Kingdom’s construction projects valued at $875 billion

Updated 27 August 2013
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Kingdom’s construction projects valued at $875 billion

The total value of ongoing projects in the GCC region currently stands at $2.62 trillion, with the Kingdom accounting for $875 billion.
The Kingdom’s strong construction market is being driven by government spending and high oil prices, according to a recent Global Investment House report.
For 2013, the Kingdom budgeted $219 billion for spending, up by 18.8 percent, year-on-year, from 2012. Out of this, almost $76 billion has been set aside for capital expenditure on investment projects, the report added.
“The Kingdom remains focused on investing in road, railway, power and housing projects. Moreover, the introduction of a new mortgage law is expected to contribute to the growth of the residential sector in the coming quarters,” said Faisal Hasan, CFA and researcher for the report.
These promising industrial data gain significance as Dammam, the Kingdom’s industrial hub, is hosting the 2014 edition of the largest heavy equipment exhibition across the GCC region when the Construction Machinery Show opens its doors to traders and the public, from Feb. 16 to 20, 2014.
Raz Islam, publishing director at CPI Media Group that organizes the event, said: “In 2014, the Construction Machinery Show is teaming up with leading Saudi exhibition organizer, Dhahran International Exhibitions Center (DIEC)”.
The show will run in conjunction with BUILDEX, the 16th Saudi International Building & Construction Exhibition. Both events will attract worldwide industry experts, investors and buyers to the largest trade show in the Eastern Province.
The 2014 event will host over 10,000 sqm of live demonstrations of the various construction and heavy equipment on display, Raz said, adding that Dammam is considered the industrial hub of the Kingdom and a major entry point into the booming market.
It is also the center of the oil and gas industry with nearby Al-Ghawar, which is home to the world’s largest conventional oil field. Much of this wealth is being reinvested into infrastructure and construction, Raz added.


Owner of Abu Dhabi’s Al Hilal Bank appoints chairman and CEO

Updated 21 April 2019
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Owner of Abu Dhabi’s Al Hilal Bank appoints chairman and CEO

  • Eraiqat is currently group chief executive of Abu Dhabi Commercial Bank (ADCB)
  • Eraiqat will serve as chairman at Al Hilal in addition to his current role at ADCB

DUBAI: Abu Dhabi Islamic lender Al Hilal Bank said on Sunday its owner, the Abu Dhabi Investment Council, had appointed Alaa Eraiqat as the bank's chairman.
Eraiqat is currently group chief executive of Abu Dhabi Commercial Bank (ADCB), which is expected to merge with Al Hilal Bank and Union National Bank (UNB) in the first half of 2019.
Eraiqat will serve as chairman at Al Hilal in addition to his current role at ADCB.
The Abu Dhabi Investment Council, a sovereign wealth fund which combined with Abu Dhabi state fund Mubadala last year, also appointed Amr Saad Al Menhali as chief executive of Al Hilal Bank.