Saudi Arabia to lead MENA infrastructure, construction spending over next 15 years

Updated 23 August 2012
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Saudi Arabia to lead MENA infrastructure, construction spending over next 15 years

RIYADH: Saudi Arabia is predicted to lead growth in the Middle East and North African (MENA) region’s infrastructure and construction spending over the next 15 years, a report by Bank of America Merrill Lynch said.
The infrastructure and construction market in the MENA region is among the worlds’ most attractive due to its size.
A total of $4.3 trillion will be invested in construction projects across the MENA region by 2020, an increase of 80 percent compared with current figures.
Saudi Arabia is expected to take the lead in regional infrastructure spending and construction projects as it responds positively to pressing social needs such as labor, housing and education.
The recent approval of the mortgage law will help drive growth in residential construction in response to the current housing shortage.
The construction and infrastructure sub-sectors in Saudi Arabia grew by 177 percent compared to last year and currently account for 46 percent of the 2012-2013 MENA project pipeline totaling $448 billion, according to the report.
“With its young and expanding population, Saudi Arabia should remain the most buoyant market, in line with its overall economic development plan,” the report said.
The MENA region is expected to account for 12 percent of global emerging markets and 4.4 percent of world construction markets within the next decade. Saudi Arabia is expected to continue to lead the way.


UNHCR praises Saudi Arabia’s efforts for refugees

Updated 25 September 2018
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UNHCR praises Saudi Arabia’s efforts for refugees

JEDDAH: Saudi Arabia’s approach to refugees is a model of linking Islamic values and humanitarian action, a UN official said on Monday.
Khaled Khalifa, the UN Refugee Agency’s Regional Representative to the GCC Countries, used the Kingdom’s 88th National Day to outline several humanitarian achievements in the country, SPA reported.
Saudi Arabia has contributed more than SR1 billion ($270 million) in the last 10 years to UNHCR, Khalifa said.
This year, Saudi Arabia’s total contribution to UNHCR’s programs totalled SR216 million, making the Kingdom among the top donors in the Middle East and North Africa region.
Khalifa said that the King Salman Center for Relief and Humanitarian Action (KSRelief) is one of the most important partners of UNHCR, which has provided assistance to hundreds of thousands of refugees around the world during the current year, providing basic relief materials for internally displaced people in Yemen, and emergency support for Rohingya refugees in Bangladesh.
Also, earlier this month KSRelief has provided direct life-saving assistance to Syrian refugees suffering from kidney failure, by allowing hundreds to receive treatment in Jordan and Lebanon.