judge who is charged with demanding sexual bribes from a woman in a lawsuit he was ...

 Jul 29 2015 - Bomb explodes in Al-ArishDaily News Egypt
(MENAFN - Daily News Egypt) A bomb explosion took place on Tuesday morning in the North Sinai town of Al-Arish with no casualties reported, a North Sinai resident told Daily News Egypt.The explosion, ...

 Jul 29 2015 - Egypt- 19 die in wood factory blazeDaily News Egypt
(MENAFN - Daily News Egypt) A fire in a wood factory in Qaliubiya governorate left 19 people dead and 22 injured on Tuesday.The fire occurred in an industrial district of Obour City, northeast Cairo. ...

 Jul 29 2015 - HRW accuses Saudi-led coalition of war crime in YemenDaily News Egypt
(MENAFN - Daily News Egypt) Human Rights Watch (HRW) reported Monday that its investigations into several air strikes by the Saudi-led coalition in Yemen on 24 July found no apparent threat at or ...

 Jul 29 2015 - Detention renewed for Esraa El-TaweelDaily News Egypt
(MENAFN - Daily News Egypt) The detention of amateur photojournalist Esraa El-Taweel, accused of spreading false news and belonging to the outlawed Muslim Brotherhood, was renewed on Monday, after ...

more...


 






Google

Click to Apply

 
 

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