Saudi contractors’ forum to discuss future opportunities

Riyadh Gov. Prince Faisal bin Bandar bin Abdul Aziz. (SPA)
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Updated 21 March 2021
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Saudi contractors’ forum to discuss future opportunities

  • The forum is an opportunity for contractors to discover coming opportunities and projects, allowing them to prepare future plans

RIYADH: The third Future Projects Forum (FPF) will be launched virtually on Sunday under the patronage of Riyadh Gov. Prince Faisal bin Bandar bin Abdul Aziz.
More than 37 governmental and private bodies will participate in the forum, an initiative of the Saudi Contractors Authority that will over three days feature more than 1,000 projects, with a value exceeding SR600 billion ($160 billion).
The forum is an opportunity for contractors to discover coming opportunities and projects, allowing them to prepare future plans. The forum is also a platform for project owners to review their work, thus enhancing the principle of transparency.

 


Riyadh emerges as Gulf evacuation hub for wealthy amid regional escalation

Updated 6 sec ago
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Riyadh emerges as Gulf evacuation hub for wealthy amid regional escalation

  • Saudi capital’s King Khalid International Airport is among the few major airports in the region still operating normally after Iranian missile and drone strikes

RIYADH: Riyadh has become a principal evacuation hub for wealthy residents and senior executives seeking to leave the Gulf amid escalating regional tensions, according to a report by Semafor.

The Saudi capital’s King Khalid International Airport is among the few major airports in the region still operating normally after Iranian missile and drone strikes targeted cities including Dubai and Abu Dhabi over the weekend, as well as locations in Qatar and Bahrain.

With airspace closures elsewhere, stranded executives and high-net-worth individuals have been travelling overland to Riyadh, in some cases undertaking a roughly 10-hour journey from Dubai, in order to board private or commercial flights out of the region.

Citing people familiar with the arrangements, Semafor reported that private security firms have been hiring fleets of SUVs to transport clients to the Saudi capital before arranging chartered aircraft departures.

Those being evacuated include senior figures at global financial institutions as well as affluent individuals who had been in the Gulf for business or leisure.

The surge in demand has sharply increased costs.

Ameerh Naran, chief executive of private jet brokerage Vimana Private, told Semafor that Riyadh is currently “the only real option” for those seeking to exit the region, with private jet charters from the Saudi capital to Europe reaching as much as $350,000.

Alternative routes have narrowed. Security providers initially explored using Oman as an exit corridor, but that option became unviable after reported Iranian strikes on the country’s port infrastructure and a tanker, leaving Riyadh as the most accessible transit point, the report said.

Riyadh’s role marks a notable shift in regional risk perception. In previous years, security concerns — including cross-border Houthi attacks during the Yemen conflict and earlier periods of regional instability — had led many expatriates and business leaders to favour other Gulf cities as transit hubs.

However, Saudi Arabia’s more flexible visa regime, which now allows many nationalities to obtain visas on arrival, combined with the kingdom’s ability so far to keep its airspace open, has reinforced its position as a temporary gateway out of the region.

While some schools have moved to remote learning and certain companies have advised staff to work from home, Semafor reported that daily life in Riyadh has largely continued uninterrupted compared with other Gulf cities that have faced direct attacks.