Contracts Awarded to Implement 1st Phase of Developing Riyadh Road Network

The Royal Commission for Riyadh City (RCRC) headquarters. Photo: RCRC website
The Royal Commission for Riyadh City (RCRC) headquarters. Photo: RCRC website
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Contracts Awarded to Implement 1st Phase of Developing Riyadh Road Network

The Royal Commission for Riyadh City (RCRC) headquarters. Photo: RCRC website
The Royal Commission for Riyadh City (RCRC) headquarters. Photo: RCRC website

The Royal Commission for Riyadh City (RCRC) has awarded four road development contracts worth SR13 billion ($3.46 billion) as part of the first phase of the program to enhance the capital city’s transport network.

The Board of Directors of the commission announced on Thursday that the first phase of the program aims to develop the axes of the main and rings roads and link them to provide sustainable transport and logistics services in the city.

The four projects are as follows:

1. The building of a second southern ring road that extends 56 kilometers from the new Al-Kharj Road in the east to the Jeddah Road in the west. It will include four lanes for the main road in each direction and three lanes for the service road in each direction. The road will have 10 main intersections and 32 bridges.

2. Building two bridges parallel to the cable-stayed Wadi Laban Bridge and developing a 4km intersection of the western ring road with Jeddah Road. Four bridges at the intersection of the western ring road with Jeddah Road will also be built.

3. Developing the western part of the axis of Al-Thumama Road, measuring 6km, that extends from King Khalid Road in the west to King Fahd Road in the east. The construction of two main bridges and three tunnels.

4. Lengthening the Taif Road in the Laban neighborhood by 16km so that it extends to the Qiddiya Project.

In order to maintain the highest degree of traffic flow on the roads that will witness the implementation of these projects, the RCRC has developed a plan to manage traffic diversions on these roads, in partnership with the relevant authorities in the city.



Egypt’s Sovereign Wealth Fund CEO Resigns

A farmer carries a box of mangoes in Ismailia, Egypt (Reuters)
A farmer carries a box of mangoes in Ismailia, Egypt (Reuters)
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Egypt’s Sovereign Wealth Fund CEO Resigns

A farmer carries a box of mangoes in Ismailia, Egypt (Reuters)
A farmer carries a box of mangoes in Ismailia, Egypt (Reuters)

The head of the Sovereign Fund of Egypt (TSFE), Ayman Soliman, has resigned, informed Egyptian sources revealed on Thursday.
They said Soliman resigned last June, around the time of the July ministerial shuffle, with his final working day set for the end of August.
A bill was already sent to the Egyptian House of Representatives to discuss transferring the Fund’s affiliation to the Prime Minister's Office.
In February 2019, Egypt formed the sovereign wealth fund to take control of some of the government's most promising assets in industries such as power and real estate, to bring in private investors to develop them.
Soliman was appointed as head of the fund in 2019 for an initial three-year term that was subsequently extended.
His resignation had been anticipated, with one government source saying the country's political leadership wanted to introduce fresh faces into key positions as part of a broader reshuffle, according to Reuters.
As of July, the Fund oversees approximately $12 billion in assets. It has attained the 48th position in the top 100 largest sovereign funds by total assets.
TSFE currently runs and operates five sub-funds: Infrastructure and Utilities Sub-Fund, Healthcare and Pharmaceuticals Sub-Fund, Tourism, Real Estate and Antiquities Sub-Fund, Financial Services and Fintech Sub-Fund, and Asset Management and Restructuring Sub-Fund.

Separately, the Central Agency for Public Mobilization and Statistics (CAPMAS) announced on Thursday that Egypt’s unemployment rate fell to 6.5% in the second quarter (Q2) of 2024, nearly a 0.2% decrease compared to Q1.
In May, government data showed that during Q1 of 2024, the labor force was estimated to consist of 31.397 million individuals, reflecting a 1.0% increase from the previous quarter's 31.101 million individuals. Of this total, 13.758 million individuals were part of the urban labor force, while 17.639 million individuals were part of the rural labor force.