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Saudi Arabia Pursuing Expansion of Infrastructure, Healthcare and Roads

Saudi Arabia : 25 April

Saudi Arabia is currently pursuing a programme of investment which will include a large amount of investment in areas such as health care, roads and general infrastructure between 2010 and 2013. Saudi Arabia has awarded development contracts worth in the region of $5.6 billion during the first three months of this year however this was almost 50% lower than for the first quarter of 2009.

A chief economist with the Banque Saudi Fransi, Riyadh said that there are definitely clear signs of a recovery being seen and the fact that spending is lower is largely due to the fact that spending this year will not be evenly spread out over the twelve month period but will happen at different intervals so it will be necessary to record spending levels over the entire twelve month period of 2010 to get a truly accurate picture. He also reiterated that government spending is most definitely on track at the moment.

In the last three months of 2009 development contracts were up $3.5 billion when compared to spending recorded for the same period the year before. The largest amount of spending was on construction projects such as roads, schools and hospitals. In December last year the government announced that it will be raising investment spending by just over $69 billion this year. It was estimated by the IMF that economy of Saudi Arabia will grow by 3.7 percent this year in comparison to 0.15 percent in 2009

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
23 April

Emaar’s Revenue Increased 87% Despite Analysts Predictions

At present Emaar Properties is the largest property developer in the Middle East and its net profits this year are surprisingly up on last year. A recent Bloomberg survey completed by six analysts has stated that they believed that Emaar would reports profits somewhere within the region of DH336 million for the first three months [...]

21 April

UK Airspace Opens But Will This Affect Our Wallets?

As suddenly as the skies were closed due to the volcanic eruption in Iceland, the UKs airspace is opening up again. Good news for the thousands of passengers trapped in the UK, desperate to get back to the Gulf.
The nations airline, Emirates expects to try to operate as many flights as possible in and out [...]

21 April

Middle East Looking Positive after Global Downturn

Middle East countries have shown an overall growth of 1.4% in 2009 despite the world climate it was announced yesterday at a one day conference which was organized by Coface in conjunction with Kuwait Arab Investment and Export Credit Guarantee Corporation.
In the world overall Gross Domestic Product declined by 5.8 percentage points and this [...]

20 April

Prices of Crude Oil Could Increase in May

Prices for Crude oil were steady yesterday with many on the market looking to increase sales of oil scheduled for May delivery. It is believed that the current supply list for May is pretty much in adherence with demand and this means that at present prices are remaining relatively stable.
However Brokers are still expecting price [...]

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