Pan Gulf Valves (PGV), one of the leading manufacturers of a comprehensive range of valves and accessories in Saudi Arabia, says a projected 15 per cent annual growth in the industrial valves market will help drive its business ahead.
Spain’s Tecnicas Reunidas and Britain’s Petrofac have been selected for contracts worth as much as $4.7 billion to build the Fadhili gas plant in Saudi Arabia for state oil company Saudi Aramco, industry sources said. The new plant is expected to have a processing capacity of 2.
Saudi Arabia has announced plans to construct nine buildings and various centres for Islamic organisations across the kingdom at an estimated cost of SR35 million ($9.32 million), said a report.
Jubail-based Pan Gulf Valvserve expects to witness a 40 per cent overall growth this year, on the back of its recent successes in Saudi Arabia’s Western Region, and its robust order book of global contracts and Eastern Province activities.
A total of 150 properties will be acquired at an estimated cost of SR45 billion ($11.99 billion) for the Jeddah Metro project, the design of which is scheduled to be ready by next month, said a report.
Saudi-based Raj Real Estate company, a subsidiary of Al-Rajhi United, and Baseel property company, have announced plans to develop a SR1.2-billion ($320 million) shopping complex – The Riyadh Walk.
Saudi authorities are considering imposing tax on undeveloped urban land across the board, even on small plots, to prevent landowners from evading the levy, the Okaz newspaper reported.
Indian engineering and construction firm Larsen & Toubro (L&T) said it has won a contract worth Rs1,070 crore ($162 million) to construct key facilities for Riyadh Metro lines.
Ruwad’s Jabal Omar deal cancelled Jabal Omar Development Company, the largest listed real estate developer in Saudi Arabia by market capitalisation, said it has cancelled a SR1.6-billion ($426 million) contract awarded to Ruwad Civil Construction.
Tenders for five work packages involving Phase One of the Makkah Metro project have been issued, a top official has said. “We have done all the tendering for the five contracts (work packages) in Makkah Metro Phase One and we are about to sign contracts,” said Ali Abdelfattah, CEO of Makkah Mass Rail Transit Company.
Saudi-based power and water project developer Acwa Power has its sights set on regional hubs with $15 billion worth of projects set for construction in the future.
Saudi Arabia has approved the establishment of a special body intended to speed up construction projects in the kingdom stalled by bureaucracy and lack of co-ordination, a report said. The government has delegated its trade minister to create the first board of the Saudi Association for Contractors, the state-run Saudi Press Agency reported.