State oil giant Saudi Aramco accounts for 20 per cent of the over $50 billion announced cuts in capital expenditure by oil and gas companies globally as they grapple with the coronavirus (Covid-19) pandemic and oil price war, according to a report.

The Egyptian Electricity Transmission Company (EETC) is set to further delay receiving offers on a tender that will see construction of an electricity interconnection line with Saudi Arabia.

Saudi Arabia’s cement sector has not witnessed any impact from the coronavirus pandemic in terms of year-on-year (y-o-y) volume growth during the first quarter of 2020, according to a report by Al Rajhi Capital. The total market volume in Q1 grew 33 per cent on an average when compared to last year.

Saudi-based Advanced Petrochemical Company (APC) said it has signed an agreement with leading South Korean group SK Gas (SKG) for the construction and operation of two major petrochemical facilities – a propane dehydrogenation (PDH) and a polypropylene unit – in the kingdom at an investment of $1.8 billion.

Saudi Arabia’s Ministry of Housing has announced the launch of two new residential projects – Obhur Park and Mogan Village – in Jeddah in partnership with the private sector, which on completion, will provide a total of 8,083 housing units.