The drop in the price of oil since mid-2014 has had a significant impact on Saudi Arabia, which relies on oil for the vast majority of its fiscal revenue – 73% by some estimates – and for around 40% of its GDP. While global demand remains high, the increasing supply of oil on the international market, much of which is coming from Russia, US...
What sort of challenges do developers face in terms of ensuring adequate and necessary infrastructure for large mixed-use projects?
To what extent do you expect the National Transformation Programme to spur private sector investment in Jeddah and non-oil growth?
Jeddah’s industrial market has benefitted from a surge of investment, driven by efforts to diversify away from oil. In late 2015 the Kingdom’s government announced that 45m sq metres of land in and around Jeddah had been allocated for industrial development, to be overseen by the Saudi Industrial Property Authority (MODON), a quasi-...
Spurred by rapid population growth and mounting public and private investment, Jeddah – Saudi Arabia’s second-largest city – is on the rise. Since the early 1990s the population of the Jeddah urban area has more than doubled, reaching 4.1m residents as of the end of 2015, according to data from the General Authority for Statistics. While...
Over the last five years several major public transport development programmes have been launched in the cities of Makkah and Medina. Now in the design, tendering and construction phases, these initiatives have the potential to transform the way residents and pilgrims travel to, from and within Islam’s most important sites. The SR62bn ($16.5bn...
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