Saudi-based Jeddah Economic Company (JEC) has secured Shari’a-compliant financing of up to SR3.6 billion ($959.4 million) from Alinma Bank for Phase One of its ambitious Jeddah Economic City, which includes the kilometre-high Jeddah Tower.

Saudi Arabia’s government, with its finances strained by low oil prices, is opening a fresh austerity drive by ordering ministries to cut their spending on contracts by at least five per cent, a document seen by Reuters shows.

Saudi Arabia’s General Authority of Civil Aviation (GACA) is in talks with government agencies to set up free zones at Jeddah and Riyadh airports as part of a long-term plan to diversify the kingdom’s economy away from oil.

Saudi Real Estate Company (Sreco) has awarded a contract to KEO International Consultants for designing and supervising the construction of a mixed-use hotel complex in the Al Aqiq district of the capital Riyadh.

257,000 homes needed by 2021 Saudi Arabia needs to build nearly 257,000 residential units over the next five years to tackle the growing housing problem in the country, said a report.

Saudi-based alfanar group, a leading Saudi manufacturer of electrical products and provider of engineering services, said it is close to finalising the procedures to wholly acquire Germany-based Heinrich Kopp from Luxembourg-based private equity fund Palero Invest.

The $23-billion Riyadh Metro will be completed on schedule in 2019 and its budget is ring-fenced, a senior official said, quashing speculation the project could be scaled back or delayed following a slump in Saudi Arabia’s oil revenues.

PetroRabigh has received bids from up to six foreign engineering companies for the construction of new units at its petrochemical and refining complex.