Surplus ‘can be channeled into housing projects’

Updated 21 December 2012
0

Surplus ‘can be channeled into housing projects’

A number of Saudi economists and financial experts have called on the government to allocate more resources from the Kingdom’s budget surplus for 2012, estimated at SR 500 billion, to finance more housing and health projects.
The plea comes a day after Municipal and Rural Affairs Minister Prince Mansour bin Miteb launched construction of 25,000 new housing units in the Bay of Salman.
About 5,000 of these units will be completed in three years at a cost of SR 1.5 billion.
“We expect greater support for housing projects next year,” said Wadie Kabili, professor of economics at King Abdulaziz University in Jeddah. “We are also seeking more government efforts to fight unemployment,” he told Al-Madinah Arabic daily.
Ahmed Al-Zailaee, a member of the Shoura Council and professor of history and antiquities at King Saud University, said more government funds for residential projects would help ease the housing crisis.
The Jeddah Development and Urban Regeneration Company (JDURC) hosted Wednesday’s launching ceremony in the Bay of Salman.
Prince Mansour commended the Jeddah Municipality and JDURC’s leaders for their efforts in serving the nation and the well-being of Saudi nationals.


Siemens CEO pushes plans to boost Iraqi power infrastructure

Updated 23 September 2018
0

Siemens CEO pushes plans to boost Iraqi power infrastructure

FRANKFURT: Siemens said its boss Joe Kaeser met Iraq’s prime minister on Sunday to discuss a proposal by the German company to expand the Middle East nation’s power production.
The German engineering group said it was proposing a deal to add 11 gigawatt (GW) of capacity over four years, saying this would boost the country’s capacity by nearly 50 percent.
It did not give a value, but such a contract would be worth several billion euros based on previous comparable deals.
Iraq has a wide gap between electricity consumption and supply. Peak demand in the summer, when people turn on air conditioners due to high temperatures, is about 21 GW, far exceeding the 13 GW the grid is currently provides, experts say.
Kaeser said in a statement after meeting Prime Minister Al-Abadi that they had “discussed the comprehensive Siemens roadmap to build a better future for the Iraqi people.”
“In Egypt, we have done the same and successfully built up the power infrastructure in record time with the highest efficiency,” he said.
In 2015, Siemens signed an 8 billion euro ($9.4 billion) deal with Egypt to supply gas and wind power plants to add 16.4 gigawatts of capacity to the country’s power grid, marking the group’s single biggest order.
The proposal for Iraq, first pitched in February, would include cutting Iraq’s energy losses, introducing smart grids, expanding transmission grids, upgrading existing plants and adding new capacity.
The group would also help the government secure funding from international commercial banks and export credit agencies with German government support, creating thousands of jobs in Iraq.
Siemens would donate a $60 million grant for software for Iraqi universities, it said.