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Saudi Arabia Signs Cooperation Agreements to Develop Contracting Sector

The opening ceremony of the FPF saw the signing of several MOUs with the Saudi Contractors Authority. (Asharq Al-Awsat)
The opening ceremony of the FPF saw the signing of several MOUs with the Saudi Contractors Authority. (Asharq Al-Awsat)
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Saudi Arabia Signs Cooperation Agreements to Develop Contracting Sector

The opening ceremony of the FPF saw the signing of several MOUs with the Saudi Contractors Authority. (Asharq Al-Awsat)
The opening ceremony of the FPF saw the signing of several MOUs with the Saudi Contractors Authority. (Asharq Al-Awsat)

Minister of Municipal and Rural Affairs and Housing Majed Al-Hogail said that the Future Projects Forum (FPF) will contribute to raising the efficiency and competitiveness of contractors and enable them to keep pace with the latest technologies to implement development projects within the Kingdom’s Vision 2030.

The Forum, which kicked off in Riyadh on Monday, will also enhance communication between the local and international public and private sectors, according to the minister.

Secretary-General of the Saudi Contractors Authority Thabet Al-Sweid said the FPF, which extends over three days, would feature various projects pertaining to oil and gas and others within the Kingdom’s Vision 2030.

He added that the virtual conference is attended by more than 10,000 local and foreign contractors and stakeholders, in addition to 39 entities, including ministries and companies, such as Aramco, SABIC, the Red Sea Project and Amaala.

The director of Mega Projects at SABIC, Dhaifallah Al-Maliki, noted that the company was seeking to support contractors in raising the quality of projects in terms of safety and execution speed.

The coronavirus pandemic has had a major impact on all sectors, Maliki said, stressing that SABIC has contributed to fighting its repercussions out of its social responsibility, with a budget equivalent of 123 million riyals.

The company has also encouraged local contractors to enhance their participation in the local content and contribute to the implementation of the best standards in the economic activity.

For his part, Khaled Al-Saif, Chairman of the Saudi Contractors Authority, said that the forum aims to raise the efficiency and competitiveness of contractors, and to keep pace with the technical requirements and capabilities necessary to implement future projects within Saudi Vision 2030.

Amaala, a premium tourist project that extends along the northwest coast of the Kingdom, signed an MOU with the Saudi Contractors Authority, to cooperate in several areas, including the establishment of an electronic platform for project sharing.

The opening ceremony of the FPF saw the signing of several MOUs with the Saudi Contractors Authority, including an agreement with the Center for Legal Studies and Research to activate joint cooperation between the two sides.

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IMF: Middle East Conflict Escalation Could Have Significant Economic Consequences

Displaced families, mainly from Syria, gather at Beirut's central Martyrs' Square, where they spent the night fleeing the overnight Israeli strikes in Beirut, Lebanon September 28, 2024. REUTERS/Louisa Gouliamaki
Displaced families, mainly from Syria, gather at Beirut's central Martyrs' Square, where they spent the night fleeing the overnight Israeli strikes in Beirut, Lebanon September 28, 2024. REUTERS/Louisa Gouliamaki
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IMF: Middle East Conflict Escalation Could Have Significant Economic Consequences

Displaced families, mainly from Syria, gather at Beirut's central Martyrs' Square, where they spent the night fleeing the overnight Israeli strikes in Beirut, Lebanon September 28, 2024. REUTERS/Louisa Gouliamaki
Displaced families, mainly from Syria, gather at Beirut's central Martyrs' Square, where they spent the night fleeing the overnight Israeli strikes in Beirut, Lebanon September 28, 2024. REUTERS/Louisa Gouliamaki

The International Monetary Fund said on Thursday that an escalation of the conflict in the Middle East could have significant economic ramifications for the region and the global economy, but commodity prices remain below the highs of the past year.

IMF spokesperson Julie Kozack told a regular news briefing that the Fund is closely monitoring the situation in southern Lebanon with "grave concern" and offered condolences for the loss of life.

"The potential for further escalation of the conflict heightens risks and uncertainty and could have significant economic ramifications for the region and beyond," Kozack said.

According to Reuters, she said it was too early to predict specific impacts on the global economy, but noted that economies in the region have already suffered greatly, especially in Gaza, where the civilian population "faces dire socioeconomic conditions, a humanitarian crisis and insufficient aid deliveries.

The IMF estimates that Gaza's GDP declined 86% in the first half of 2024, Kozack said, while the West Bank's first-half GDP likely declined 25%, with prospects of a further deterioration.

Israel's GDP contracted by about 20% in the fourth quarter of 2023 after the conflict began, and the country has seen only a partial recovery in the first half of 2024, she added.
The IMF will update its economic projections for all countries and the global economy later in October when the global lender and World Bank hold their fall meetings in Washington.
"In Lebanon, the recent intensification of the conflict is exacerbating the country's already fragile macroeconomic and social situation," Kozack said, referring to Israel's airstrikes on Hezbollah in Lebanon.
"The conflict has inflicted a heavy human toll on the country, and it has damaged physical infrastructure."
The main channels for the conflict to impact the global economy have been through higher commodity prices, including oil and grains, as well as increased shipping costs, as vessels avoid potential missile attacks by Yemen's Houthis on vessels in the Red Sea, Kozack said. But commodity prices are currently lower than their peaks in the past year.
"I just emphasize once again that we're closely monitoring the situation, and this is a situation of great concern and very high uncertainty," she added.
Lebanon in 2022 reached a staff-level agreement with the IMF on a potential loan program, but there has been insufficient progress on required reforms, Kozack said.
"We are prepared to engage with Lebanon on a possible financing program when the situation is appropriate to do so, but it would necessitate that the actions can be taken and decisive policy measures can be taken," Kozack added. "We are currently supporting Lebanon through capacity development assistance and other areas where possible."