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Saudi Arabia Launches Bids For the Construction of Dams

Saudi Arabia is working on developing dams and investing in the surrounding areas (Asharq Al Awsat)
Saudi Arabia is working on developing dams and investing in the surrounding areas (Asharq Al Awsat)
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Saudi Arabia Launches Bids For the Construction of Dams

Saudi Arabia is working on developing dams and investing in the surrounding areas (Asharq Al Awsat)
Saudi Arabia is working on developing dams and investing in the surrounding areas (Asharq Al Awsat)

The Saudi Ministry of Environment, Water and Agriculture revealed that it has launched an investment initiative, the first of its kind, to offer bids for the construction of water dams.

The ministry announced the launch of four water dam projects in the Asir region (southern of the Kingdom) for investment by the private sector, with the aim of developing and protecting the areas surrounding the dams, promoting recreational activities, and preserving water reserves.

Saudi Arabia seeks to exploit all opportunities to achieve water security and provide the necessary capabilities to protect the country’s water resources in line with the goals of Vision 2030.

The four dams are located in the Southern Asir province and they will be built in separate areas.

The Environment, Water and Agriculture Ministry said bidding from experienced private sector firms would end after nearly three months.

“These projects constitute an opportunity for the private sector to contribute to the development of the Southern region,” the Ministry said in a statement.

“The projects are intended to conserve water in that region and at the same time support plans to develop recreational activities,” it added.

In March, the Saudi government decided to assign the tasks of establishing, operating, maintaining and reconstructing dam water and groundwater purification plants to the Saline Water Conversion Corporation (SWCC).

Eng. Abdullah Al-Abdul Karim, SWCC governor, said that the cabinet decision would seek to harness all the technical, engineering and research capabilities to ensure the sustainability of water supply in all regions of the Kingdom.

He added that the corporation will manage, operate and maintain purification plants built on wells and dams, while the pumped water will remain under the management and supervision of the Ministry of Environment, Water and Agriculture.

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UK Borrowing Overshoot Underscores Task for New Government

Larry the Cat sits on Downing Street in London, Britain July 19, 2024. REUTERS/Toby Melville
Larry the Cat sits on Downing Street in London, Britain July 19, 2024. REUTERS/Toby Melville
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UK Borrowing Overshoot Underscores Task for New Government

Larry the Cat sits on Downing Street in London, Britain July 19, 2024. REUTERS/Toby Melville
Larry the Cat sits on Downing Street in London, Britain July 19, 2024. REUTERS/Toby Melville

Britain's government borrowed a lot more than forecast in June, according to official data published on Friday that highlighted the big budget challenges facing the new government of Prime Minister Keir Starmer.
Public sector net borrowing, excluding state-controlled banks, was a larger-than-expected 14.5 billion pounds ($18.75 billion) last month. A Reuters poll of economists had pointed to an increase of 11.5 billion pounds.
Dennis Tatarkov, Senior Economist at KPMG UK, said the data showed "the daunting task" for the new government to fund its agenda without worsening the public finances.
"A combination of high levels of spending and weak growth prospects will present uncomfortable choices – deciding between even more borrowing or substantially raising taxes if spending levels are to be maintained," he said.
New finance minister Rachel Reeves is likely to announce her first budget after parliament's summer recess. She and Starmer have ruled out increases in the rates of income tax, corporation tax and value-added tax, leaving her little room for maneuver to improve public services and boost investment.
Reeves has ordered an immediate review of the new government's "spending inheritance", a move that lawmakers from the opposition Conservative Party say could presage increases in taxes on capital gains or inheritances.
"Today's figures are a clear reminder that this government has inherited the worst economic circumstances since the Second World War, but we’re wasting no time to fix it," Darren Jones, a deputy Treasury minister, said after the data was published.
Starmer's government says it will speed up Britain's slow-moving economy - and generate more tax revenues - via a combination of pro-growth reforms and a return to political stability that will attract investment.
The borrowing figure for June was 2.9 billion pounds higher than expected by Britain's budget watchdog whose forecasts underpin government tax and spending plans.
In the first three months of the financial year which began in April, borrowing was 3.2 billion pounds higher than projected by the Office for Budget Responsibility at 49.8 billion pounds.
The Office for National Statistics said June's borrowing was the lowest for the month since 2019, helped by a big drop in spending on interest paid on bonds linked to inflation which has slowed sharply.
But the deficit was made bigger by a 1.2 billion-pound fall in social security contributions compared with June 2023. They were cut by former Prime Minister Rishi Sunak before the July 4 election that swept Starmer's Labour Party to power.