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 Arabia opens 3rd round of Exploration Empowerment Program
RIYADH: Saudi Arabia’s Ministry of Industry and Mineral Resources, in collaboration with the Ministry of Investment, has opened applications for the third round of the Exploration Empowerment Program, part of ongoing efforts to accelerate mineral exploration in the Kingdom, reduce early-stage investment risks, and attract high-quality investment from local and international mining companies.
The third round of the Exploration Empowerment Program offers a comprehensive support package targeting exploration companies and mineral prospecting license holders.
The initiative aims to lower investment risks for projects and support a faster transition from prospecting to development.
"The program provides coverage of up to 70 percent of the total salaries of Saudi technical staff, such as geologists, during the first two years, increasing to 100 percent thereafter, in line with program requirements.
This support aims to develop talent, build national capabilities in mineral exploration, promote job localization, and facilitate the transfer of geological knowledge.
The application for the third round opened on Jan. 14, allowing participants to benefit from the Kingdom’s attractive investment environment, its stable legal framework, and streamlined regulatory structures, as well as integrated infrastructure that supports the transition from mineral resources to operational mines.
The ministry has set the timeline for the third round, with the application period running from Jan. 14 to March 31.
This will be followed by the evaluation, approval, and signing of agreements from April 1 to May 31, with the eligible projects set to be announced between June 1 and July 31 of the same year.
The program stages include submitting exploration data during the reimbursement and payment phase from Sept. 1 to Nov. 30, followed by technical and financial verification of work programs and approval of the disbursement of support funds in January 2027.
The exploration data will then be published on the National Geological Database in April 2027.
The ministry emphasized that the EEP focuses on supporting the exploration of strategically important minerals with national priority. It also contributes to enhancing geological knowledge by providing up-to-date data that meets international standards, helping investors make informed decisions and supporting the growth of national companies and local supply chains.
The ministry urged companies to apply early to benefit from the program’s third round, which coincided with the fifth edition of the International Mining Conference, which was held from Jan. 13 to 15.
