Finance India-Middle East-Europe corridor to revive spice route Indian spices and spice products are likely to be the first commercial products to find their way through the new India-Middle East-Europe Economic Corridor (Imec), an Indian minister has said. Imec, announced last month at the G20 summit in New Delhi, India, aims to integrate railway routes and link ports along a route from India […] September 21, 2023
Construction Dubai Islands-Bur Dubai bridge to be ready by 2026 Dubai’s Roads and Transport Authority has signed an agreement with state-owned Nakheel to construct direct entrances and exits from bridges to the Dubai Islands from Bur Dubai. The Dubai Islands project will have entry and exit points on the Bur Dubai side through a bridge stretching across the Dubai Creek between the Infinity Bridge and […] September 14, 2023
Opinion Trade Meanwhile, on the G20 sidelines, history in the making The proposed India-Middle East-Europe Economic Corridor could become a 'green and digital bridge across continents and civilisations' September 11, 2023
Transport India-Middle East-Europe transport link announced World leaders have announced a shipping and rail transportation corridor linking countries across the Middle East, South Asia and Europe at the G20 summit in New Dehli, India, on Saturday. The India-Middle East-Europe Economic Corridor (Imec) aims to integrate railway routes and link ports along a route spanning from India to Europe, through the UAE, […] September 11, 2023
Construction Kuwait awards $764m airport contract to Turkish company Kuwait has awarded a 236 million dinar ($765 million) contract to Turkey’s Limak to build part of a new terminal at Kuwait airport. The Turkish company will build aircraft parking aprons, taxiways and service buildings, Reuters reported, citing the country’s official gazette. The $4.34 billion new airport terminal is likely to triple the capacity of […] September 11, 2023
Infrastructure Saudi water agency seeking global partnerships A Saudi government body set up this week to address global water challenges hopes to collaborate with other organisations across the world to meet its goals, the kingdom’s environment minister said on Friday. “The vision for this initiative is not just about creating a research and policy platform,” said Abdul Rahman Al Fadhli, Saudi Arabia’s […] September 8, 2023
Infrastructure Gulf and India to discuss possible rail and port links The US, Saudi Arabia, India and other nations are discussing a possible infrastructure deal that could reconfigure trade between the Gulf and South Asia, linking Middle Eastern countries by railways and connecting to India by port, according to US officials aware of the conversations. The talks, which have also included the UAE and Europe, may […] September 8, 2023
Construction UAE’s Tabreed to invest $200m in Indian pharma city The UAE’s National Central Cooling Company (Tabreed) will invest $200 million to develop 125,000 refrigeration tonnes (RT) of district cooling plants for Hyderabad Pharma City, according to media reports. Tabreed has partnered with India’s Telangana state government to develop cooling infrastructure for industrial and commercial parks, Business Standard, an Indian financial news daily, reported. Tabreed […] September 7, 2023
Infrastructure Contract awarded to modernise Egyptian railway A consortium of Egypt’s Orascom Construction and Paris-based Thales Group has signed a new $323.50 million contract with Egyptian National Railways to modernise the double-track railway. The track, located on the east bank of the river Nile, 115 km from the country’s capital, will link Cairo with Giza and Beni Suef. The project will be […] September 4, 2023
Logistics Saudi Arabia to build 59 logistics centres by 2030 Saudi Arabia will have 59 logistics centres by 2030, as the kingdom aims to transform itself into a global logistics hub. Crown Prince Mohammed bin Salman unveiled the masterplan for the centres as part of ongoing initiatives under the national transport and logistics strategy. The 59 centres will have a total area of more than […] August 28, 2023
Construction Construction activity up in Turkey due to earthquakes The number of construction workers in Turkey increased by 28,000 in the second quarter of the year compared to Q1, as building activity continues at pace following February’s earthquakes. The latest figures from the Turkish Statistical Institute revealed the number of people employed in the country’s construction sector hit 1.973 million between April and June […] August 21, 2023
Construction Egypt keeps electricity prices unchanged until January 2024 Egypt will maintain current electricity prices for consumers, as it deferred any changes for an additional six months, the cabinet said in a statement. In its weekly meeting, the cabinet decided to maintain electricity prices until January 2024, citing Egypt’s current economic challenges. The government has delayed the scheduled increase in power prices for the […] August 18, 2023
Infrastructure Dewa selects Acwa Power to develop $914m water project Dubai Electricity and Water Authority (Dewa) has selected Saudi Arabia’s Public Investment Fund-backed Acwa Power as the preferred bidder for the construction and operation of the AED3.38 billion ($914 million) Hassyan phase one independent water producer (IWP) project. The project is the largest of its kind in the world for water production-based sea water reverse osmosis […] August 17, 2023
Construction Saudi Arabia first choice for China’s BRI investment 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 the latest Belt and Road Initiative investment report issued by a leading think tank. Of 45 countries receiving Chinese financing and investment in the first six months of 2023, Saudi […] August 16, 2023
Infrastructure Saudi seeks Chinese funding for infrastructure projects Saudi Arabia is in talks with Chinese banks for potential investment in and development of infrastructure projects. The talks were held between Saudi housing minister Majid Al Hogail and several heads of Chinese banks in Beijing, state-run SPA news agency reported. The minister discussed investment opportunities across a number of Saudi cities with officials from […] August 16, 2023
Infrastructure Dewa profits fall 20% as financing costs surge Dubai Electricity and Water Authority (Dewa) reported net profits of AED1.93 billion ($525.46 million) in the second quarter of 2023, down 20 percent from AED2.41 billion a year earlier due to rising financing costs. Revenue rose 4 percent to AED7.29 billion, driven by increased demand for electricity, water and cooling services and higher income from […] August 11, 2023
Infrastructure UAE invests in battle against severe flooding UAE government bodies and residents are working proactively to combat the impact of severe flooding, as climate change leads to increased levels of rainfall. Dubai Municipality said it received more than 100 emergency calls at the weekend as a result of severe weather conditions, and the National Centre of Meteorology (NCM) has warned that heavy […] August 10, 2023
Construction Parsons wins $52m road design contract in Qatar The Qatar government’s Public Works Authority (Ashghal) has awarded a contract to US firm Parsons Corporation to deliver engineering consultancy services for a new road and infrastructure framework. The $52 million, six-year contract includes design for roads and infrastructure projects within Doha city. More than half of Qatar’s three million-strong population lives in the capital […] August 9, 2023
Construction Saudi Electricity profit falls 27% as funding costs rise Saudi Electricity Company (SEC) reported a net profit after zakat and tax of SAR4.02 billion ($1.07 billion) in the second quarter of 2023, a decline of 27 percent year on year. Revenue stood at SAR19.72 billion in the three months to June 2023, up 1.63 percent from SAR19.40 billion in Q2 2022, the utility provider […] August 9, 2023
Infrastructure GCC needs 1,127 new schools by 2027 as enrolment rises The Gulf will need over a thousand new schools by 2027, according to a new report published on Wednesday. The prediction is based on the total number of students in the GCC growing by 1.6 percent annually to reach 14.2 million by 2027. Growth in student enrolment numbers at K-12 (kindergarten to 12th grade, or […] August 2, 2023
Infrastructure Israel plans to link $27bn rail project to Saudi Arabia Israel will build a 100 billion shekel ($27 billion) rail expansion that will connect its outlying areas to metropolitan Tel Aviv and, in the future, could provide overland links to Saudi Arabia, Prime Minister Benjamin Netanyahu said. The announcement followed a trip by top US officials to Saudi Arabia last week to advance a possible […] July 31, 2023
Infrastructure Carbon targets deter Middle East power project developers Developers are becoming increasingly wary of bidding for long-term infrastructure deals in the Middle East because the terms go beyond their own carbon neutral targets. According to industry sources they are particularly struggling to be able to work on projects involving thermal power plants without carbon capture and storage (CCS) because the terms can stretch […] July 27, 2023
