Tourism AlWadi is latest project in Saudi Arabia’s tourism push Saudi Crown Prince Mohammed bin Salman has launched a new company to develop sustainable tourism in the kingdom’s southwest region, which aims to contribute more than SAR19 billion ($5.07 billion) to the non-oil GDP by 2030. Spread across 2.5 million square meters, AlWadi – meaning “the valley”– will be developed by Ardara, a wholly owned subsidiary […] October 17, 2023
Construction Groundwork begins on Riyadh’s Mukaab Work has commenced on the Mukaab, a 400 metre tall cube structure in Riyadh. PIF-backed New Murabba Development Company (NMDC), the developer, has awarded the contract for the first excavation phase to construct the basement structures underneath the Mukaab and surrounding podiums to China Harbour Engineering Company. The work is part of the backfilling and […] October 16, 2023
Construction ‘Unrealistic’ deadlines spark construction disputes in Gulf Developers in the Middle East are setting “unrealistic” timelines for building projects, industry experts have warned, as the region is named among the worst in the world for construction delays. Construction overruns added 82 percent to schedules in the region, well up on the global average of just over 67 percent, according to the 2023 […] October 16, 2023
Tourism Saudi eco-tourism drive continues with Leyja launch Saudi Arabia’s $500 billion giga-project Neom has unveiled plans for a sustainable tourism destination built between 400-metre-high mountains. Leyja will have just 120 rooms and suites, split equally with 40 keys each in three resorts, the company said in a statement. The eco-friendly development will spread from the Gulf of Aqaba coast and move inland […] October 16, 2023
Giga-projects Construction to start on Rua Al Madinah giga-project Rua Al Madinah Holding, the Saudi Public Investment Fund (PIF) subsidiary in charge of the touristic and cultural development of Medina, has invited companies to bid for contracts to build 5,000 hotel rooms. Construction of the mega mixed-use scheme is due to start soon. Rua Al Madinah expects to welcome its first guests in 2026. […] October 16, 2023
Construction Doubts still swirl around completion of Jeddah Tower No final decision has been taken on construction the Jeddah Tower in Saudi Arabia, despite reports that building work on the controversial project had restarted. The planned skyscraper, which was set to be the tallest building in the world, was announced in 2009 by Kingdom Holding. Work stopped in 2017, however, after only a few […] October 3, 2023
Opinion Oil & Gas Saudi Arabia’s oil output cut is paying dividends Oil economies have to live with the consequences of the swings of global demand October 2, 2023
Tourism $1bn tourism school to open in Saudi’s Qiddiya Saudi Arabia plans to build a $1 billion tourism school in the Qiddiya sports, culture and entertainment city giga-project. The Riyadh School for Tourism and Hospitality will train workers from around the world, not only Saudi Arabia, tourism minister Ahmed Al-Khateeb told a UN World Tourism Organization gathering in the capital. The training headquarters at […] September 27, 2023
Giga-projects Saudi developer wins $610m Qiddiya giga-project contract A SAR2.3 billion ($610 million) contract has been awarded to carry out key infrastructure work on Saudi Arabia’s Qiddiya giga-project, described as the country’s capital of entertainment. The Saudi Real Estate Company said in a filing on the Saudi Stock Exchange on Monday that contracts have been agreed between the Qiddiya Investment Company and one […] September 25, 2023
Leisure & Hospitality Marriott to open two luxury hotels in Neom’s Trojena Global hotel chain Marriott International will open two luxury properties in Trojena, a year-round mountain destination in the $500 million Neom development. The deal with the US hotelier includes Saudi Arabia’s first W Hotel and a JW Marriott property. “We are excited to work with Neom to develop these two properties in one of the […] September 25, 2023
Analysis Economy Saudi economy slips as government pushes oil cuts Analysts see the Saudi economy contracting in 2023 as a result of voluntary oil production cuts. Higher prices, however, will still ensure that state coffers are full enough to meet the kingdom’s number one priority – funding its mammoth Vision 2030 diversification projects. The International Monetary Fund said this month it saw a slowdown in […] September 22, 2023
Construction Saudi construction workers spoilt for choice Saudi Arabia’s trillion-dollar construction industry is providing rich pickings for professionals as companies increasingly struggle to retain talent. The kingdom has projects worth over $1.3 trillion underway and a further $64 billion in contracts forecast to be awarded this year. But while that places pressure on companies to recruit the necessary talent, employees are enjoying […] September 18, 2023
Opinion Giga-projects Paradise found: Conserving and leveraging Saudi’s natural bounty How the world’s most ambitious sustainable hospitality project is being brought to life September 11, 2023
Health Leejam seeks payoff for forced closure of Riyadh gyms Leejam Sports Company is seeking compensation after being forced to close two of its gyms in Riyadh. The shuttered Fitness Time centres are on land in the city’s Al Khuzama district, which has been earmarked for the $50 billion Diriyah Gate project. In a filing to the Saudi Stock Exchange, Leejam said the two centres […] September 11, 2023
Giga-projects Egypt’s Talaat Moustafa to help build Saudi ‘smart city’ Egyptian real estate developer Talaat Moustafa Group said on Sunday it had signed an agreement with the Saudi National Housing Company to build a residential and commercial suburb northeast of Riyadh. The value of the deal is estimated at SAR40 billion ($10.7 billion). The community, described as a “smart city”, will include 27,750 residential units […] September 11, 2023
Construction Roshn awards $2.4bn contracts for Saudi projects Roshn, a real estate developer backed by Saudi Arabia’s Public Investment Fund, has finalised four major commercial agreements with local and global companies valued at over SAR9 billion ($2.4 billion). The agreements cover construction, infrastructure and fittings for Roshn’s developments across the kingdom. The largest was a SAR 7.7 billion construction contract with engineering contractor […] September 11, 2023
Banking & Finance Saudi banks face slowdown as giga-projects take toll Saudi banks are witnessing a slowdown, impacting liquidity, net profits and share price across the sector, as the pressure of funding the kingdom’s giga-projects takes its toll, analysts say. Growth in net profit at the top ten banks slowed to 0.3 percent in the second quarter and the Saudi index of bank stocks fell 18.8 […] September 8, 2023
Giga-projects Saudi Arabia reveals latest giga-project with 11km canal Saudi Arabia has announced its latest giga-project with plans to develop an 11-kilometre-long canal north of Jeddah. The mixed-use waterfront destination, which will be home to over 130,000 residents, will be developed by Roshn Group in partnership with the kingdom’s Public Investment Fund. To be known as Marafy, the project includes the first manmade canal […] August 29, 2023
Construction Saudi Arabia plans zero carbon industrial park Plans for a zero carbon industrial park at King Abdullah Economic City, the megacity being developed on Saudi Arabia’s Red Sea coast, are under way following an agreement with green investment company Skytower. Saudi Press Agency said that King Abdullah Economic City’s organising body signed the deal with Skytower on Monday. It reported that the […] August 29, 2023
Construction Neom appoints manager for superyacht destination Saudi’s $500 billion giga project Neom has appointed a company to head its superyacht destination on the Red Sea. JLS Yachts, a Middle East-based yacht agency and concierge service provider, will manage Sindalah, which will be home to more than 5,000 berths. Set to open in 2024, Sindalah is one of the 41 Neom islands […] August 25, 2023
Construction Red Sea project gets world’s first zero-carbon 5G network Mega-developer Red Sea Global and Saudi-listed telco Zain KSA have launched the world’s first zero-carbon 5G network at the Six Senses Southern Dunes resort in The Red Sea project. The 5G network is powered by 100 percent renewable energy from over 760,000 solar panels that Red Sea has built to power the entire 28,000 sq […] August 15, 2023
Tourism Saudi giga-project Red Sea to open first hotels this year The first three hotels at Saudi Arabia’s multi-billion dollar Red Sea destination are on track to open later this year, its developer announced on Wednesday. Red Sea Global (RSG), the company behind tourism destinations Amaala and The Red Sea, also said the first domestic flights are set to take off from its international airport before […] August 2, 2023
