ICCE to spotlight Saudi contracting sector

The Saudi construction sector is undergoing a massive transformation with a number of major building projects being planned at the moment.
Updated 13 September 2018
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ICCE to spotlight Saudi contracting sector

A new exhibition and conference dedicated to Saudi Arabia’s contracting sector is launching in Riyadh next week, where government authorities, regulators, and key industry players will join forces to develop the Kingdom’s $1.4 trillion construction market. 

The 1st International Contracting Conference and Exhibition (ICCE), will take place from Sept. 16-17 at the Riyadh International and Convention and Exhibition Center.

The two-day event is held under the patronage of Dr. Majid bin Abdullah Al-Qassabi, Saudi minister of commerce and investment, and hosted by the Saudi Contractors Authority, a newly formed government authority responsible for regulating the Kingdom’s contractor industry and increasing mergers and acquisitions in a market where construction projects are expected to surge in the coming years. 

According to Project Intelligence Platform Ventures ONSITE, as of September 2018, the total value of Saudi construction-related projects, comprising buildings, industrial, power and water, oil and gas, and infrastructure, is estimated to be worth $1.4 trillion. Meanwhile, new Saudi construction contractor awards are estimated to grow to $44.1 billion in 2019, compared to 2018’s value of $26.3 billion. 

Thabet Mubarek Al-Sawyeed, governor of the Saudi Contractors Authority (SCA), said the 1st ICCE is formed under the guidance of Saudi Vision 2030. “As part of Vision 2030, Saudi Arabia is going through immense change, and part of this change is to achieve a sustainable contracting sector for the Kingdom,” said Al-Sawyeed.

“In line with King Salman’s vision, the SCA’s mandate is to organize, develop and regulate Saudi’s contracting industry, enabling it to build competent capabilities and to raise the standards produced by the sector, thereby establishing a safe and secure work environment.

“We’re therefore launching the ICCE under the theme of ‘Building the future with confidence.’ Its aim is to not only create business opportunities, but to solve challenges in the contracting industry, encourage creativity, enhance communications, educate, facilitate and advocate not only SCA members, but the construction industry as a whole,” added Al-Sawyeed.

The 1st ICCE is co-organized by Messe Frankfurt Middle East, and Saudi-based ACE Exhibitions. Key sponsors onboard for the inaugural showpiece include Strategic Diamond Partner Al-Bawani; Platinum Partners Riad Bank and Shibh Al-Jazira Contracting Company; Gold Partners SAPAC and ANB; and Silver Partners Nesma and Partners Contracting, Saudi Tumpane, Mohammed Al-Ojaimi Group, and TAMIMI Pre-Engineered Buildings.

Ahmed Pauwels, CEO of Messe Frankfurt Middle East, said: “The Saudi Arabian construction sector is undergoing a massive transformation, with the likes of Neom Business City and The Red Sea Project just a couple of examples of major building projects being planned at the moment.” 

The two-day summit features an expert panel of more than 35 speakers. 


Emirates NBD opens branch in Alkhobar

Updated 20 September 2018
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Emirates NBD opens branch in Alkhobar

Emirates NBD, a banking group in the Middle East, has expanded its presence in the Kingdom with the opening of its first branch in Alkhobar in the Eastern Province. Emirates NBD now covers three key regions in Saudi Arabia with a presence in Riyadh, Jeddah and Alkhobar. 

As Saudi Arabia progresses plans for economic reform, in line with its Vision 2030, Emirates NBD’s presence builds on the growing economic and trade ties between Saudi Arabia and the UAE. Following the establishment of the Saudi-Emirati Coordination Council, the UAE and Saudi Arabia recently announced The Strategy of Resolve, a joint vision for economic development through 44 joint strategic projects within a five-year time frame. 

UAE-based Emirates NBD is the first non-Saudi bank with a significant branch network across the Kingdom. The bank offers retail, private, business and wholesale banking across its network of three full-fledged branches in the Kingdom, in addition to corporate finance advisory, project and syndicated finance through Emirates NBD Capital KSA, the bank’s investment banking arm.

Emirates NBD also operates in Egypt, India, Singapore, and the UK with representative offices in China and Indonesia. 

“Our presence in Saudi is integral to Emirates NBD’s growth strategy as we continue to explore opportunities in the GCC region’s largest and most dynamic economy,” said Hesham Abdulla Al-Qassim, vice chairman and managing director of Emirates NBD. 

“Saudi Arabia is in the midst of a landmark economic transformation and we look forward to continuing to support Saudi individuals and businesses looking for a trusted banking partner.” 

Emirates NBD recently renewed its partnership with the Kingdom’s Kafalah Program, which aims to promote financing to small and medium enterprises (SMEs) within the country.

Loai Abduljawad, CEO of Emirates NBD KSA, said: “Emirates NBD’s expanded network strengthens our offering to individuals and corporates in Saudi Arabia looking to invest and trade across the MENA region and beyond. Our superior value proposition, built on the bank’s unique ‘high tech + high touch’ philosophy of offering customers a modern banking experience complemented by personalized advisory services, will enable us to strengthen customer acquisition in the Kingdom as we continue to support the country’s long-term growth and development goals, as outlined in Saudi Vision 2030.” 

Emirates NBD is a leading banking group in the region. As of June 30, 2018, its total assets were 477.5 billion dirhams, ($130 billion). The group has a significant retail banking franchise in the UAE and is a key participant in the global digital banking industry, with over 90 percent of all financial transactions and requests conducted outside of its branches. The bank was declared the “Most Innovative Financial Services Organization of the Year” at the 2017 BAI Global Innovation Awards.