Latest news with #projects
Argaam
7 hours ago
- Business
- Argaam
Riyadh Development boasts SAR 7.5B project backlog: CFO
Riyadh Development Co. (ARDCO) has reached a total value of SAR 7.5 billion for its signed and ongoing projects, according to CFO Mohammed AlKulaib. This includes the Riyad Capital Arab Fund and the Sports Boulevard Project, the latter alone valued at approximately SAR 3.5 billion. In an interview with Al Arabiya TV regarding the company's financial results, AlKulaib stated that these projects are expected to deliver a positive impact and will be financed through a combination of the company's cash reserves, which exceed SAR 960 million, and project-specific borrowings. He added that ARDCO is targeting returns of 10% to 15% from these projects. He also noted that the company currently operates six commercial centers, with assets valued at SAR 800 million and a market value exceeding SAR 2.5 billion. AlKulaib pointed out that the company's first real estate development project, the Misk Schools Project, was launched last year. The project generated SAR 5 million in revenue in Q4 2024, SAR 2.5 million in H1 2025, and is expected to contribute an additional SAR 2.5 million in H2 2025. He also stated that the company has made provisions for bad debts covering 73% of outstanding receivables, which amounted to approximately SAR 50 million as of the end of June. According to data available with Argaam, ARDCO's net profit declined to SAR 107.7 million in H1 2025, from SAR 162.4 million in H1 2024. Q2 2025 profit amounted to SAR 65.6 million.
Zawya
4 days ago
- Business
- Zawya
Oman: Pacts worth $11mln inked for development projects in Al Wusta
Muscat – Al Wusta has signed 15 agreements of total value exceeding RO4.3mn for development projects across its wilayats. The agreements were signed by Sheikh Ahmed bin Muslim Jadad al Kathiri, Governor of Al Wusta, with representatives of companies awarded the contracts. The projects include development of the first phase of a residential area in Haima, beautification of a village facade in Al Ajaiz, and construction of parks in the villages of Al Ajaiz and Abu Madabi. Other works in Haima involve setting up an agricultural nursery and installing new light poles. In Mahout, the contracts cover establishment of a central market, the first phase of Wadi al Sail Park, and development of a camel racing platform and track for Mahout and Al Jazir. Other agreements include building a park in the Ghubrah North and Ghubrah South areas of Rima in Al Jazir, maintenance of government buildings across Al Wusta, and provision of technical and administrative support services for the governorate. The projects are part of the governorate's broader strategy to improve infrastructure, enhance civic amenities and support local communities. © Apex Press and Publishing Provided by SyndiGate Media Inc. (
Zawya
6 days ago
- Business
- Zawya
GCC awarded deals tumble in H1
Projects awarded in the six-nation Gulf Cooperation Council (GCC) in the first half of 2025 tumbled by nearly 39 percent mainly due to a sharp fall in Saudi Arabia, a Kuwaiti-based investment consultancy firm has reported. The value of these contracts dipped to around $86 billion in the first half from nearly $140.5 billion in the first half of last year, Kamco Invest said on Thursday. 'The decline was largely due to the substantial reduction in project activity in Saudi Arabia during the period,' the firm said in a report on awarded contracts in GCC states of Saudi Arabia, Kuwait, Qatar, Bahrain, Oman and the UAE. In the second quarter of this year, the value of such contracts fell by nearly 58 percent to around $28 billion from $68 billion in the second quarter of 2024. 'It was the lowest figure recorded in the past 14 quarters. This downturn was primarily driven by a sharp contraction in project awards in Saudi Arabia, accompanied by a similarly weak performance in the UAE, which experienced a significant year-on-year (y-o-y) decline in contract awards during the period,' the report said. It noted that the sharp fall in project activity in the GCC follows two years of record spending, during which the region invested heavily in large-scale oil and gas developments along with a $1 trillion-plus giga projects programme in the Kingdom. Sector-wise, the GCC construction industry recorded a 60.0 percent y-o-y drop, with awards falling to $8.2 billion in the second quarter of this year from around $20.5 billion in the same period of last year. This was followed by the oil sector, which saw a 98.4 percent y-o-y decline to around $70 million from $4.5 billion in the same period, the report said. 'The construction and oil sectors were the primary contributors to the overall decline in GCC project awards during the second quarter of this year.' On a quarterly basis, Saudi Arabia's total contract awards plummeted by 72.5 percent y-o-y to $9.8 billion from $35.5 billion. In contrast, Kuwait recorded a relatively modest 9.8 percent y-o-y decline in aggregate project awards, reaching $1.8 billion against $two billion. The UAE, the second largest Arab economy after Saudi Arabia, posted a 47.0 percent y-o-y drop in contract awards, totaling $14 billion in the second quarter of this year, down from $26.4 billion in the corresponding period of 2024. GCC states, which control over two thirds of the world's proven oil deposits, are the largest spenders in the Arab region, relying heavily on crude export earnings. The six members projected spending this year at around $542 billion compared with nearly $529 billion in 2024, according to the GCC secretariat. (Writing by Nadim Kawach; Editing by Anoop Menon) (
RNZ News
20-07-2025
- Business
- RNZ News
Government's $6b announcement has nothing new, Labour says
Labour's Infrastructure spokesperson Kieran McAnulty. Photo: RNZ / Samuel Rillstone The Labour Party is pouring cold water on the government's latest announcement that $6 billion worth of infrastructure work will start before Christmas. Economic Growth Minister Nicola Willis and Infrastructure Minister Chris Bishop on Sunday said billions of dollars' worth of significant plans would get underway in the coming months. Those projects included the Hutt Valley Te Whare Ahuru Acute Mental Health Unit, interim works for the State Highway 22 Drury Corridor Upgrade and the Brougham Street upgrade in Christchurch. But Labour's Infrastructure spokesperson Kieran McAnulty said all the projects the government identified had previously been announced, some by the last government, before being put on hold. He told Morning Report the infrastructure sector needed certainty of not just projects that had been announced but new projects. "A bit of certainty to keep their jobs, keep people in work or attract them back." Infrastructure New Zealand's Nick Leggett said after a year of layoffs there were signs of confidence returning, but the sector needed consistency. "What we have got to ensure is that pipeline doesn't pause, that irrespective of future changes, economic changes, changes in government, we need stronger commitments from both sides of Parliament to keep projects going," he said. Leggett said that included improving already built infrastructure and new projects. Bishop said there were almost $4b of roading projects in the list of work getting underway, including the Ōtaki to north of Levin expressway, the Melling interchange, the Waihoehoe Road upgrade, and the new Ōmanawa bridge on SH29. The projects would create thousands of jobs and lift productivity by getting people and freight to their destinations quickly and safely, Bishop said. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
Times of Oman
17-07-2025
- Business
- Times of Oman
Al Mazunah Free Zone sees growth in cargo movement, attracts 8 new projects
Salalah: The total investment volume in Al Mazunah Free Zone in Dhofar Governorate has reached OMR140.17 million. This follows the attraction of eight diverse projects valued at OMR165,000 over the past period, which will span an area estimated at 5,405.88 square metres. Eng. Ahmed Khamis Al Kasbi, Director General of Al Mazunah Free Zone, told Oman News Agency (ONA) that 172 lease contracts have been signed in the zone, distributed across industrial, service, and commercial activities. The zone's management is actively seeking to attract investments in the industrial sector to ensure the sustainability of investment movement. He clarified that the zone is currently finalizing preparations for the operation of the animal quarantine facility in cooperation with the Ministry of Agriculture, Fisheries, and Water Resources, with trial operations expected to begin in the third quarter of 2025. Simultaneously, 70% of the water desalination plant project has been completed, with full operation anticipated in the fourth quarter of this year, aiming to enhance the zone's infrastructure. Al Kasbi noted that during the first half of 2025 (January to June), the free zone received over 137,000 tons of various goods, marking an approximately 21 percent increase compared to the same period last year, which saw over 113,000 tonnes. Concurrently, the number of vehicles entering and exiting the free zone surged by 31%, reaching 2,921 vehicles, up from 2,223 last year. He added that the zone has issued a tender announcement for a duty-free market management and operation project to specialised companies. This initiative aims to activate direct sales and provide services for travelers crossing the border between the Sultanate of Oman and the Republic of Yemen. It is noteworthy that Oman is striving to enhance the competitiveness of its free zones at the regional level and attract more local and international investment. This is to stimulate economic growth, expand the productive base, deepen investment in sectors with global added value, strengthen the contribution of non-oil sectors to the GDP, and affirm Oman Vision 2040's economic objectives. Al Mazunah Free Zone, the first free zone in Oman, is located in the far southwest of the country. It serves as the Gulf gateway for transit trade to East African countries via Yemen. The Wilayat of Al Mazunah is recognised for its economic growth, positioning it among the promising wilayats in Oman's development and progress across various sectors.
