Famco to offer key trucking solutions

UAE-based Al-Futtaim Auto & Machinery Company (Famco) has joined forces with leading truck manufacturer Iveco to boost its product portfolio in Saudi Arabia.

Famco recently hosted three well-attended events in partnership with Iveco and Astra in the kingdom, which attracted more than 650 industry professionals from across the country, representing governmental entities, construction firms, quarries, transport operators and other operations.

The two brands presented their entire ranges, from light to extra heavy trucks during the regional launches held at Dammam (April 20), Riyadh (April 25) and Jeddah (May 2).

Houses for 100,000 families on way

Saudi Arabia’s government will provide housing for 100,000 low-income families over the next year as part of a reform programme designed to strengthen the economy and reduce its dependence on oil, the Housing Ministry said.

The announcement suggests authorities are keen to show swiftly that the reform plan, announced in late April, is delivering tangible public benefits. Among dozens of economic and social goals, the Vision 2030 plan aims to increase the rate of home ownership among Saudi citizens by five percentage points by 2020 from 47 per cent now.

Riyadh to seek help in building homes

Saudi Arabia’s government has authorised the housing ministry to seek the assistance of Britain, France and China in building hundreds of thousands of homes to ease a shortage of affordable housing in the kingdom.

It gave no details of what the agreements might contain, but in March the ministry signed memorandums with South Korea and a Saudi-South Korean consortium to develop 100,000 housing units in northern Riyadh over 10 years. The consortium includes Daewoo Engineering & Construction Company and Hanwha Engineering and Construction Corporation.

L&T JV wins $1bn Aramco deal

State oil giant Saudi Aramco has awarded a $1 billion-plus contract to India’s Larsen & Toubro (L&T) and Singapore-based Emas AMC for the expansion of the offshore Hasbah sour gas field, industry sources said. Work on the expansion scheme includes building platforms and pipelines, with the field’s supply feeding the Fadhili gas plant, a $-billion complex that will include a gas processing unit and sulphur recovery.

Jeddah airport set for 2017 launch

Work on the new King Abdulaziz International Airport in Jeddah is about 80 per cent complete and will be operational as per schedule in 2017, said a report.

The new airport, which is being built over an area of 105 sq km, will handle up to 80 million passengers a year once all its phases are complete, It will feature a baggage system over 33 km, 132 elevators, 32 baggage screening machines, and a smart building services management system, said the Arab News.

The new airport will also boast more than 22,000 parking lots for vehicles and buses, with mobile applications that can identify free parking bays and a lighting system showing which are taken, it added.

Taxes on cards for undeveloped land

Saudi Arabia has imposed an annual tax on undeveloped urban land, the Housing Ministry said, finalising the rules for a system intended to address a shortage of affordable housing.

The introduction of a land tax, first announced by the cabinet in November, marks a major step for the world’s top oil exporting country in addressing a housing shortage frequently griped about by young Saudis.

Analysts estimate that 40 to 50 per cent of the land inside major cities remains vacant, much of it owned by wealthy individuals or companies that have tended to hold or trade it for speculative profits rather than developing it for housing. The new tax would be equivalent to 2.5 per cent of the value of the land held by individuals or non-government entities, the ministry said on its Twitter account.

Dur to build new Marriott hotel

Dur Hospitality will be developing the first Courtyard by Marriott and Residence Inn by Marriott properties in Yanbu following the signing of a franchise agreement with Marriott International.

The SR87-million ($23.1 million) project, which will be developed on a 7,647-sq-m area, will be Marriott International’s first franchise agreement in the kingdom.

Marine complex to be ready by 2021

National oil giant Saudi Aramco expects a huge ship repair and shipbuilding complex that it is developing at Ras Al Khair on the kingdom’s east coast to be fully operational by 2021, according to chief executive Amin Nasser.

Under a sweeping economic reform programme announced last month, Aramco is to play a big role in developing industrial projects as Saudi Arabia tries to diversify its economy beyond reliance on oil exports.

The first part of the shipbuilding complex will be ready by 2018, and it will eventually make oil rigs and tankers, Nasser said.