Thursday, 21 September 2017 08:37 GMT

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Saudi- Transport projects gaining momentum

(MENAFN - Arab News) The value of infrastructure contracts in the kingdom has exceeded sr 1.5 trillion in a six-year period local media said quoting economists.

said al-shaikh member of shoura council and chief economist at the national commercial bank (ncb) said the value of infrastructure projects stood at sr85 billion in 2008 compared to more than sr230 billion in the current year.

speaking at a panel discussion of the euromoney saudi arabia conference the economic expert said during the past two years transport projects were given big support by the government notably riyadh metro project which was awarded to three mega consortia at a cost of $27 billion.

more infrastructure projects are expected to appear by 2017 at the value exceeding sr 220 billion the expert told the event.

for his part richard banks director of emerging markets of the euromoney conferences said saudi economy and its financial system is among the best in the world thanks to high quality and the government's continued efforts to boost economy and infrastructure in the area of education health care and others.

the conference was primarily meant to achieve two major goals: one is to brief attendees on the facts and privileges of saudi economy lectured by key local and foreign speakers and secondly to explore investment opportunities in the kingdom and open up new channels of communications between local and foreign investors he said.

he said past conferences were not academic gatherings or meant to provide advice or guidance in the economy but rather aimed to allow the kingdom offer and share investment opportunities with partners.

robert parker a senior adviser at credit suisse meanwhile explored potential financial crises which may face global financial markets.

he enumerated a series of problems which may be detrimental to financial markets such as russian-ukraine crisis iranian nuclear program and disputes over some islands between china north korea and japan.


Saudi- Transport projects gaining momentum

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