Saudi King Salman has launched a total of 1,281 infrastructure development projects worth SR82 billion ($22 billion) in the capital Riyadh and the surrounding towns, said a report.
The Saudi General Authority of Civil Aviation (Gaca) has officially launched work on two international terminals at the King Khalid International Airport at an investment of SR2.21 billion ($589 million). This is part of the Riyadh development projects, which were launched by Saudi King Salman bin Abdulaziz Al Saud last month.
Saudi-based The Red Sea Development Company (TRSDC) has commenced operations at the Base Camp of its mega luxury tourism development, The Red Sea Project. The Base Camp, situated on the coastal area near the southern end of the 28,000-sq-km destination, is the first of numerous enabling works to be carried out this year, said the TRSDC.
Increased government spending and progress on giga-project developments such as the King Salman Energy Park (Spark) provide a catalyst for future investment opportunities in Saudi Arabia, according to JLL, a leading real estate investment and advisory firm.
Saudi-based Al Mosoqoon Real Estate Company for Investment and Development said work is progressing as per schedule on its Bawabat Tiba residential project coming up over a 133,980-sq-m area in Madinah.
The Saudi National Housing Company (NHC) has signed an agreement with China State Construction Engineering Company for the construction of more than 5,000 housing units of various designs at an investment of SR2.5 billion ($655 million) in Riyadh.
Saudi-based Acwa Power has announced plans to boost its water desalination and power generation capacity and grow two-fold over the next five years with investments estimated at $35 billion.
Global safety science company UL and Saudi-based GCC Electrical Testing Laboratory (GCC Labs) have signed a MoU aimed at localising fire and safety services and establishing a façade testing laboratory in the kingdom that would offer services across the Middle East and North Africa (Mena) region.
Art Jameel, an independent organisation that supports arts, education and heritage in the Middle East, has launched an international competition, inviting architects and designers to conceptualise a cinema theatre for Hayy: Creative Hub in Jeddah.
Saudi Arabia’s Crown Prince Mohammed bin Salman last month launched mega tourism projects in the Al Ula region of the kingdom, including a resort designed by renowned French architect Jean Nouvel and a nature reserve, both called Sharaan. Both take their names Sharaan from the surrounding canyon with its ancient rock formations.
Saudi-based Al Abdul Karim Holding (AKH) company has announced the opening of its new headquarters in Dammam.
Work starts on Beesha dam plant The Saudi General Directorate for Water Services has announced the launch of Phase Two of a key water purification plant at Beesh dam in the Jazan region, said a report.
