RIYADH: Saudi Arabia plans to make major investments over the next ten years to strengthen its infrastructure and transform the Kingdom into a global transportation and logistics hub. Saudi Electricity Co. has given Saudi-Jordan link bidders more time as it further pushed the tender closing date for the project. Meanwhile, the value of project contracts in the Gulf Cooperation Council has plunged severely in the third quarter when compared to a year earlier amid high inflation and supply chain concerns.
- Saudi Arabia is injecting as much as SR700 billion ($186 billion) in the coming 10 years across several vital development projects amid plans to bolster infrastructure in the Kingdom and make it a global transportation and logistics hub, Trade Arabia reported, citing King Salman bin Abdulaziz. While SR200 billion will be dedicated to diverse projects for key sectors such as transport, water, and energy, the remaining SR500 billion will be pumped into the construction of airports, seaports, rail, and others.
- Saudi Electricity Co. has pushed the tender closing date for the contract for the construction of an electricity interconnection network between Saudi Arabia and Jordan once again from Sep. 29 to the end of November, MEED reported. The project, which covers the Saudi segment of the electricity interconnection line, is projected to allow for the exchange of as much as 500 MW of electricity between both countries in its preliminary stage and could hit 1,000 MW in the phases to follow.
- The value of project contracts in the GCC region has dropped 40.8 percent to reach SR41.7 billion during the third quarter of 2022, down from SR70.6 billion a year ago, Trade Arabia reported, citing Kuwait-based asset management company Kamco Invest. This comes amid several global economic challenges including high inflation and the prolonged supply chain issues which come as a result of the strict Chinese COVID-19 restrictions and the sanctions on Russia.