Saudi Arabia Introduces Largest Set of Projects to Develop Water, Environmental Infrastructure

Saudi Arabia deploys unremitting efforts to develop the water network and raise its operational efficiency. (Asharq Al-Awsat)
Saudi Arabia deploys unremitting efforts to develop the water network and raise its operational efficiency. (Asharq Al-Awsat)
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Saudi Arabia Introduces Largest Set of Projects to Develop Water, Environmental Infrastructure

Saudi Arabia deploys unremitting efforts to develop the water network and raise its operational efficiency. (Asharq Al-Awsat)
Saudi Arabia deploys unremitting efforts to develop the water network and raise its operational efficiency. (Asharq Al-Awsat)

Saudi Arabia intends to offer and award more than 1.4 thousand projects with a total value exceeding 108 billion riyals ($28.8 billion), in the water distribution sector, in continuation of plans and programs to develop water and environmental infrastructure.

The National Water Company said on Wednesday that Eng. Abdul Rahman Al-Fadhli, Minister of Environment, Water and Agriculture and Chairman of the Company’s Board of Directors, led a meeting with senior executives to determine the preparations for the implementation of these major national projects.

Eng. Nemer Al-Shebel, CEO at the National Water Company, said that the new projects were an extension of the unlimited support provided by the government, in line with the objectives of the National Water Strategy and the Kingdom’s Vision 2030 in the environmental, water, economic and development fields.

The projects cover 13 administrative regions of the Kingdom, including 353 projects allocated to the western sector, with a value exceeding 38.96 billion riyals ($10.3 billion), 240 projects in the central sector (Riyadh region), with a value surpassing 14.19 billion riyals ($3.7 billion).

The National Water Company has allocated 215 projects to the northern sector, including, Al-Qassim, Hail, Al-Jawf, and Northern Borders, with a value exceeding 12.95 billion riyals ($3.4 billion), and 328 projects for the southern sector, which includes Asir, Jazan, Najran, and Al-Baha regions, with a total value of 15.3 billion riyals ($4 billion).

The company intends to earmark 162 projects worth 7.7 billion riyals ($2 billion) for the northwestern sector, which includes Al-Madinah Al-Munawarah region and Tabuk.

The Eastern Province has been allocated 117 projects, with a value exceeding 16.17 billion riyals ($4.2 billion), in addition to 14 projects supporting various sectors, with a value of more than 2.72 billion riyals ($720 million).



China Mulls Draft Law to Promote Private Sector Development

A Chinese national flag flutters on a financial street in Beijing. (Reuters)
A Chinese national flag flutters on a financial street in Beijing. (Reuters)
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China Mulls Draft Law to Promote Private Sector Development

A Chinese national flag flutters on a financial street in Beijing. (Reuters)
A Chinese national flag flutters on a financial street in Beijing. (Reuters)

Chinese lawmakers are deliberating a draft of the country's first basic law specifically focused on the development of the private sector, the country’s Xinhua news agency reported.

“The law will be conducive to creating a law-based environment that is favorable to the growth of all economic sectors, including the private sector,” said Justice Minister He Rong, while explaining the draft on Saturday during the ongoing session of the Standing Committee of the National People's Congress, the national legislature.

The draft private sector promotion law covers areas such as fair competition, investment and financing environments, scientific and technological innovation, regulatory guidance, service support, rights and interests protection and legal liabilities.

The draft has incorporated suggestions solicited from representatives of the private sector, experts, scholars and the general public, the minister said.

China left its benchmark lending rates unchanged as expected at the monthly fixing on Friday.

Persistent deflationary pressure and tepid credit demand call for more stimulus to aid the broad economy, but narrowing interest margin on the back of fast falling yields and a weakening yuan limit the scope for immediate monetary easing.

The one-year loan prime rate (LPR) was kept at 3.10%, while the five-year LPR was unchanged at 3.60%.

In a Reuters poll of 27 market participants conducted this week, all respondents expected both rates to stay unchanged.

Morgan Stanley said in a note that the 2025 budget deficit and mix are more positive than expected and suggest Beijing is willing to set a high growth target and record fiscal budget to boost market confidence, but further policy details are unlikely before March.

Last Friday, data released by the country's central bank said total assets of China's financial institutions had risen to 489.15 trillion yuan (about $68.03 trillion) by the end of third quarter this year.

The figure represented a year-on-year increase of 8%, said the People's Bank of China.

Of the total, the assets of the banking sector reached 439.52 trillion yuan, up 7.3% year on year, while the assets of securities institutions rose 8.7% year on year to 14.64 trillion yuan.

The insurance sector's assets jumped 18.3% year on year to 35 trillion yuan, the data showed.

The liabilities of the financial institutions totaled 446.51 trillion yuan, up 8% year on year, according to the central bank.

Separately, data released by the National Energy Administration on Thursday showed that China's electricity consumption, a key barometer of economic activity, rose by 7.1% year on year in the first 11months of the year.

During the period, power consumption of the country's primary industries increased by 6.8% year on year, while that of its secondary and tertiary sectors rose by 5.3% and 10.4%, respectively.

Residential power usage saw strong growth of 11.6% during this period, the administration said.

In November alone, power usage climbed 2.8% from one year earlier, according to the data.