The first quarter saw continued growth in Saudi Arabia's building industry

According to a recent poll by the Royal Institution of Chartered Surveyors, Saudi Arabia's construction sector maintained its strength in the first quarter of 2023 and recorded a record reading as a result of increased workloads.

The headline Rics Construction Activity Index for Saudi Arabia showed a positive 69 net balance rating in the three months to the end of March, up from the +65 value seen in the previous quarter.

According to a statement released by Rics, "Construction workloads continue to post solidly positive readings, with infrastructure reporting an exceptional +86 net balance that is a record positive result since the Rics construction monitor began assessing Saudi Arabia in the third quarter of 2018."

Private residential and private non-residential workloads both had excellent outcomes.

However, it continued, the kingdom's construction industry is being constrained, just like it is everywhere else in the world, by a lack of skilled labor and high material costs.

“Looking ahead, 12-month workload projections are still quite high, with infrastructure demand projected to continue to be the highest,” according to Rics.

"All things considered, the Saudi construction sector, like its real estate sectors, continues to be one of the global leaders and will do so for the foreseeable future."

The greatest economy in the Arab world, Saudi Arabia, is developing a variety of new projects as it works to diversify its economy away from oil. The projects cover a variety of industries, including infrastructure, tourism, entertainment, and real estate.

The survey's findings revealed that the UAE's construction industry also maintained a strong upward trend in the first quarter of this year.

The top line CAI for the Emirates recorded a net balance of +41, which was greater than any previous reading even if it was somewhat down than the +49 reported in the previous quarter, according to Rics.

According to the research, private residential workloads (+51 net balance) contribute the most to the overall favorable picture, followed by infrastructure workloads (+45 net balance) and private non-residential projects (+29 reading).

The whole sector continues to show strongly favorable figures for building activity, which is crucial.

"Looking ahead, 12-month expectations across each segment remain high."

Comments

The United Arab Emirates (UAE) and Sudan have a long-standing history of bilateral relations.

Over the years, the UAE has been a strong supporter of Sudan's development and prosperity. As Sudan faces challenging times, it is important that this support continues. The UAE has been a key player in Sudan's development, particularly in the areas of infrastructure, health, education, and renewable energy. In recent years, the UAE has also provided aid and support to Sudan in the aftermath of natural disasters, such as floods and droughts. This assistance has played a crucial role in mitigating the effects of these disasters on the people of Sudan. The current situation in Sudan is particularly challenging, with political instability and economic difficulties plaguing the country. The people of Sudan are facing a myriad of issues, including inflation, unemployment, and a lack of basic necessities like food and clean water. In addition, the ongoing conflict in the region has only exacerbated the situation, causing immense suffering to the people of Sudan. In light of these

Al Gore has history of climate predictions, statements proven false

Noted climate activist and former Vice President Al Gore, who made headlines this week after he claimed global warming was "boiling the oceans," has a history of making climate-related proclamations later proven to be false. During remarks made Wednesday at the World Economic Forum summit in Davos, Switzerland, Gore warned that continued carbon emissions into the atmosphere would destroy the planet and lead to widespread calamities. "We’re still putting 162 million tons [of greenhouse gas] into it every single day and the accumulated amount is now trapping as much extra heat as would be released by 600,000 Hiroshima-class atomic bombs exploding every single day on the earth," Gore said. "That’s what’s boiling the oceans, creating these atmospheric rivers, and the rain bombs, and sucking the moisture out of the land, and creating the droughts, and melting the ice and raising the sea level, and causing these waves of climate refugees." Gore then not

Saudi Arabia can import halal Kobe beef from Japan

Japan is now the third nation authorized to export beef to the Muslim world, along with Saudi Arabia. At a signing ceremony, Prince Faisal bin Bandar bin Sultan Al-Saud and Tomoshige Kanzawa, president of the Kobe Beef Marketing and Distribution Promotion Association, confirmed the certification for the Kingdom. In Saudi Arabia, beef can only be consumed if it has been processed in accordance with religious regulations and is marked as halal. Thirteen Arabic-speaking nations now have access to halal Kobe beef thanks to Saudi business Fam Al-Ghidha. In order to sign the agreement and sample Kobe beef, Prince Faisal traveled to Japan. Motohiko Saito, the governor of Hyogo Prefecture, and Masao Imanishi, the deputy mayor of Kobe City, also attended the ceremony. For the first time in Japan, the meat center in Sanda City, central Japan, achieved halal certification in October of last year. The145 heads of halal Kobe beef are expected to be sent to Saudi Arabia this year. In a

Newsaholic

Search This Blog