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Riyadh, once seen as an isolated desert city at the heart of the Arabian Peninsula, is rapidly transforming into a prominent global player.
Striving to secure a place among the world's top 10 largest city economies by 2030, the Saudi capital aims to double in size by expanding its population of 7.5 million to 15 million.
Extensive investments in new infrastructure are crucial. Authorities have hinted at investing about $1tn in the capital before 2030.
Notable projects in Riyadh's future include the world's largest modern downtown by New Murabba Development Company and King Salman International airport, planned to become the largest in terms of passenger capacity.
The surge in project spending will significantly impact the city's construction sector, which is already showing signs of strain, writes MEED editor Colin Foreman in the August issue of MEED Business Review.
Challenges lie ahead, as companies warn of nearing capacity in Riyadh's construction market, escalating resource competition and inflation in project costs.
Nevertheless, despite these obstacles, the opportunities for large-scale projects in Riyadh are welcomed after a decade of subdued activity in Saudi Arabia.
This month's 18-page market focus, meanwhile, covers the Maghreb region and finds further cause for optimism.
Despite high inflation, the Maghreb region appears in better health in 2023 as the shocks from Covid-19 and the food inflation from the war in Ukraine recede into the background. The estimated real GDP growth rate for the region is now at 4.4 per cent, up from a meagre 0.7 per cent the year before.
We hope our valued subscribers enjoy the August 2023 issue of MEED Business Review.
> RIYADH: Saudi Arabia plans $1 trillion capital
> PROJECTS: Top 10 plans for Saudi's capital
> SAUDI AVIATION: The future of Saudi aviation
> RENEWABLES: Renewable clients race for pole position
> CURRENT AFFAIRS: Palestine tensions strain normalisation
> GULF BANKING: GCC banks eye a brighter future
> INTERVIEW: Engie scores big with Duqm hydrogen deal
> DECARBONISATION: UAE construction strives to decarbonise
> LEADERSHIP: How companies can align with Cop28 objectives
> LOGISTICS: Delivering Saudi Arabia’s global logistics goals
> MAGHREB MARKET FOCUS:
> COMMENT: Maghreb provides cause for optimism
> ECONOMY: Maghreb states chart varying growth paths
> OIL & GAS: Maghreb energy project activity doubles
> LIBYA OIL SECTOR: Libya has potential for energy project surge
> LIBYA OIL & GOVERNANCE: Libya seeks to rebuild oil sector credentials
> LIBYA OIL & GAS SNAPSHOT: Renewed focus on Libya as a source of oil and gas
> MOROCCO ENERGY: Morocco gas and fertiliser project activity surges
> POWER: Morocco leads Maghreb energy transition
> CONSTRUCTION: Big construction plans offer hope to Maghreb market
> GULF PROJECTS INDEX: Gulf projects index grows again in July
> JUNE 2023 CONTRACTS: Contract awards hit $57bn in second quarter
> MARKET SNAPSHOT: Libya’s oil and gas market
> OPINION: When a war crime is denied
> BUSINESS OUTLOOK: Finance, oil and gas, construction, power and water contracts
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