Bechtel, a global leader in engineering, procurement and construction, has secured a major contract for executive project management work on the development of the primary, base infrastructure for Saudi Arabia’s futuristic $500-billion city Neom.

Saudi Arabia’s National Water Company (NWC) has started moving towards private sector participation in 114 sewage treatment plants with a total daily capacity of 5.1 million cu m per day by announcing the launch of the first phase of the programme.

The earnings of Saudi Arabia’s cement sector reached SR75 million ($20 million) during the second quarter (Q2) of the year, marking a year-on-year (y-o-y) decline of 19 per cent. However, this was higher than the analysts expectations of SR57 million and consensus estimate of SR67 million, a report said.

The Public Investment Fund (PIF) has launched Roshn, a national company that will develop world-class integrated urban communities across the kingdom. The new company will play a leading role in raising the home ownership level in Saudi Arabia to 70 per cent.

Swicorp, a leading investment banking, asset management and private equity firm, said its real estate investment traded fund, Swicorp Wabel REIT has opened two cinemas at its Al Makan malls in the Saudi capital and in Hafr Al Batin.

Siemens Energy has been selected to provide centrifugal compressor systems for Saudi Aramco’s Hawiyah Unayzah Gas Reservoir Storage (HUGRS) project.