Construction Saudi giga-projects may tap into debt market funding Saudi Arabia’s vast pipeline of giga-projects will require funding assistance due to the tightened liquidity in the country’s banking sector, say analysts at credit rating firm S&P Global. This, they add, opens opportunities for the Gulf’s debt markets. “We think that the Public Investment Fund and Saudi’s banking sector alone won’t be able to fund […] April 17, 2023
Construction Ardco’s $1.6bn vision blurred by Saudi mega-projects A slowdown in residential property demand and construction capacity issues due to Saudi Arabia’s bulging projects pipeline will be among some of the challenges facing Ardco, the latest player to the Riyadh property market and development scene, experts said. Ardco, which is also known as the Riyadh Development Company, announced last month it is becoming […] March 2, 2023
Construction Value of Saudi project contracts doubled to $24.6bn in 2022 The value of giga-project related contracts awarded in Saudi Arabia in 2022 grew by 103 percent to $24.6 billion from $12 billion the previous year. As the kingdom accelerates activity towards achieving its Vision 2030 economic diversification goals, Neom saw the highest number and value of awarded contracts, especially on infrastructure works on The Line. […] February 24, 2023
Construction Saudi is ‘leading light’ as construction sector booms Construction activity in Saudi Arabia was the highest in the world in the final quarter of 2022, with the kingdom described as a “leading light in the Mena region and globally”. A new report by the Construction Activity Index of the Royal Institution of Chartered Surveyors (Rics) revealed that the 12-month projected profit margins of […] February 7, 2023
Construction Gulf project contracts to hit $110bn this year A combined $110 billion worth of project contracts are expected to be awarded in the GCC this year, with Saudi Arabia accounting for more than half of the total as it ramps up its Vision 2030 economic diversification plans. Saudi Arabia make up $64 billion of the combined value, followed by the UAE ($23 billion), […] February 1, 2023
Construction Red Sea Global secures $288m funding for Jumeirah project Red Sea Global (RSG) has secured $288 million in funding as part of a joint venture with Almutlaq Real Estate Investment Co. (AREIC) to develop Jumeirah The Red Sea on the west coast of Saudi Arabia. Gulf International Bank Saudi Arabia (GIB) provided the green financing, the developer said in a statement. “Achieving commercial close […] January 25, 2023
Exclusive Construction Caribbean carbon-negative concrete set for Saudi projects Bahamas-based startup Partanna is finalising the terms of its first commercial partnership in the Middle East – a tie-up with the developer responsible for two of Saudi Arabia’s flagship giga-projects, Red Sea and Amaala. A joint venture is expected to be signed with Red Sea Global (RSG) early next year, according to Rick Fox, co-founder […] December 22, 2022
Analysis Labour challenge as Saudi’s mega projects gather pace The transformation of Saudi Arabia shows no signs of slowing down, with the world’s first 2km tall tower reportedly the next mega project in the works. Neom, the Red Sea Project, Amaala and Diriyah Gate are under way and the kingdom’s construction market is heating up, with $31 billion worth of contract awards in the […] December 16, 2022
Construction Neom names Bechtel as project consultant for ski destination US-based engineering consultancy Bechtel has been appointed as the project management consultant for Trojena, a year-round mountain destination in Saudi Arabia’s megaproject Neom. Bechtel will provide services, including technical, commercial and construction management, for the development of Trojena, the company said in a statement Trojena is 50 km from the Gulf of Aqaba coast in […] December 6, 2022
Construction Saudi targets superyacht owners with Neom’s Sindalah launch Saudi Crown Prince Mohammed bin Salman announced the development of Sindalah on Monday, the first luxury island destination in the $500 billion giga project Neom. A main gateway to the Red Sea offering bespoke nautical experiences, Sindalah is expected to start welcoming guests from early 2024. It is anticipated that the development will create 3,500 […] December 5, 2022
Construction Saudi’s $500bn Neom targets Berlin and Paris for investment Neom, the $500 billion futuristic city being built in Saudi Arabia, is targeting potential business partners in Europe as part of its ongoing efforts to attract investors. Located in a vast region in the northwest of the kingdom, Neom is at the heart of Crown Prince Mohammed bin Salman’s Vision 2030 drive to diversify the […] November 16, 2022
Construction Saudi Arabia’s Neom to launch IPO by 2024 NEOM's listing is part of a strategy to make Saudi one of the world's top three bourses, MbS said as he unveiled designs for The Line July 26, 2022
Exclusive Biden Middle East Diriyah’s CEO: the American at the heart of Saudi’s transformation There has never been a better time for US companies to invest in Saudi Arabia, according to the American businessman in charge of one of the kingdom’s biggest giga-projects. As group CEO of Diriyah Gate Development Authority (DGDA), Jerry Inzerillo has been at the helm of shaping the $50.6 billion transformation of the 14km2 district […] July 8, 2022
Giga-projects Diriyah Gate: The kingdom’s cultural heart Roughly 20 minutes’ drive north-west of Riyadh’s city centre lies the historic town of Diriyah. The original home of the House of Saud and the capital of the First Saudi State, it is here that the country’s new cultural capital is beginning to take shape. Overseeing its transformation is the Diriyah Gate Development Authority (DGDA), […] May 18, 2022
Saudi Arabia Vision 2030 The Red Sea Project: Showcasing natural abundance One of the most ambitious and environmentally responsible tourism developments in the world is beginning to take shape on the north-west coast of Saudi Arabia. Spread across 28,000 square kilometres and including an archipelago of more than 90 islands, The Red Sea Project will be powered by 100 per cent renewable energy and is committed to […] May 18, 2022
Saudi Arabia Vision 2030 Inside NEOM: Saudi’s $500bn smart megacity Arguably the most ambitious project taking shape in the kingdom is NEOM, a vast region in the northwest of the country that is slowly being transformed into a vision of the future. At the heart of Crown Prince Mohammed bin Salman’s drive to diversify the country’s economy, it is being built at an estimated cost […] May 18, 2022
Saudi Arabia Vision 2030 Qiddiya: A sports and arts revolution Marketed as the kingdom’s capital of entertainment, sports and the arts, Qiddiya is beginning to take shape 45 minutes’ drive south-west of Riyadh. First announced in 2017 as part of Vision 2030, Qiddiya has a dual economic and social purpose – to contribute to the advancement of Saudi Arabia’s economic diversification and to open up […] May 18, 2022
Insight Saudi Arabia Vision 2030 Saudi Arabia: A kingdom in transformation Four giga-projects symbolise Saudi’s transformation and economic diversification from oil to technology and tourism – but global problems could delay progress In December last year the neighbourhood of Al-Balad in Jeddah played host to the first edition of the Red Sea International Film Festival. Held only three years after Saudi Arabia allowed cinemas to reopen […] May 18, 2022
