DUBAI: Abu Dhabi’s construction sector had a busy second quarter with 913 buildings built during the period compared with 751 structures erected last year.
Most of those built during the quarter, at 781 or 85.5 percent of the total, were residential properties; 38 were public facilities; 37 were industrial types, 31 were residential buildings while 26 were classified as both residential and commercial establishments, the Statistics Center — Abu Dhabi (SCAD) said.
The increased pace of construction in Abu Dhabi reflected the emirate’s urban renaissance during the past two decades, along with the growth in population and its overall comprehensive development, SCAD said.
The Abu Dhabi region had the most number of buildings built during the three months to June with 470, 18.1 percent higher than the 398 properties constructed during the same period of 2016.
In Al-Ain region, a total 395 buildings were built while in Al-Dhafra region constructed buildings reached 48, the Abu Dhabi statistics center said.
The forecasted average cost of construction per square meter was pegged at Dh2,627 for structures measuring area between 300 square meters and 599 square meters in Abu Dhabi, Dh2,564 for the same area in Al Ain and Dh2,333 in Al Dhafra.
Busy second quarter for Abu Dhabi’s construction sector
Busy second quarter for Abu Dhabi’s construction sector
Saudi Arabia’s foreign reserves rise to a 6-year high of $475bn
RIYADH: Saudi Arabia’s foreign reserves climbed 3 percent month on month in January to SR1.78 trillion, up SR58.7 billion ($15.6 billion) from December and marking a six-year high.
On an annual basis, the Saudi Central Bank’s net foreign assets rose by 10 percent, equivalent to SR155.8 billion, according to data from the Saudi Central Bank, Argaam reported.
The reserve assets, a crucial indicator of economic stability and external financial strength, comprise several key components.
According to the central bank, also known as SAMA, the Kingdom’s reserves include foreign securities, foreign currency, and bank deposits, as well as its reserve position at the International Monetary Fund, Special Drawing Rights, and monetary gold.
The rise in reserves underscores the strength and liquidity of the Kingdom’s financial position and aligns with Saudi Arabia’s goal of strengthening its financial safety net as it advances economic diversification under Vision 2030.
The value of foreign currency reserves, which represent approximately 95 percent of the total holdings, increased by about 10 percent during January 2026 compared to the same month in 2025, reaching SR1.68 trillion.
The value of the reserve at the IMF increased by 9 percent to reach SR13.1 billion.
Meanwhile, SDRs rose by 5 percent during the period to reach SR80.5 billion.
The Kingdom’s gold reserves remained stable at SR1.62 billion, the same level it has maintained since January 2008.
Saudi Arabia’s foreign reserve assets saw a monthly rise of 5 percent in November, climbing to SR1.74 trillion, according to the Kingdom’s central bank.
Overall, the continued advancement in reserve assets highlights the strength of Saudi Arabia’s fiscal and monetary buffers. These resources support the national currency, help maintain financial system stability, and enhance the country’s ability to navigate global economic volatility.
The sustained accumulation of foreign reserves is a critical pillar of the Kingdom’s economic stability. It directly reinforces investor confidence in the riyal’s peg to the US dollar, a foundational monetary policy, by providing SAMA with ample resources to defend the currency if needed.
Furthermore, this financial buffer enhances the nation’s sovereign credit profile, lowers national borrowing costs, and provides essential fiscal space to navigate global economic volatility while continuing to fund its ambitious Vision 2030 transformation agenda.
