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Giga-projects

Saudi Arabia giga-projects news covering Neom, AlUla, Roshn, Amaala, Red Sea Global, Diriyah, Qiddiya, Expo 2030 and more.

Visitors at the Leap conference in Riyadh. Saudi technology company Alfanar is investing $1.4bn to develop four data centres

$5bn Neom data centre latest deal announced at Leap

Saudi Arabia’s $500 billion futuristic giga-project Neom has signed a $5 billion deal to develop what it claims will be the world’s first fully sustainable data centre. The agreement was signed with the Saudi IT and technology company DataVolt. The data centre will be located at Oxagon, with the first phase having a capacity of […]

An impression of the planned water theme park at Qiddiya, Saudi Arabia, being constructed by ALEC

Dubai contractor Alec anticipates $500m IPO

Dubai is hoping to raise up to $500 million from the initial public offering of Alec Engineering and Contracting, according to media reports. Alec, part of the Investment Corporation of Dubai’s portfolio, is behind some of the Gulf’s largest projects including the Wynn Resort in Ras Al Khaimah and the Qiddiya water theme park in […]

Saudi contracts Trojena dam

Contracts in Saudi Arabia rise 25% in value in 2024

The value of contracts issued by Saudi Arabia rose by almost a quarter year on year in 2024 to reach a record high of $146.8 billion.  The kingdom accounted for more than half of all contracts issued across the GCC, which reached a new high of $273.2 billion, according to a report by the Kuwait-based […]

Saudi Crown Prince Mohammed bin Salman Al Saud and Italy's prime minister Giorgia Meloni in AlUla have signed a deal to upgrade relations between the countries

Italian insurer guarantees $3bn Saudi giga-project loan

Sace, an Italian state-owned insurance company, has guaranteed a multi-currency loan of $3 billion provided by nine international banks to support projects in Neom, Saudi Arabia’s $500 billion giga-project. The announcement coincided with an official visit by Italian prime minister Giorgia Meloni to Saudi Arabia, where she and Crown Prince Mohammed bin Salman signed an […]

Workers constructing an ethane tank - a rise in prices of ethane and other fuels could help balance Saudi Arabia's Vision 2030 budget

Rising fuel and feedstock prices could fund Vision 2030

Higher feedstock and fuel prices introduced in Saudi Arabia are likely to play a part in funding the kingdom’s trillion-dollar Vision 2030 programme, according to a leading ratings agency. From the start of the month, the price of methane, the main component of natural gas and commonly used as a fuel in cement kilns, rose […]

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