Saudi Arabia Economy Thread

vc15nets · February 13th, 2006, 03:49 PM

More Economic Cities Under Consideration
P.K. Abdul Ghafour, Arab News

JEDDAH, 13 February 2006 — A feasibility study is being done on establishing two more economic cities — one in Jeddah and the other in the Eastern Province. The cities would be similar to King Abdullah Economic City in Rabigh, according to Muhammad Alabbar, chairman of Emaar Properties.

“The study has reached the final stage,” Alabbar pointed out. He said Emaar Middle East would carry out a number of projects in major Saudi cities. He thanked the Saudi Arabian General Investment Authority (SAGIA) and its chief Amr Al-Dabbagh for facilitating Emaar’s entry into the Kingdom.

Emaar KSA is the main developer of King Abdullah City. The company’s founders have agreed that it will have a capital of SR8.5 billion and 170 million shares, each with a nominal value of SR50. It will have a paid-up capital of SR5.95 billion.

Alabbar disclosed plans to float shares worth SR2.5 billion in an IPO soon after completing the necessary procedures.

“We have already started work on the project and the first family will be able to get a house in the city within 25 to 26 months,” he said.

Custodian of the Two Holy Mosques King Abdullah laid the foundation stone for the SR100 billion city in December 2005. The new age city will have a world-class seaport, an industrial district, a financial island, an education zone, resorts and a residential area.

Central to the mega project is the creation of a 2.6-million square meter new Millennium Seaport similar in size to the world’s top 10 ports. With its strategic location on the Red Sea and instant access to cities in the Kingdom, the port will have a designated area for light industry and logistics and be a natural platform for onward movement of goods to Europe, Africa, Asia and beyond.

The Industrial District, covering eight million square meters, will represent sectors such as downstream petrochemicals, pharmaceuticals, research and development activities as well as a number of educational institutions.

The waterside resort will include a compelling mix of waterfront hotels and boutique residences. The master plan envisages 3,500 well-appointed hotel and residential bedrooms and suites, premium villas, plus an extensive retail element and an international-class signature 18-hole golf course as well as an equestrian club.

The Financial Island will offer 500,000 square meters of office space for leading international and regional financial service providers, hotels and an exhibition and convention center. There will be two high-rise buildings that will offer sweeping views of the surrounding area.

HiJazzey · February 13th, 2006, 04:51 PM

I was wondering what they were planning to do with the land they bought in Jeddah.

***Saudi guy*** · February 13th, 2006, 05:18 PM

iam very happy these days
i think the other citey will be near AL Khobar but thes one in jeddah where will made?there a lot huge plot which one?

Riyadhi · February 16th, 2006, 10:38 PM

Quote:

Originally Posted by HiJazzey

I was wondering what they were planning to do with the land they bought in Jeddah.

I read an interview with al abar this week and he talked about that development in Jeddah saying that they will soon release new updates about their plans.

Kuwait4Ever · May 24th, 2006, 01:52 PM

Hi everyone.I made this thread to post stuff about Saudi Arabia's economy boom.

Kuwait4Ever · May 24th, 2006, 01:57 PM

For a start about the two new Conoco refineries.

Aramco, Conoco seal refinery deal

Saudi Aramco and US oil firm ConocoPhillips have concluded a deal for a new 400,000 bpd refinery in Yanbu, according to Reuters. Aramco said the refinery would process Arabian heavy crude and produce high-quality, ultra-low sulfur products that meet US and European specifications. It is expected to cost around $6bn.

Aramco, Conoco $6bn refinery

Saudi Aramco and US oil firm ConocoPhillips are expected to soon sign an agreement to build a 400,000 bpd refinery at a cost of $6bn in Yanbu on the Red Sea, according to news agency reports. Reports said the project would be similar to Aramco's refinery project with France's Total, which is being built in Jubail.

Kuwait4Ever · May 24th, 2006, 01:58 PM

The new Saudi Capital Market Authority chief has outlined measures to strengthen the local stock market, reported Arab News. They include - formation of a capital market company, the setting up of independent investment funds and a new stock exchange system.

Kuwait4Ever · May 24th, 2006, 01:59 PM

Saudi Aramco has said it would conduct research on how to cut carbon dioxide emissions in the oil and gas industry to help in the fight against global warning, according to Reuters. Delegates from 163 nations are in Germany this week for talks on extending the UN's Kyoto Protocol on measures to stop world climate change.

Ameinfo

Kuwait4Ever · May 24th, 2006, 02:00 PM

Saudi Arabian Railways has been granted a licence to commence operations, and given approval to float shares, the Saudi Press Agency said. The company, with capital of $267m, will carry out the north-south railway project, which is being built to boost the Kingdom's mineral industries.

Ameinfo

Kuwait4Ever · May 24th, 2006, 02:03 PM

Saudi telecoms firm Mobily has cut call rates by 50% for one day on Thursday to mark its first year of operations. The offer applies to both local and international calls. Mobily says it has picked up more than 3m subscribers in its first year, and aims to have 5m by the end of 2006.

Ameinfo

Kuwait4Ever · May 24th, 2006, 02:04 PM

The insurance sector in Saudi Arabia is massively underdeveloped according to an insurance expert, reported Gulf News. Deeb Al Obaidah, the Director of the Co-operative Insurance Company in the Central Region, said that Saudis spend $40 per head on insurance, compared to $200 a head in Bahrain. The insurance sector takes up only 0.6% of the GDP and, at $1.3bn a year, is a lot less than many developing countries.

Riyadhi · May 24th, 2006, 02:41 PM

good idea. thanks..

nitzomoe · May 24th, 2006, 08:58 PM

does anyone have a figure on R&D in Saudi Arabia or for that matter the Middle east (not including Israel, since figures are published there every year)

K.S.A lover · May 25th, 2006, 10:54 AM

good one

K.S.A lover · May 25th, 2006, 10:57 AM

[IMG] must get interesting

Kuwait4Ever · May 25th, 2006, 11:56 AM

A group of Saudi investors led by Prince Alwaleed bin Talal has offered $2bn for a 2.7% stake in the Bank of China. Saudi Arabia wants to develop stronger economic ties with China, the world's second largest oil consumer. BoC on Wednesday raised $9.7bn in the world's biggest float in six years, according to bankers. Shares are scheduled to list in Hong Kong on 1 June 2006.

Ameinfo

Kuwait4Ever · May 25th, 2006, 11:57 AM

In a move to upgrade the local bourse, Saudi's Capital Market Authority has signed on Scandinavian trading technology vendor OMX to set up a new electronic trading infrastructure and surveillance system, reported Arab News. OMX will provide platforms for trading and data dissemination and a Smarts market surveillance system.

Kuwait4Ever · May 27th, 2006, 02:04 PM

Mövenpick Hotels and Resorts is to open three new hotels in Saudi Arabia - in Riyadh, Bureidah and Yanbu. The Bureidah hotel will open at the end of this year, with the others set for 2008. Mövenpick already operates two hotels in the city of Medina and two in Jeddah, while two further hotels currently under construction in Al Khobar and Mecca are due to open in 2007.

Kuwait4Ever · May 27th, 2006, 02:05 PM

Saudi Telecom has launched 3G operations, having tested the service since 2005. It plans to roll out the largest 3G network in the Middle East and will activate a full service including: voice and video calls, live TV and HSDPA running up to 1.5Mbp. 500 base stations are fully operational in 20 cities across the Kingdom, with a further 460 new base stations going live in the coming weeks.

Ameinfo

Kuwait4Ever · May 27th, 2006, 02:08 PM

Saudi Arabia cut its oil production in April and May to its lowest level in a year, according to agency reports. Tanker tracking consultancy Petrologistics said that this was due to a dip in global refinery demand, as a result of widespread plant maintenance. Output in April stood at 9.1m bpd, down from 9.4m bpd in March.

February 13th, 2006, 03:49 PM	#1
vc15nets Registered User Join Date: Aug 2005 Posts: 804	Saudi Arabia Economy Thread More Economic Cities Under Consideration P.K. Abdul Ghafour, Arab News JEDDAH, 13 February 2006 — A feasibility study is being done on establishing two more economic cities — one in Jeddah and the other in the Eastern Province. The cities would be similar to King Abdullah Economic City in Rabigh, according to Muhammad Alabbar, chairman of Emaar Properties. “The study has reached the final stage,” Alabbar pointed out. He said Emaar Middle East would carry out a number of projects in major Saudi cities. He thanked the Saudi Arabian General Investment Authority (SAGIA) and its chief Amr Al-Dabbagh for facilitating Emaar’s entry into the Kingdom. Emaar KSA is the main developer of King Abdullah City. The company’s founders have agreed that it will have a capital of SR8.5 billion and 170 million shares, each with a nominal value of SR50. It will have a paid-up capital of SR5.95 billion. Alabbar disclosed plans to float shares worth SR2.5 billion in an IPO soon after completing the necessary procedures. “We have already started work on the project and the first family will be able to get a house in the city within 25 to 26 months,” he said. Custodian of the Two Holy Mosques King Abdullah laid the foundation stone for the SR100 billion city in December 2005. The new age city will have a world-class seaport, an industrial district, a financial island, an education zone, resorts and a residential area. Central to the mega project is the creation of a 2.6-million square meter new Millennium Seaport similar in size to the world’s top 10 ports. With its strategic location on the Red Sea and instant access to cities in the Kingdom, the port will have a designated area for light industry and logistics and be a natural platform for onward movement of goods to Europe, Africa, Asia and beyond. The Industrial District, covering eight million square meters, will represent sectors such as downstream petrochemicals, pharmaceuticals, research and development activities as well as a number of educational institutions. The waterside resort will include a compelling mix of waterfront hotels and boutique residences. The master plan envisages 3,500 well-appointed hotel and residential bedrooms and suites, premium villas, plus an extensive retail element and an international-class signature 18-hole golf course as well as an equestrian club. The Financial Island will offer 500,000 square meters of office space for leading international and regional financial service providers, hotels and an exhibition and convention center. There will be two high-rise buildings that will offer sweeping views of the surrounding area.

February 13th, 2006, 05:18 PM	#3
*Saudi guy* Moderator Join Date: Sep 2005 Location: Tampa florida Posts: 2,854	iam very happy these days i think the other citey will be near AL Khobar but thes one in jeddah where will made?there a lot huge plot which one? __________________ Jeddah Disaster 25/11/2009 - We will not forget flood victims

May 24th, 2006, 01:52 PM	#5
Kuwait4Ever Registered User Join Date: Apr 2006 Location: Kuwait City,Kuwait Posts: 339	Saudi Arabia Economy Thread Hi everyone.I made this thread to post stuff about Saudi Arabia's economy boom.

May 24th, 2006, 01:58 PM	#7
Kuwait4Ever Registered User Join Date: Apr 2006 Location: Kuwait City,Kuwait Posts: 339	New measures for Saudi bourse The new Saudi Capital Market Authority chief has outlined measures to strengthen the local stock market, reported Arab News. They include - formation of a capital market company, the setting up of independent investment funds and a new stock exchange system.

May 24th, 2006, 01:59 PM	#8
Kuwait4Ever Registered User Join Date: Apr 2006 Location: Kuwait City,Kuwait Posts: 339	Saudi supports greenhouse cut Saudi Aramco has said it would conduct research on how to cut carbon dioxide emissions in the oil and gas industry to help in the fight against global warning, according to Reuters. Delegates from 163 nations are in Germany this week for talks on extending the UN's Kyoto Protocol on measures to stop world climate change. Ameinfo

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February 13th, 2006, 04:51 PM	#2
HiJazzey Come on! Join Date: Jun 2003 Posts: 526	I was wondering what they were planning to do with the land they bought in Jeddah.

May 24th, 2006, 01:57 PM	#6
Kuwait4Ever Registered User Join Date: Apr 2006 Location: Kuwait City,Kuwait Posts: 339	For a start about the two new Conoco refineries. Aramco, Conoco seal refinery deal Saudi Aramco and US oil firm ConocoPhillips have concluded a deal for a new 400,000 bpd refinery in Yanbu, according to Reuters. Aramco said the refinery would process Arabian heavy crude and produce high-quality, ultra-low sulfur products that meet US and European specifications. It is expected to cost around $6bn. Aramco, Conoco $6bn refinery Saudi Aramco and US oil firm ConocoPhillips are expected to soon sign an agreement to build a 400,000 bpd refinery at a cost of $6bn in Yanbu on the Red Sea, according to news agency reports. Reports said the project would be similar to Aramco's refinery project with France's Total, which is being built in Jubail.

May 24th, 2006, 02:00 PM	#9
Kuwait4Ever Registered User Join Date: Apr 2006 Location: Kuwait City,Kuwait Posts: 339	Saudi rail company licenced Saudi Arabian Railways has been granted a licence to commence operations, and given approval to float shares, the Saudi Press Agency said. The company, with capital of $267m, will carry out the north-south railway project, which is being built to boost the Kingdom's mineral industries. Ameinfo

May 24th, 2006, 02:03 PM	#10
Kuwait4Ever Registered User Join Date: Apr 2006 Location: Kuwait City,Kuwait Posts: 339	Mobily, 50% rate cut Saudi telecoms firm Mobily has cut call rates by 50% for one day on Thursday to mark its first year of operations. The offer applies to both local and international calls. Mobily says it has picked up more than 3m subscribers in its first year, and aims to have 5m by the end of 2006. Ameinfo

May 24th, 2006, 02:04 PM	#11
Kuwait4Ever Registered User Join Date: Apr 2006 Location: Kuwait City,Kuwait Posts: 339	Saudis snub insurance The insurance sector in Saudi Arabia is massively underdeveloped according to an insurance expert, reported Gulf News. Deeb Al Obaidah, the Director of the Co-operative Insurance Company in the Central Region, said that Saudis spend $40 per head on insurance, compared to $200 a head in Bahrain. The insurance sector takes up only 0.6% of the GDP and, at $1.3bn a year, is a lot less than many developing countries.

May 24th, 2006, 02:41 PM	#12
Riyadhi Registered User Join Date: Nov 2005 Posts: 2,026	good idea. thanks..

May 24th, 2006, 08:58 PM	#13
nitzomoe Scarebarian Join Date: Jun 2005 Location: Toronto Posts: 567	does anyone have a figure on R&D in Saudi Arabia or for that matter the Middle east (not including Israel, since figures are published there every year)

May 25th, 2006, 10:54 AM	#14
K.S.A lover Registered User Join Date: May 2006 Posts: 75	good one __________________ "Let Pakistan live in PEACE"....................It is a voice from a PAKISTANI to the PAKISTANI's

May 25th, 2006, 10:57 AM	#15
K.S.A lover Registered User Join Date: May 2006 Posts: 75	[IMG] must get interesting __________________ "Let Pakistan live in PEACE"....................It is a voice from a PAKISTANI to the PAKISTANI's

May 25th, 2006, 11:56 AM	#16
Kuwait4Ever Registered User Join Date: Apr 2006 Location: Kuwait City,Kuwait Posts: 339	Saudis throw $2bn at BoC A group of Saudi investors led by Prince Alwaleed bin Talal has offered $2bn for a 2.7% stake in the Bank of China. Saudi Arabia wants to develop stronger economic ties with China, the world's second largest oil consumer. BoC on Wednesday raised $9.7bn in the world's biggest float in six years, according to bankers. Shares are scheduled to list in Hong Kong on 1 June 2006. Ameinfo

May 25th, 2006, 11:57 AM	#17
Kuwait4Ever Registered User Join Date: Apr 2006 Location: Kuwait City,Kuwait Posts: 339	OMX upgrades Saudi bourse In a move to upgrade the local bourse, Saudi's Capital Market Authority has signed on Scandinavian trading technology vendor OMX to set up a new electronic trading infrastructure and surveillance system, reported Arab News. OMX will provide platforms for trading and data dissemination and a Smarts market surveillance system.

May 27th, 2006, 02:04 PM	#18
Kuwait4Ever Registered User Join Date: Apr 2006 Location: Kuwait City,Kuwait Posts: 339	Mövenpick, new Saudi hotels Mövenpick Hotels and Resorts is to open three new hotels in Saudi Arabia - in Riyadh, Bureidah and Yanbu. The Bureidah hotel will open at the end of this year, with the others set for 2008. Mövenpick already operates two hotels in the city of Medina and two in Jeddah, while two further hotels currently under construction in Al Khobar and Mecca are due to open in 2007.

May 27th, 2006, 02:05 PM	#19
Kuwait4Ever Registered User Join Date: Apr 2006 Location: Kuwait City,Kuwait Posts: 339	STC rolls out 3G Saudi Telecom has launched 3G operations, having tested the service since 2005. It plans to roll out the largest 3G network in the Middle East and will activate a full service including: voice and video calls, live TV and HSDPA running up to 1.5Mbp. 500 base stations are fully operational in 20 cities across the Kingdom, with a further 460 new base stations going live in the coming weeks. Ameinfo

May 27th, 2006, 02:08 PM	#20
Kuwait4Ever Registered User Join Date: Apr 2006 Location: Kuwait City,Kuwait Posts: 339	Saudi drops oil output Saudi Arabia cut its oil production in April and May to its lowest level in a year, according to agency reports. Tanker tracking consultancy Petrologistics said that this was due to a dip in global refinery demand, as a result of widespread plant maintenance. Output in April stood at 9.1m bpd, down from 9.4m bpd in March.

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