Saudi Arabias construction sector recorded a big leap in Q1, with the value of contracts awarded by the government rocketing by more than five times over the same period of last year.
Saudi Industrial Property Authority (MODON) has signed agreements for the planning phases of four new industrial cities in Riyadh, Dammam and Jeddah.
The Minister of Municipality and Urban Planning Sheikh Abdul Rahman bin Khalifa Al Thani, stated that US$10bn has been allocated by the Public Works Authority (Ashghal) to implement infrastructure projects during the next five years.
Qatari Diar property arm, Qatars sovereign wealth fund, has announced its first venture in the US with the company agreeing to finance the construction of CityCenterDC in Washington.
Construction on the US$1.6 billion Doha Festival City officially started at the beginning of this month following the appointment of the projects managers, architects and engineers.