Quotes: US 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.


 






  MENA News Headlines
 Sep 1 2014 - Power oil & gas sectors account for 60 of SR84.9bn contractsArab News
(MENAFN - Arab News) Saudi Arabia recorded a significant upswing in the value of awarded contracts during the second quarter of 2014 as it reached SR84.9 billion. It marked a strong rebound from the ...

 Sep 1 2014 - TADAWUL: Insurance Energy sectors surge over 2Arab News
(MENAFN - Arab News) Saudi Arabia's benchmark the Tadawul All-Share Index (TASI) closed at 11112.12 and ended its Sunday's trading up over seventy points or 0.63 percent. Its year-to-date return ...

 Sep 1 2014 - Basketball: US Spain move to 2-0 Senegal picks up historic winArab News
(MENAFN - Arab News) SEVILLE Spain: United States and Spain both collected their second straight win at the 2014 FIBA Basketball World Cup on Sunday while Croatia fought off tough Argentina and ...

 Sep 1 2014 - Gilas Pilipinas under pressure after 2nd defeat by GreeceArab News
(MENAFN - Arab News) SEVILLE Spain: Gilas Pilipinas ran into a solid Greek wall on Sunday night and was driven on cliff's edge in the Fiba World Cup.Greece used its huge advantage in size and heft to ...

 Sep 1 2014 - Saudi - Labor law violation: 18773 companies face actionArab News
(MENAFN - Arab News) The Labor Ministry has slapped fines worth more than SR10 million on companies after its inspectors found 62762 labor rule violations during raids carried out over the past nine ...

 Sep 1 2014 - Salman-Hollande talks to focus on Mideast turmoilArab News
(MENAFN - Arab News) Turmoil across the Middle East which has led to the death and displacement of millions of innocent people will top the agenda of talks between Crown Prince Salman deputy premier ...

 Sep 1 2014 - Pakistani Army vows to protect democracyArab News
(MENAFN - Arab News) ISLAMABAD: The much-vaunted Pakistan Army declared on Sunday that it was committed to protecting democracy in the wake of anti-government protests.According to media reports ...

 Sep 1 2014 - Breakthrough in GCC-Qatar rowArab News
(MENAFN - Arab News) Saudi Arabia and other GCC states have reached a breakthrough toward ending their dispute with Qatar having agreed on principles to overcome differences leaders of thesix-member ...

 Sep 1 2014 - Cyberspace turning into battlefieldArab News
(MENAFN - Arab News) The US has launched a social media offensive against the Islamic State (IS) and Al-Qaeda setting out to win the war of ideas by ridiculing the militants with a mixture of blunt ...

 Sep 1 2014 - Japan France share spoils in team eventArab News
(MENAFN - Arab News) CHELYABINSK Russia: Japan and France took home the gold medals in the team competition on the final day of the judo World Championships in Chelyabinsk on Sunday.Japan recovered ...

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

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

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
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

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


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help