Egypt: Building materials increased by 40% to 50% ??

Egypt connecting the Red Sea Port of Sokhna with Borg al-Arab 330km Egypt high-speed rail line

France’s NGE has signed a contract to build 330 kilometers of an?Egypt?high-speed rail line connecting the Red Sea Port of Sokhna with Borg al-Arab near the Mediterranean port of Alexandria.

“We are proud to make a significant contribution to this project, which will provide nearly 90 percent of the Egyptian population with access to fast and reliable public transport,” said?Orso Vesperini, COO of international and major projects at NGE.

The high-speed rail system, which will serve passengers and freight, will connect cities, seaports, dry ports, archaeological sites, and tourist destinations all over Egypt, facilitating the development of multiple sectors across the whole economy.

We see that this National project which includes two of the biggest construction companies in Egypt, Orascom Construction and The Arab Contractors will provide a lot of job opportunities in a very specific industry. It is worth to be mentioned that the project scope covers the supply and installation of track works, installation of signalling and overhead catenary systems, telecommunication system, and traction power substations, while the 15-year maintenance scope covers the track works and telecommunication system.

Source: www.constructionweekonline.com

Saudi Arabia’s construction sector will gain momentum in 2023 as a result of ‘Giga projects’ launched within the Gulf Kingdom’s ‘Vision 2030’ economic diversification scheme, according to a local report.

Jadwa Investment includes in its report that the construction sector in the Kingdom swelled by around 4.6 percent in 2022 and is projected to grow by nearly 4.7 percent in 2023.

It said the construction sector would also benefit from the rise in government capital expenditure to SAR 157 billion ($41.8 billion) in 2023 from SAR 150 billion ($40 billion) in 2022.

As we concluded in Acumen's previous edition that such Giga projects will boost the overall economical performance of Saudi Arabia creating a diversified investment opportunity.

Source: www.zawya.com

Local construction materials in Egypt increased by 40% to 50% On average

This year-over-year infographic is based on CAPMAS and ministry of housing data including major building materials price increases from January 2022 till January 2023.

A full report will be released in Q1 2023 including all our insights from the construction and real estate market in Egypt.

Saudi Arabia Establishing Al-Ula Lighthouse Space Observatory

The Saudi Press Agency, “SPA”, stated that a cooperation agreement was signed with the Saudi Space Authority and King Abdulaziz City for Science and Technology, to launch the “Al-Ula Lighthouse” observatory, which will be a destination for scientific discoveries, innovative research, and sustainable economic opportunities.

This space observatory will be located in the historic region of Al-Ula, northwest of the Kingdom, with the aim of attracting scientists and tourists to a new landmark at the site where many ancient civilizations lived.

We Expect that the latest contribution of Saudi Arabia to space exploration will be a huge turning point in MENA since the kingdom is investing more in different technologies including space technology.

Source: www.aljarida.com

11 facts that you need to know about Saudi Arabia’s New Murabba project

1. The New Murabba is big enough to hold 20 Empire State Buildings.
2. The project will create 334,000 direct and indirect jobs by 2030.
3. It will feature a unique living, working, and entertainment experience within a 15-minute walking radius.
4. It will house 620,000m2 of leisure activities.
5. The downtown will house ‘The Mukaab’, one of the “largest built structures in the world”.
6. The Mukaab will be 400 metres high, 400 metres long, and 400 metres wide.
7. The fa?ade of The Mukaab will feature delicately carved geometric motifs as a tribute to the kingdom’s rich Islamic history.
8. The Mukaab is inspired by modern?Najdi?architecture.
9. Holographics will play a key role at the site, allowing visitors to immerse themselves in various environments.
10. The Mukaab will encompass a tower atop a spiral base which will be a premium hospitality destination with retail, cultural, and tourist attractions, along with residential and hotel units, commercial spaces, and recreational facilities.
11. The downtown will be built around the concept of sustainability, featuring green areas and walking and cycling paths that will enhance the quality of life by promoting healthy, active lifestyles, and community activities.

Source: www.constructionweekonline.com