Latest news with #Aleqtisadia
Zawya
21-05-2025
- Business
- Zawya
Saudi cement prices at 12-year high
Strong domestic demand boosted cement prices in Saudi Arabia in April to its highest level in nearly 12 years, press reports showed on Wednesday. The price of a 50kg cement bag increased by around one percent year-on-year in April amidst an increase in the prices of other building materials, the Arabic language daily Aleqtisadia said, citing industry sources. 'The increase last month meant that cement prices reached their highest level in 12 years due to a number of reasons, mainly strong demand,' the paper said. 'Other factors include the rise in production costs which affected the price to consumers and the end of a long-standing price war among manufacturers,' it added. The report showed the price of a 50kg cement bag averaged around 14.5 Saudi riyals ($3.8) and that local demand surged by about 43 percent in April and nearly 13 percent since the start of 2025. (Writing by Nadim Kawach; Editing by Anoop Menon) (
Zawya
07-03-2025
- Business
- Zawya
$27bln new towers under construction in Riyadh
Developers are constructing nearly 100 new commercial towers in the Saudi capital Riyadh at a cost of at least 100 billion Saudi riyals ($27 billion), a newspaper said on Friday. The high-rise buildings will largely boost business in the city, which already has nearly 25 skyscrapers, the Arabic language daily Aleqtisadia said. '100 new high-rise towers are construction in Riyadh and have reached the final stages,...they are expected to attract a large number of investors and multi-national companies to the capital,' the report said. It quoted developers as saying Riyadh, one of the richest cities in the Middle East, is now ranked third in the number of high towers in MENA. 'These towers which are coming up rapidly are not mere high will be major centres for business, tourism, trade and hospitability,' it added. Saudi Arabia is building the world's tallest tower at 1,000 metres in Jeddah, and has invited consultancy bids for a 2,000-metre tower in Riyadh. (Writing by Nadim Kawach; Editing by Anoop Menon) (
Zawya
14-02-2025
- Automotive
- Zawya
PIF sees $1.33bln investment in Saudi car supply chain
Saudi Arabia needs to invest nearly 5 billion Saudi riyals ($1.33 billion) in local supply chain projects to support its burgeoning car industry, a senior official at the state-owned Public Investment Fund (PIF) has said. The funds are essential to achieve the car industry strategy as the Gulf kingdom targets the production of at least 500,000 vehicles in 2035 while its car imports exceed 800,000, said Khalid Al-Jihrish, head of PIF's sector development. 'This means there is a car market with a value of more than SAR40 billion ($10.6 billion) annually in addition to the services sector which includes spare parts and maintenance,' he told the Saudi daily Aleqtisadia on Thursday. 'There is a need to invest nearly SAR5 billion in the car supply chain as part of a plan to nationalise this industry.' Jihrish said investment plans by PIF, one of the world's largest sovereign wealth funds, focus on three main strategies, including car manufacturing, supply chain and investment in the electric vehicle infrastructure. (Writing by Nadim Kawach; Editing by Anoop Menon) (
