Construction Saudi Arabia signs $1.3bn housing deals with China By Pramod Kumar August 17, 2023, 5:40 AM SPA Saudi housing minister Majid Al Hogail said the kingdom offers significant investment opportunities in the housing sector Saudi Arabia has signed 12 infrastructure development agreements with Chinese companies and banks worth more than SAR5 billion ($1.33 billion). The agreements include five housing-related projects, state-run SPA reported, citing the housing ministry. Speaking at the Saudi-Chinese Business Forum in Beijing, Saudi housing minister Majid Al Hogail said the kingdom offers significant investment opportunities in the housing sector. Saudi Arabia first choice for China’s BRI investment Residential deals slump in Saudi as mortgage costs rise Saudi’s new mortgage scheme to encourage homebuyers The country plans to construct over 300,000 residential units across 17 Saudi cities, covering an area of more than 150 million square metres and valued at SAR100 billion. He invited Chinese companies to invest in Saudi Arabia’s real estate sector, disclosing the ministry is currently working with several Chinese companies on housing projects worth SAR3 billion. Earlier, the minister discussed investment opportunities across several Saudi cities with officials from the Export-Import Bank of China (Exim Bank), China Development Bank and Industrial and Commercial Bank of China Limited. Meanwhile, Saudi Arabia remains one of China’s strongest global trade partners, leading Chinese engagement in the construction sector during the first half of 2023, according to a recent Belt and Road Initiative investment report. Of 45 countries receiving Chinese financing and investment in the first six months of 2023, the kingdom had the highest construction volume at $3.8 billion, followed by Tanzania with $2.8 billion and the UAE at $1.2 billion, the report by the Green Finance & Development Center at Fudan University in Shanghai showed.
Energy Former BP boss named on Adnoc’s investment board Bernard Looney, the former CEO of BP, is among the board members of Abu Dhabi National Oil Company’s new lower carbon energy and chemicals investment company, XRG. Formed by Adnoc last month, XRG aims to more than double its $80 billion asset value over the next decade by capitalising on the demand for low-carbon energy […] 1 day ago
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Development Syria upheaval could be a sign of progress for the region The removal of the Assad regime in Syria is a “step in the right direction for the region”, according to a leading economist from Standard Chartered. Eric Robertsen, managing director of global head of research and chief strategist at Standard Chartered, was discussing the fallout of a series of geopolitical crises during a media round […] 1 day ago
Business of Sport Manchester City reports record revenues Despite a recent slump in form on the pitch, the Abu Dhabi-backed English football team Manchester City is thriving commercially, its annual report revealed this week. The club has announced record-breaking revenues of £715 million ($903 million) for the past year, with profits of £73.8 million. Chairman Khaldoon Al Mubarak said: “Our focus remains on […] 1 day ago
