MEED February 2023 Webinar: Saudi Arabia 2023 Outlook and 2022 Review

26 February 2023

The webinar focuses on discussing the economic outlook, investment opportunities, and business strategies in Saudi Arabia for the year 2023.

As a MEED subscriber, you will be invited to exclusive monthly webinars on the trending topics in the region’s top sectors.

Saudi Arabia 2023 Outlook and 2022 Review brings together industry experts, government officials, and business leaders to share their insights and perspectives on the current state and future of the Saudi Arabian economy.

The discussion covers a range of topics, including the impact of the COVID-19 pandemic on the economy, the government’s plans for economic diversification, and investment opportunities in various sectors such as healthcare, infrastructure, and renewable energy.

The webinar provides an interactive platform for participants to engage with the speakers, ask questions, and exchange ideas. It also offers networking opportunities for participants to connect with other business professionals and potential partners in Saudi Arabia.

Related Articles
  • Transforming Riyadh into a world-class city

    25 July 2024

     

    Riyadh is changing fast. As the Saudi capital, it is not only located in the country’s geographical centre, but also at the heart of Vision 2030 and the kingdom’s economic transformation, with a wide range of ambitious development projects.

    The city wants to be one of the best in the world. “The strategic vision for Riyadh focuses on transforming it into a world-class city that is sustainable, innovative and culturally rich,” says Fahad AlSolaie, deputy mayor for digital transformation and smart cities at Riyadh Region Municipality. 

    “The vision includes improving quality of life for residents, diversifying the economy away from oil dependence, and promoting green and smart urban development.”

    Riyadh’s ambitions are driven by population growth and people visiting the city for major global events. “Riyadh is expected to experience significant population growth in the coming years, driven by its economic expansion and global events hosted by the kingdom, such as Expo 2030 and major sports events,” says AlSolaie.

    “Additionally, the presence of large-scale unique projects like the King Abdullah Global Gardens, the development of Wadi Al-Sulay, King Salman Park and others contribute to the city’s attractiveness and livability, further boosting population growth. It is targeted for the population of Riyadh to reach 10 million residents, reflecting its rising prominence as a business and cultural hub. This growth will enhance Riyadh’s status as a dynamic urban centre, equipped to meet the evolving needs of its expanding population.”

    The vision includes improving quality of life, diversifying the economy, and promoting green and smart urban development
    Fahad AlSolaie, Riyadh Region Municipality

    Infrastructure projects

    Riyadh Region Municipality is playing a key role in the city’s development. “Riyadh municipality is responsible for a wide array of infrastructure projects that are crucial for the city’s development and sustainability. These include paving, asphalting and road stabilisation projects, which are essential for maintaining and improving the city’s road networks,” says AlSolaie.

    “The municipality develops public parks, ensuring that the necessary infrastructure is in place to provide recreational spaces. Bridge and tunnel construction and ongoing enhancements are also a significant focus, aimed at improving traffic flow and connectivity across the city. Furthermore, Riyadh is committed to extensive lighting projects and the maintenance of these systems, with the city one of the largest globally in terms of the number of streetlight poles.” 

    A key responsibility of the municipality is to maintain the city’s cleanliness and environmental health, adds AlSolaie. “This involves regular street cleaning, waste management and pollution control measures to keep the city clean and environmentally sustainable. These efforts are integral to quality of life, contributing to the vision of making Riyadh a more livable and accessible urban environment.”

    Signature schemes

    The municipality is also involved in the delivery of a series of signature projects in and around Riyadh. “The King Abdullah Global Gardens project aims to create a vast green space that combines natural landscapes with high-tech interactive exhibits, promoting environmental education and sustainability,” says AlSolaie. 

    The Wadi Al-Sulay development, meanwhile, is focused on transforming Wadi Al-Sulay into a recreational and cultural destination, featuring amenities that encourage outdoor activities and community gatherings.

    The municipality collaborates extensively with other government agencies and private sector partners to ensure cohesive and integrated development. This includes coordinating efforts on large-scale projects, urban planning and infrastructure improvements to support the city’s growth.

    “The municipality ensures alignment with master developers and major projects through regulatory frameworks, strategic planning sessions and collaborative platforms that facilitate integration of infrastructure projects and urban development efforts across the city,” says AlSolaie.

    With aspirations to become one of the world’s most advanced cities, digital transformation is helping Riyadh achieve its goals. “Digital transformation is vital for Riyadh Municipality for several compelling reasons. Firstly, it enhances service efficiency by adopting digital technologies, streamlining operations, reducing manual processes, minimising errors and speeding up response times. This not only improves service delivery, but also cuts operational costs, allowing for better resource allocation. 

    “Secondly, it improves citizen engagement through digital platforms that enable interactive and responsive communication. Citizens can easily access information, request services and provide feedback, enhancing transparency and building trust.

    “Thirdly, digital transformation fosters innovation in urban management using technologies such as the Internet of Things , artificial intelligence and big data analytics to optimise urban functionalities like smart waste monitor manholes and public safety. 

    “Additionally, it supports economic diversification by modernising infrastructure and services, thus attracting new businesses, especially in the technology sector, aligning with Saudi Arabia’s Vision 2030,” says AlSolaie.

    Online services

    Riyadh Region Municipality is moving its services online as part of the digital transformation. “Riyadh municipality is progressively digitising its services by offering e-services platforms where residents can access various municipal services such as mobile applications, geoportal web application and service requests online, thus increasing accessibility and convenience,” says AlSolaie. 

    The drive to digitise will enable Riyadh to become a smart city. “By implementing advanced technologies such as the Internet of Things, artificial intelligence and geographic information systems, Riyadh Municipality is optimising key city functions such as reducing and monitoring visual pollution, enhancing public safety and conducting environmental monitoring,” he says. 

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    Colin Foreman
  • WTTCO tenders water pipeline and reservoir packages

    25 July 2024

    State-owned Saudi water transmission and storage operator Water Transmission & Technologies Company (WTTCO) has issued two tenders involving a contract to build a water transmission pipeline in Dammam City and an engineering design services contract for water reservoir stations.

    The first contract is for the supply and installation of a water transmission system for the Second Industrial City in Dammam.

    WTTCO expects to receive proposals for this contract by 1 August.

    The second request for proposals involves a contract to provide engineering and design services for phases 2 and 3 of WTTCO’s strategic water reservoir station projects.

    The two phases cover reservoir stations in 150 locations and about 750 kilometres of water transmission pipeline.

    WTTCO expects to receive proposals from engineering consultancy firms for this contract by 4 August.

    The company has embarked on one of the world’s largest water conveyance and storage programmes as it seeks to increase potable water supply capacity across the kingdom.

    The expenditure programme, which WTTCO estimates is worth up to SR140bn ($38bn) by 2030, covers 396 individual projects, MEED reported in May.

    WTTCO’s objectives by 2027 are to have a total network size of 15,000km, 9.5 million cubic-metres-a-day transmission capacity, 118 pumping stations and more than 900 storage tanks.

    The capital expenditure programme was outlined in a WTTCO presentation at the Future Projects Forum in Riyadh on 20 May.

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    Jennifer Aguinaldo
  • Sports Boulevard tenders district cooling contract

    25 July 2024

    Saudi Arabia’s Sports Boulevard Foundation has invited firms to submit bids for a contract to develop and operate a district cooling plant catering to the development.

    Sports Boulevard runs across Riyadh from east to west. Once complete, it will be the world’s longest park at over 135 kilometres.

    It includes a series of iconic buildings that will be spread across different districts within the park.

    Sports Boulevard Foundation issued the request for proposals for the district cooling build, own, operate and transfer contract on 24 July.

    The work scope includes the development and operation of a district cooling plant catering to District 3 of the development, including that of a chilled water recirculation network and energy transfer stations servicing.

    In July 2023, the developer invited companies to submit bids in early August for a contract to provide project management consultancy (PMC) services for the planned iconic buildings at the Sports Boulevard development

    The 64-month PMC contract covers package four at Sports Boulevard, which includes the Athletic District’s Global Sports Tower; an amphitheatre and cinema arts centre in the Entertainment District; a culinary arts centre and sports tower in the Eco District; and another sports tower in the Arts District.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/12218565/main.jpg
    Jennifer Aguinaldo
  • Diriyah awards multibillion construction contract

    24 July 2024

     

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    Saudi Arabia’s gigaproject developer Diriyah Company has awarded an estimated SR8bn ($2bn) contract to construct assets in the Wadi Safar development of the Diriyah project in Riyadh.

    The contract was awarded to the joint venture of local firm Albawani and Qatari contractor Urbacon Trading & Contracting.

    The joint venture will develop assets including:

    • The Aman Wadi Safar hotel and residences
    • A Six Senses hotel
    • A Chedi hotel and residences
    • A Faena hotel and residences
    • The Royal Diriyah Equestrian & Polo Club (excluding enabling works)
    • The North and South Fairways retail facilities and a mosque
    • The Grove retail facilities, mosque and clinics

    Last week, MEED exclusively reported that Diriyah Company was preparing to award the contract.

    Wadi Safar is one of the original projects announced by Diriyah Company as part of the Diriyah project.

    It is a mixed-use development featuring residential buildings, farm plots, hotels, branded hotel villas, a golf course, an equestrian and polo club, and other leisure and entertainment facilities.

    In May, the president of Diriyah Company said he expects the company to award contracts worth SR30bn-SR35bn ($8bn-$9bn) this year for its Diriyah project.

    “We have awarded about SR53bn-worth of contract awards so far, and this year we will award about SR30bn-SR35bn of contracts to achieve our targets,” Mohammad Saad, Diriyah Company president, told the MEED Saudi Giga Projects event in Riyadh.

    Regarding the project delivery challenges facing most gigaprojects, Saad said: “Diriyah has devised a superblock strategy where we combine assets for a particular development, and we have seen a positive response from contractors.”

    Earlier in July, Diriyah Company awarded a construction contract valued at over $2bn to the joint venture of El-Seif Engineering Contracting and Beijing-based China State Construction Engineering Corporation to construct the Northern District of the Diriyah development.

    In a statement, Diriyah Company said that construction work is due to start in the third quarter of this year.

    The Diriyah masterplan envisages the city as a cultural and lifestyle tourism destination. Located northwest of Riyadh’s city centre, it spans 14 square kilometres and combines 300 years of history, culture and heritage with hospitality facilities.

    Once complete, Diriyah will have the capacity to house 100,000 residents and visitors.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/12214301/main.jpg
    Yasir Iqbal
  • Safaniya cogen project on hold

    24 July 2024

    Saudi Aramco's Safaniya cogeneration independent steam and power plant (ISPP) project has been put on hold in line with the pause of the expansion of the Safaniya oil field in Saudi Arabia.

    The facility was envisaged as the primary power source for the Safaniya central processing facility (CPF), which will provide fuel gas, desalinated water and steam condensate to the proposed cogeneration plant, treating the oily and process wastewater.

    Aramco issued the tender for the contract for the Safaniya cogeneration ISPP facility in April 2023. The following month, it held a job explanation meeting and a site visit for the project.

    The bid submission date was originally set for December 2023 before it was moved to March and then June this year.

    The plant was expected to have a design capacity of 500-700MPPH steam and 300-400MW power generation. It also entails expanding a seawater reverse osmosis (SWRO) plant by 10,000 cubic metres a day (cm/d).

    Aramco expected to implement the cogeneration project on a build-own-operate-and-transfer (BOOT) basis.

    MEED understands that the electricity generated during the plant's steam production will be supplied to the CPF and offshore oil and water injection facilities through a new 230-kilovolt gas insulation station.

    The Safaniya ISPP plant was expected to be commissioned in 2027 and was to remain in service as a capital lease for 25 years from the start-up date.

    Japan’s Sumitomo Mitsui Banking Corporation (SMBC) and US-based White & Case were providing financial and legal advisory services to the project client. Germany’s Fichtner was providing technical consultancy services.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/12213665/main.jpg
    Jennifer Aguinaldo