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King Abdullah Economic City Awards Over $300 Mln Contracts

Part of King Abdullah Economic City in Jeddah. (File photo / AFP)
Part of King Abdullah Economic City in Jeddah. (File photo / AFP)
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King Abdullah Economic City Awards Over $300 Mln Contracts

Part of King Abdullah Economic City in Jeddah. (File photo / AFP)
Part of King Abdullah Economic City in Jeddah. (File photo / AFP)

King Abdullah Economic City (KAEC) has awarded new contracts worth over SAR1.2 billion (USD320 million) for the construction and development of several sectors in the city during the year 2018.

KAEC acting Chief Executive Officer Ahmed Bin Ibrahim Linjawy said that 20 percent of the value of the contracts was for the development of the industrial valley, residential areas and facilities. About 80 percent of the value of the contract was for the development of a range of projects, services, and products in a number of areas, notably the tourism sector, entertainment, and sports. He said the development plans for the city are continuing so as to develop strategic sectors, like the logistics and industrial sectors.

Linjawy noted that the industrial valley has attracted more than 110 national and international companies so far.

The King Abdullah Port can handle 3.4 million containers annually. Investments are continuing as more than 10,000 housing units and plots of land distributed among six residential districts are being developed.

KAEC is giving priority to the empowerment of Saudi youth by launching quality initiatives and projects in cooperation with a number of partners. Foremost among these is the Prince Khaled Faisal Project which aims to train some 10,000 male and female pupils by the end of 2020. Till now 3,800 students have been trained.

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World Bank Raises China's GDP Forecast for 2024, 2025

World Bank Raises China's GDP Forecast for 2024, 2025
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World Bank Raises China's GDP Forecast for 2024, 2025

World Bank Raises China's GDP Forecast for 2024, 2025

The World Bank raised on Thursday its forecast for China's economic growth in 2024 and 2025, but warned that subdued household and business confidence, along with headwinds in the property sector, would keep weighing it down next year.
The world's second-biggest economy has struggled this year, mainly due to a property crisis and tepid domestic demand. An expected hike in US tariffs on its goods when US President-elect Donald Trump takes office in January may also hit growth.
"Addressing challenges in the property sector, strengthening social safety nets, and improving local government finances will be essential to unlocking a sustained recovery," Mara Warwick, the World Bank's country director for China, said.
"It is important to balance short-term support to growth with long-term structural reforms," she added in a statement.
Thanks to the effect of recent policy easing and near-term export strength, the World Bank sees China's gross domestic product growth at 4.9% this year, up from its June forecast of 4.8%.
Beijing set a growth target of "around 5%" this year, a goal it says it is confident of achieving.
Although growth for 2025 is also expected to fall to 4.5%, that is still higher than the World Bank's earlier forecast of 4.1%.
Slower household income growth and the negative wealth effect from lower home prices are expected to weigh on consumption into 2025, the Bank added.
To revive growth, Chinese authorities have agreed to issue a record 3 trillion yuan ($411 billion) in special treasury bonds next year, Reuters reported this week.
The figures will not be officially unveiled until the annual meeting of China's parliament, the National People's Congress, in March 2025, and could still change before then.
While the housing regulator will continue efforts to stem further declines in China's real estate market next year, the World Bank said a turnaround in the sector was not anticipated until late 2025.
China's middle class has expanded significantly since the 2010s, encompassing 32% of the population in 2021, but World Bank estimates suggest about 55% remain "economically insecure", underscoring the need to generate opportunities.