Qiddiya awards $533m contracts for giga-project to Saudi firms

Qiddiya awards $533m contracts for giga-project to Saudi firms
The most recent contract award, a three-year $293.150 agreement to construct major roads and bridges on the upper plateau of the site, was recently won by Haif & Freyssinet (File/Shutterstock)erstock)
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Updated 26 November 2020

Qiddiya awards $533m contracts for giga-project to Saudi firms

Qiddiya awards $533m contracts for giga-project to Saudi firms
  • The most recent contract award, a three-year $293.150 agreement to construct major roads and bridges on the upper plateau of the site, was recently won by Haif & Freyssinet
  • All contracts have been fully awarded to Saudi companies, Qiddiya said in a statement

Qiddiya Investment Company (QIC) awarded construction contracts of $533m (2 blln riyals) on the Qiddiya giga project, since construction began some 12 months ago.

The most recent contract award, a three-year $293.150 agreement to construct major roads and bridges on the upper plateau of the site, was recently won by Haif & Freyssinet – a joint venture contract between the two local firms – allowing QIC to cross the 2 billion riyals mark.

All contracts have been fully awarded to Saudi companies, Qiddiya said in a statement.

During lockdown, Qiddiya ensured all necessary safety precautions and protocols were followed and was able to continue with construction as planned.

Work progressed without interruption as much of the current primary infrastructure work can be done at safe distances, adhering to all Ministry of Health guidelines.

Qiddiya aims to develop more strategic partnerships and to continue with heavy construction well into 2022 – making it ready for the testing and commissioning phase, ahead of its grand opening in 2023, the statement concluded.

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China was largest recipient of FDI in 2020 — Report

China was largest recipient of FDI in 2020 — Report
Updated 2 min 14 sec ago

China was largest recipient of FDI in 2020 — Report

China was largest recipient of FDI in 2020 — Report
China was the largest recipient of foreign direct investment in 2020 as the coronavirus outbreak spread across the world during the course of the year, with the Chinese economy having brought in $163 billion in inflows.
China’s $163 billion in inflows last year, compared to $134 billion attracted by the United States, the United Nations Conference on Trade and Development (UNCTAD) said in a report released on Sunday.
In 2019, the United States had received $251 billion in inflows and China received $140 billion.
China’s economy picked up speed in the fourth quarter, with growth beating expectations as it ended a rough coronavirus-striken 2020 in remarkably good shape and remained poised to expand further this year even as the global pandemic rages unabated.
China’s gross domestic product grew 2.3% in 2020, official data showed last week, making China the only major economy in the world to avoid a contraction last year.
The world’s second-largest economy has surprised many with the speed of its recovery from the coronavirus jolt, especially as policymakers have also had to navigate tense US-China relations on trade and other fronts.
Overall, global FDI had collapsed in 2020, falling by 42% to an estimated $859 billion, from $1.5 trillion in 2019, according to the UNCTAD report.
“FDI finished 2020 more than 30% below the trough after the global financial crisis in 2009,” the UNCTAD said on Sunday.
FDI flows fell by 37% in Latin American and the Caribbean, by 18% in Africa, and by 4% in developing Asia, the report added.
East Asia accounted for a third of global FDI in 2020, while FDI flows to developed countries fell by 69%.