Unified Platform Connects Giant Projects, Forges Path for Future of Contracting in Saudi Arabia

09:43-16 May 2023 AD ـ 26 Shawwal 1444 AH

Unified Platform Connects Giant Projects, Forges Path for Future of Contracting in Saudi Arabia

Saudi government agencies are preparing to reveal a unified platform featuring thousands of colossal development projects, collectively worth over one trillion Saudi riyals ($266.6 billion).

These projects are set to be showcased to contractors next week to bolster domestic content and revitalize the contracting sector, which is not only the country’s largest economic sector but also a key driver for numerous activities.

This initiative is expected to offer unparalleled opportunities for uplifting the national economy and diversifying income sources.

The Saudi Contractors Authority held a press conference in Riyadh to provide an overview of the fifth edition of the Future Projects Forum 2023.

The forum is scheduled to take place on May 22-23, 2023, in Riyadh under the patronage of the Minister of Municipal and Rural Affairs and Housing, Majid bin Abdullah Al-Hogail.

During the conference, Eng. Zakaria bin Abdulrahman Al-Abdulqader, the Chairman of the Board of Directors of the Saudi Contractors Authority, highlighted the significance of the forum’s current edition, which aligns with positive economic developments in the Kingdom.

According to Al-Abdulqader, these developments stem from the remarkable progress achieved by the Kingdom Vision 2030, as evidenced by a 7.8% increase in real GDP between 2021 and 2022.

He also emphasized the Saudi leadership’s commitment to involving the private sector in the national development process, in alignment with the objectives of the Kingdom Vision 2030.

Al-Abdulqader underscored the contracting sector’s fundamental role in driving the economy’s growth and prosperity, given its close relationship with the Kingdom’s diverse and comprehensive giant initiatives that support long-term sustainable growth and revenue diversification.

Ensuring financial sustainability is crucial to fostering a robust contracting industry capable of effectively executing major projects, promoting local content, and creating employment opportunities for citizens.

Abdulmajid Al-Rashoudi, the Secretary General of the Saudi Contractors Authority, emphasized that the forum aims to enhance coordination and integration among project owners, contractors, manufacturers, and suppliers.

This collaboration will showcase the extensive range of opportunities and projects that the contracting sector requires as it serves as the executive arm of the ambitious Kingdom Vision 2030 initiatives and is a key driver across various sectors.

Inflation Rose to 2.3% in Europe. That Won't Stop the Central Bank from Cutting Interest Rates

A view shows the Bercy Economy and Finance Ministry as a metro operated by the Paris transport network RATP passes over the Pont de Bercy bridge in Paris, France, November 28, 2024. REUTERS/Stephanie Lecocq

Asharq Al Awsat

10:52-29 November 2024 AD ـ 28 Jumada Al-Ula 1446 AH

Asharq Al Awsat

10:52-29 November 2024 AD ـ 28 Jumada Al-Ula 1446 AH

Inflation Rose to 2.3% in Europe. That Won't Stop the Central Bank from Cutting Interest Rates

Inflation in the 20 countries that use the euro currency rose in November — but that likely won’t stop the European Central Bank from cutting interest rates as the prospect of new US tariffs from the incoming Trump administration adds to the gloom over weak growth.
The European Union’s harmonized index of consumer prices stood up 2.3% in the year to November, up from 2.0% in October, the EU statistics agency Eurostat reported Friday.
Energy prices fell 1.9% from a year ago, but that was offset by price increases of 3.9% in the services sector, a broad category including haircuts, medical treatment, hotels and restaurants, and sports and entertainment, The Associated Press reported.
Inflation has come down a long way from the peak of 10.6% in October 2022 as the ECB quickly raised rates to cool off price rises. It then started cutting them in June as worries about growth came into sharper focus.
High central bank benchmark rates combat inflation by influencing borrowing costs throughout the economy. Higher rates make buying things on credit — whether a car, a house or a new factory — more expensive and thus reduce demand for goods and take pressure off prices. However, higher rates can also dampen growth.
Growth worries got new emphasis after surveys of purchasing managers compiled by S&P Global showed the eurozone economy was contracting in October. On top of that come concerns about how US trade policy under incoming President Donald Trump, including possible new tariffs, or import taxes on imported goods, might affect Europe’s export-dependent economy. Trump takes office Jan. 20.
The eurozone’s economic output is expected to grow 0.8% for all of this year and 1.3% next year, according to the European Commission’s most recent forecast.
All that has meant the discussion about the Dec. 12 ECB meeting has focused not on whether the Frankfurt-based bank’s rate council will cut rates, but by how much. Market discussion has included the possibility of a larger than usual half-point cut in the benchmark rate, currently 3.25%.
Inflation in Germany, the eurozone’s largest economy, held steady at 2.4%. That “will strengthen opposition against a 50 basis point cut,” said Carsten Brzeski, global chief of macro at ING bank, using financial jargon for a half-percentage-point cut.
The ECB sets interest rate policy for the European Union member countries that have joined the euro currency.

Unified Platform Connects Giant Projects, Forges Path for Future of Contracting in Saudi Arabia