RIYADH: The price of building materials, especially steel, rose in the first quarter (Q1) of this year, as construction activity began to recover from the slowdown caused by the coronavirus disease pandemic last year.
According to the latest data from the General Authority for Statistics (GASTAT), the price of steel surged to SR3,514.73 ($937.26) per ton in Q1 of 2021, a 33 percent increase year-on-year and the highest price since 2008.
The cost of ready-mix concrete rose 14 percent year-on-year to SR203.9 per cubic meter during the same timeframe, while cables rose 21 percent year-on-year to SR38.33 per meter.
In addition, wood prices rose 15 percent year-on-year to SR3,067.49 and cement was up 5 percent to SR14.03 per 50kg bag in Q1.
Monday, 10 May, 2021 - 08:45 Riyadh- Asharq Al-Awsat
Moving forward with plans to realize the goals set by the Riyadh Strategy, Saudi Arabia’s Crown Prince Mohammed bin Salman has ordered the allocation of 20 million square meters for residential land north of the capital.
The ownership will be transferred to the Ministry of Municipal, Rural Affairs, and Housing. This comes as part of a drive to improve the housing sector, help families and develop Riyadh.
The allocation aims to increase the residential area of the Al-Jawan suburb from 10 million square meters to 30 million square meters, and build up to 53,000 housing units through integrated projects, facilities, and services in partnership with the private sector. This is on top of the 20,000 housing units that have already been announced.
Sunday, 25 April, 2021 - 11:45
Saudi Vision 2030 continues with implementation steps for targeted economic transformation (Asharq Al-Awsat) Asharq Al-Awsat
National development projects launched under “Vision 2030” in Saudi Arabia are witnessing remarkable and steady progress as they move forward from planning to implementation across the Kingdom.
Considered bold, yet achievable, these projects will raise the international bar in terms of quality, environmental friendliness, sustainability, and the use of renewable and alternative energy.
Largescale developments like “The Line”, “Red Sea”, “AlUla”, “AlSouda”, renewable energy programs like The National Renewable Energy Program (NREP), and initiatives like the “Riyadh Strategy” are steadily moving Saudi Arabia towards achieving the goals envisioned by its national transformation plan for the decade.
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RIYADH: Sovereign AEI, a firm which specializes in helping companies set up operations in the Kingdom, has seen a spike in business activity.
“The beginning of this year has been very encouraging as we have seen a 40 to 50 percent increase in Saudi Arabia market-entry activity, when compared to pre-pandemic levels,” Stuart D’Souza, co-founder and CEO of Arabian Enterprise Incubators (AEI), one of the partner firms that makes up Sovereign AEI, told Arab News.
As part of the ambitious Riyadh Strategy 2030 announced by Crown Prince Mohammed bin Salman earlier this year, the government wants to attract up to 500 international companies to set up their regional bases in the city, create around 35,000 new jobs for Saudi locals, and double the capital’s population.