MANAMA: Economic developments in Saudi Arabia will have direct and indirect positive effects on the Gulf region, Bahrain’s Minister of Industry, Commerce and Tourism Zayed Al-Zayani has told Asharq Al-Awsat.
“The bold decisions taken by the Saudi leadership will open up a new dimension in the diversification of the economy,” Al-Zayani said. He added that Saudi Arabia and its strong economy is the main pillar of Arab economies.
“Due to the strength of the Bahraini-Saudi relationship and rapprochement on a social and economic level, the Bahraini economy is considered to be a part of the Saudi economy, and any positive development in the Saudi economy will have positive implications for Bahrain,” he said.
The minister said that the size of the GCC common market was changing according to a number of factors, the most important of which was the price of oil as all GCC economies were linked mainly to oil as a raw material or a commodity.
He said that GCC countries were now focussing on establishing relations with global blocs and commercial markets because trade exchange increased the diversification of sources of income.
“The approach Saudi Arabia is taking is to diversify the industrial base of the Saudi economy, and it is hoped that many of the goods that Saudi Arabia currently imports will be manufactured domestically. Some of the output of these industries will then be exported and this will expand the size of the economy.”
Al-Zayani said that Bahrain would introduce VAT in mid-2018 but it would have a gradual impact as it was a small amount.
“It is 5%,” he said. “There may be an initial reaction to it but over time the consumer will adapt to it. Consumers may have to make different choices and change the products or companies that they use.”
Bahrain industry minister: Saudi diversification is good for the Gulf
Bahrain industry minister: Saudi diversification is good for the Gulf
New Murabba seeks contractors for Mukaab Towers fit-outs: MEED
RIYADH: Saudi Arabia’s New Murabba Development Co., a wholly owned subsidiary of the Public Investment Fund, has issued a request for information to gauge the market for modular and offsite fit-out solutions for its flagship Mukaab development, MEED reported on Wednesday.
The RFI was released on Jan. 26, with submissions due by Feb. 11. NMDC has also scheduled a market engagement meeting during the first week of February to discuss potential solutions with prospective contractors.
Sources close to the project told MEED that NMDC is “seeking experienced suppliers and contractors to advise on the feasibility, constraints, and execution strategy for using non-load-bearing modular systems for the four corner towers framing the Mukaab structure.” The feedback gathered from these discussions will be incorporated into later design and procurement decisions.
The four towers — two residential (North and South) and two mixed-use (East and West) — are integral to the Mukaab’s architectural layout. Each tower is expected to rise approximately 375 meters and span over 80 stories. Key modular elements under consideration include bathroom pods, kitchen pods, dressing room modules, panelized steel partition systems, and other offsite-manufactured fit-out solutions.
Early works on the Mukaab were completed last year, with NMDC preparing to award the estimated $1 billion contract for the main raft works. This was highlighted in a presentation by NMDC’s chief project delivery officer on Sept. 9, 2025, during the Future Projects Forum in Riyadh.
Earlier this month, US-based Parsons Corp. was awarded a contract by NMDC to provide design and construction technical support. Parsons will act as the lead design consultant for infrastructure, delivering services covering public buildings, infrastructure, landscaping, and the public realm at New Murabba. The firm will also support the development of the project’s downtown experience, which spans 14 million sq. meters of residential, workplace, and entertainment space.
The Parsons contract follows NMDC’s October 2025 agreements with three other US-based engineering firms for design work across the development. New York-headquartered Kohn Pedersen Fox was appointed to lead early design for the first residential community, while Aecom and Jacobs were selected as lead design consultants for the Mukaab district.
In August 2025, NMDC signed a memorandum of understanding with Falcons Creative Group, another US-based firm, to develop the creative vision and immersive experiences for the Mukaab project. Meanwhile, Beijing-based China Harbour Engineering Co. completed the excavation works for the Mukaab, and UAE-headquartered HSSG Foundation Contracting executed the foundation works.
