Saudi Arabia Announces Tender for 136km Highway Initiative
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Saudi Arabia announced its intention to commence a tender for a significant 136-kilometer highway project, marking a critical step in the country’s infrastructure development ambitions. This initiative, announced by Saudi officials, highlights the kingdom’s dedication to enhancing its transport network and stimulating economic growth throughout the region.
The envisioned highway, covering a notable distance of 136 kilometres, is designed to meet the country’s increasing demands for efficient transportation. By opening the project to tender, the Saudi government is strategically inviting private sector engagement in building this essential infrastructure, aligning with its goals for sustainable development and improved connectivity.
The tendering process calls for proposals from companies specializing in construction and infrastructure, with the winning bidder set to undertake the project’s execution, ensuring compliance with the set deadlines and quality parameters. This approach to involve the private sector reflects Saudi Arabia’s strategy to utilize external expertise and resources for the effective realization of the project.
Expected to link critical areas, the highway will facilitate economic unity and the seamless movement of goods and individuals, resonating with Saudi Arabia’s broader strategy to diversify its economy beyond oil. By enhancing the transport infrastructure, the project is prepared to reinforce trade, tourism, and economic activities, contributing to the kingdom’s diversification objectives.
Additionally, the project’s financing will be conducted in Saudi Riyals, mirroring the government’s preference for transactions in the local currency to maintain economic stability and ensure more manageable financial oversight.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Villa prices saw particularly strong growth, with capital values increasing by 33.4 percent year-on-year
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Dubai’s real estate market showed strong performance in the second quarter of 2024, with notable increases across the residential, office, and retail sectors, according to a new ValuStrat real estate report for Q2 2024.
Villa prices experienced particularly strong growth, with capital values rising by 33.4 percent year-on-year.
Haider Tuaima, Director and Head of Real Estate Research at ValuStrat said: “The Dubai real estate market has shown impressive growth and resilience in recent months. The ValuStrat Price Index for Residential Capital Values increased by 6.4 percent quarterly and 28.2 percent annually, reaching 178.2 points.
“Despite severe flooding caused by record rainfalls in April, the quick and effective response from developers and authorities helped to control the damage, ensuring that market activity and property valuations remained robust in the subsequent months.”
The office sector also performed well, with the VPI for office capital values surging by 31.7 percent annually and 9.4 percent quarterly, reaching 212.5 points—the highest quarterly increase in a decade.
In the retail sector, Emaar Properties reported 98 percent occupancy in their prime mall assets, while overall mall occupancy stood at 96 percent during the first quarter of 2024. The hospitality sector also saw growth, with total international guests reaching 8.12 million as of May 2024, a 9.9 percent increase compared to the same period last year. Hotel occupancy reached 81 percent, rising by 1.4 percent year-on-year.
Despite these positive indicators, Tuaima added, “The decline in transaction volumes calls for a closer examination of market dynamics as stakeholders navigate this evolving landscape.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
