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    Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Egypt’s food industries contribute 24.5% of GDP

    Egypt’s food industries contribute 24.5% of GDP

    $36mln contract for construction of Duqm fisheries complex

    $36mln contract for construction of Duqm fisheries complex

    Ministry signs agreement to support Oman’s honey industry

    Ministry signs agreement to support Oman’s honey industry

    Local, Italian companies partner up to establish food retail chain in Egypt

    Local, Italian companies partner up to establish food retail chain in Egypt

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      Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

      Egypt’s food industries contribute 24.5% of GDP

      Egypt’s food industries contribute 24.5% of GDP

      Profits at top Saudi banks jump 17.6% in Q1

      Profits at top Saudi banks jump 17.6% in Q1

      GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

      GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      New study reveals that UAE is most competitive economy in the Arab world

      New study reveals that UAE is most competitive economy in the Arab world

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      • CES 2017
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      Oman Construction Equipment Industry to 2028

      Oman Construction Equipment Industry to 2028

      $36mln contract for construction of Duqm fisheries complex

      $36mln contract for construction of Duqm fisheries complex

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      Madayn working on major Oman industrial city projects

      Madayn working on major Oman industrial city projects

      Foundation stone laid for new 700-bed hospital is Salalah, Oman

      Foundation stone laid for new 700-bed hospital is Salalah, Oman

      Iraq set to award new Faw Port deals

      Iraq set to award new Faw Port deals

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        Suez Canal expects US$3.5 billion in revenues in H1

        Suez Canal expects US$3.5 billion in revenues in H1

        UAE and Egypt’s consortium to buy African renewables firm Lekela Power

        UAE and Egypt’s consortium to buy African renewables firm Lekela Power

        Fitch revises Saudi Aramco’s outlook to positive from stable

        Fitch revises Saudi Aramco’s outlook to positive from stable

        Investments in renewables in Egypt reach LE6 bn: Official

        Investments in renewables in Egypt reach LE6 bn: Official

        Egypt signs 8 gas exploration contracts worth $934mn over 15 months

        Egypt signs 8 gas exploration contracts worth $934mn over 15 months

        JGC lands $3.7bn Iraq refinery upgradation project deal

        JGC lands $3.7bn Iraq refinery upgradation project deal

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        • Hospitality

          Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

          Saudi to be among world’s big leisure tourism hubs by 2030

          Saudi to be among world’s big leisure tourism hubs by 2030

          Qatar’s hospitality sector peaks despite turbulent 2020

          Qatar’s hospitality sector peaks despite turbulent 2020

          Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

          Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

          Staycations to stimulate Qatar’s hospitality sector

          Staycations to stimulate Qatar’s hospitality sector

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        • Agrofood
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          • Agriculture
          • Environment
          • Food

          Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Egypt’s food industries contribute 24.5% of GDP

          Egypt’s food industries contribute 24.5% of GDP

          $36mln contract for construction of Duqm fisheries complex

          $36mln contract for construction of Duqm fisheries complex

          Ministry signs agreement to support Oman’s honey industry

          Ministry signs agreement to support Oman’s honey industry

          Local, Italian companies partner up to establish food retail chain in Egypt

          Local, Italian companies partner up to establish food retail chain in Egypt

          Trending Tags

          • Business & Economy
            • All
            • Business
            • Economy
            • Finance
            • Industry
            • Technology
            • Trade
            • Transport & Logistics

            Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

            Egypt’s food industries contribute 24.5% of GDP

            Egypt’s food industries contribute 24.5% of GDP

            Profits at top Saudi banks jump 17.6% in Q1

            Profits at top Saudi banks jump 17.6% in Q1

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            New study reveals that UAE is most competitive economy in the Arab world

            New study reveals that UAE is most competitive economy in the Arab world

            Trending Tags

            • CES 2017
            • Election Results
            • eSports
          • Construction
            • All
            • Infrastructure
            • Real Estate
            Oman Construction Equipment Industry to 2028

            Oman Construction Equipment Industry to 2028

            $36mln contract for construction of Duqm fisheries complex

            $36mln contract for construction of Duqm fisheries complex

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            Madayn working on major Oman industrial city projects

            Madayn working on major Oman industrial city projects

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

            Trending Tags

            • Energy
              • All
              • Oil & Gas
              • Power & Electricity
              • Renewable Energy
              Suez Canal expects US$3.5 billion in revenues in H1

              Suez Canal expects US$3.5 billion in revenues in H1

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Investments in renewables in Egypt reach LE6 bn: Official

              Investments in renewables in Egypt reach LE6 bn: Official

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              JGC lands $3.7bn Iraq refinery upgradation project deal

              JGC lands $3.7bn Iraq refinery upgradation project deal

              Trending Tags

              • Hospitality

                Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Saudi to be among world’s big leisure tourism hubs by 2030

                Saudi to be among world’s big leisure tourism hubs by 2030

                Qatar’s hospitality sector peaks despite turbulent 2020

                Qatar’s hospitality sector peaks despite turbulent 2020

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Staycations to stimulate Qatar’s hospitality sector

                Staycations to stimulate Qatar’s hospitality sector

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              What Saudi Vision 2030 means for the construction industry?

              Ventures ONSITE

              May 19, 2016
              in Economy, Infrastructure
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              With almost three-quarters of the government’s budget originating from oil revenues, the slump in prices poses a threat to the Kinfdom. Saudi Deputy Crown Prince Mohammed Bin Salman deserves applause for his efforts in introducing sweeping reforms through the Saudi Vision 2030 and The National Transformation Plan (NTP) 2020 at the right opportune time. The NTP will majorly focus on restructuring various government agencies to deliver on the Vision 2030 and other national priorities.

              What is Vision 2030 all about?
              Vision 2030 aims to minimize the kingdom’s reliance on oil as a revenue source and promote economic diversification. The Vision aims to raise non-oil revenue to US$ 160 billion by 2020. Vision 2030 has three themes: “A Vibrant Society”, “A Thriving Economy”, and “An Ambitious Nation”.

              What Vision 2030 means for the Construction Industry?
              Following are the reforms Crown Prince Mohammed Bin Salman announced that will have an impact and offer opportunities for the construction industry in Saudi Arabia:
              •    Aramco transformation and PIF (Public Investment Fund): Shares worth less than 5% of Aramco, a company he valued at up to US$ 2.5 trillion, will be sold and some of the proceeds will go towards the sovereign wealth fund worth US$ 2 trillion.
              •    Religious tourism: Tourism was the second biggest contributor to the kingdom’s economy and is given strong focus, which is likely to help sectors such as aviation, hospitality (aims to double hotel rooms by 2020), etc. The vision is to increase the number of foreign Umrah visitors’ annual capacity to 15 million by 2020 and 30 million by 2030. To facilitate this, a third expansion of the Two Holy Mosques has been launched apart from modernizing and increasing the capacities of airports. In addition, Makkah Metro project has already been initiated. KSA plans to more than double the number of Saudi heritage sites registered with UNESCO.
              •    Renewable energy: To satisfy the increase in energy demand, the government is looking to tap renewable energy potential 9.5GW of renewable energy is targeted by 2030.
              •    Subsidies: The plan is to raise the efficiency of the government’s support system and make the best use by redirecting it and targeting eligible citizens and economic sectors. The free market rates over the long term will improve productivity and competitiveness among utility companies.
              •    Improved health care services: The government is planning to privatize public hospitals to increase efficiency and productivity. Further plans to grow and improve the insurance base, reduce patient waiting time, and train future doctors and specialists are underway. The public sector will focus on monitoring and law making, promoting preventive care, fighting diseases and encouraging citizens to make use of primary care as a first step.
              •    Retail: Traditional retail continues to dominate 50% of the market as compared to just 20% in a number of GCC countries. This provides significant room to increase the penetration of modern trade and e-commerce channels (targeted to reach 80 % by 2020).
              •    Housing: While 47% of Saudi families own their homes, the government aims to increase this to 52% by 2020. The government also plans to allow non-Saudis to own real estate in certain areas, which would boost demand in those areas. Non-Saudi’s comprise one-third of population and the high income segment among them are likely to capitalize on this opportunity, which should result in strong demand.
              •    Logistics: Saudi Arabia plans to leverage its geographical advantage, by developing itself as a key hub connecting the three continents of Asia, Europe and Africa. The kingdom has made huge investments in the construction of ports, railways, roads and airports. To take full advantage of these investments, the kingdom plans to work with the private sector and enter into a new series of international partnerships.
              •    Developing cities and sectors: To ensure enhancements to quality of life for all and meet the needs and requirements of its citizens, KSA will continue to ensure high quality services such as water, electricity, public transport and roads are properly provided. Open and landscaped areas will also be developed further, to meet the recreational needs of individuals and families. KSA plans to localize its oil and gas sector, create a new city dedicated to energy, and construct a national gas distribution network.
              •    Entertainment: By 2020, there will be more than 450 registered and professionally organized amateur clubs providing a variety of cultural activities and entertainment events. Among its 2030 goals is to have three Saudi cities be recognized in the top-ranked 100 cities in the world, and increase household spending on cultural and entertainment activities inside the Kingdom from the current level of 2.9% to 6%.
              •    Privatization: To increase the private sector’s contribution from 40% to 65% of GDP.

              Saudi Arabia replaced its incumbent oil minister Al-Naimi since 1995, with Khalid al-Falih, the chairman of Aramco to meet Vision 2030 reform challenge. The ministry of water and electricity’s head was sacked after Prince Mohammed criticized the manner that new higher tariffs were implemented. The ministry has now been split, with the water portfolio being incorporated into a new Environment, Water & Agriculture ministry; electricity will be part of Mr Falih’s energy ministry. The prince remains committed to the reduction of energy and utilities subsidies, which are expected to generate as much as US$ 30 billion a year for the government by 2020.

              The IMF called the Saudi plan an “ambitious, far-reaching effort” but has warned that the implementation of the Vision 2030 would be a challenge. Only time will tell if Vision 2030 will help make Saudi Arabia a global economic powerhouse and lead the kingdom to greater fortune, which will no longer be dependent on oil.

              The table below lists some of the major projects in Saudi Arabia, which are in the tender for construction stage and construction expected to commence during the second half of 2016.

                      Project Name                                                                Value in US$ Mns
              1.  Fadhili Power Plant                                                              4,700
              2.  Taibah Integrated Solar Combined Cycle
              (ISCC) Power Plant                                                                   3,500
              3. Ras Tanura – Clean Fuel Project – Package 1                         2,040
              4. Manaret Makkah Tower                                                          1,330
              5. Yanbu Petrochemicals Project                                                1,000
              6. Asir – Jizan New Road – Jizan Part                                          956
              7. Jeddah Jizan Coastal Highway – Mecca & Asir Part                   881
              8. Qasim – Makkah Direct Highway – Qassim Part                        853
              9. Asir Jizan New Road – Asir Part                                               794
              10. King Faisal Specialist Hospital & Research
              Centre (KFSH&RC) in Jeddah – Residential Compound                  658

              Ventures ONSITE
              19 May

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