Dubai: Dubai is splashing tens of billions of dollars on infrastructure and hospitality projects related to the international trade fair Expo 2020, Dubai-based BNC Network said in a report published Sunday.
The value of Expo-related projects under way hit $42.5 billion in March, according to the Construction Intelligence Report.
It said that $17.4 billion was invested in infrastructure and transport projects, $13.2 billion on housing and $11 billion for hotels and theme parks.
The projects include an $8 billion expansion of Al-Maktoum International Airport — located at the southern pole of the city and tipped to complement Dubai International Airport to the north.
Dubai airport was the world’s busiest for international travel in 2017, handling more than 88 million travelers.
Al-Maktoum, when complete, will have the capacity to handle 160 million travelers per year.
The emirate is spending $2.9 billion to develop a new metro line that will link its main transport hubs to the Expo site.
The new line will also link the $13.4 billion Dubai South Villages and Dubai Exhibition City, projects currently under way.
Authorities expect Expo 2020 to boost the real estate market and the hospitality sector, creating up to 300,000 new jobs and energising the economy.
The six-month event, the first World Expo to be staged in the Middle East, is expected to attract up to 300,000 visitors per day, half of them from abroad, when it opens in October 2020, according to the Dubai Chamber of Commerce and Industry.
Dubai, a city state which has established itself as a regional business hub and tourism destination, has the Gulf’s most diversified economy that is not dependent on oil.
The economy of Dubai, where the population of three million people is comprised mainly of foreigners, is based on finance, property, tourism and leisure.
Over 21 percent of this year’s public spending of $15.5 billion is earmarked for infrastructure projects.
Dubai splashes billions on mega projects ahead of Expo 2020
Dubai splashes billions on mega projects ahead of Expo 2020
Saudi POS spending jumps 28% in final week of Jan: SAMA
RIYADH: Saudi Arabia’s point-of-sale spending climbed sharply in the final week of January, rising nearly 28 percent from the previous week as consumer outlays increased across almost all sectors.
POS transactions reached SR16 billion ($4.27 billion) in the week ending Jan. 31, up 27.8 percent week on week, according to the Saudi Central Bank. Transaction volumes rose 16.5 percent to 248.8 million, reflecting stronger retail and service activity.
Spending on jewelry saw the biggest uptick at 55.5 percent to SR613.69 million, followed by laundry services which saw a 44.4 percent increase to SR62.83 million.
Expenditure on personal care rose 29.1 percent, while outlays on books and stationery increased 5.1 percent. Hotel spending climbed 7.4 percent to SR377.1 million.
Further gains were recorded across other categories. Spending in pharmacies and medical supplies rose 33.4 percent to SR259.19 million, while medical services increased 13.7 percent to SR515.44 million.
Food and beverage spending surged 38.6 percent to SR2.6 billion, accounting for the largest share of total POS value. Restaurants and cafes followed with a 20.4 percent increase to SR1.81 billion. Apparel and clothing spending rose 35.4 percent to SR1.33 billion, representing the third-largest share during the week.
The Kingdom’s key urban centers mirrored the national surge. Riyadh, which accounted for the largest share of total POS spending, saw a 22 percent rise to SR5.44 billion from SR4.46 billion the previous week. The number of transactions in the capital reached 78.6 million, up 13.8 percent week on week.
In Jeddah, transaction values increased 23.7 percent to SR2.16 billion, while Dammam reported a 22.2 percent rise to SR783.06 million.
POS data, tracked weekly by SAMA, provides an indicator of consumer spending trends and the ongoing growth of digital payments in Saudi Arabia.
The data also highlights the expanding reach of POS infrastructure, extending beyond major retail hubs to smaller cities and service sectors, supporting broader digital inclusion initiatives.
The growth of digital payment technologies aligns with Saudi Arabia’s Vision 2030 objectives, promoting electronic transactions and contributing to the Kingdom’s broader digital economy.
