The Gulf region is forging ahead with plans to improve its regional transportation infrastructure, with $ 121.3 billion worth of road and bridge projects already under way or in the planning phase.
Saudi Arabia is the second largest spender in the region, pledging SR 100.87 billion ($ 26.9 billion) to upgrade the country’s transport infrastructure over the next five years, while the UAE accounts for nearly half of the regional spend, with $ 58 billion worth of road and bridge projects planned or under way.
In Qatar, $ 17 billion worth of road projects are now in cruise control, as it prepares its expansive transport network ahead of the Football World Cup in 2022, while Kuwait underlines its position as one of the most active markets for road projects in the next two years, with $ 9 billion of schemes in the pipeline.
Oman and Bahrain round off the regional appetite for road and bridge spending, with $ 8 billion of projects in various stages currently ongoing in Oman, and a further $ 2 billion in Bahrain.
Highlighting enormous business opportunities for the regional traffic sector, the latest figures have been collated by Informa Exhibitions, organizer of Gulf Traffic, taking place from Nov. 19-21 at Abu Dhabi National Exhibition Centre (ADNEC).
Run every two years in Abu Dhabi, Gulf Traffic is the only dedicated event for the road, public transport and parking sectors, bringing together more than 100 exhibitors involved in the design, build, and maintenance of the region’s road, rail, parking and public transport projects.
Richard Pavitt, exhibition director for Gulf Traffic, said: “In line with a combined vision to improve road infrastructure and safety, GCC governments have outlined impressive plans to significantly boost investments in developing their road networks.”
“Road infrastructure development in the region will continue unabated, as governments set out to improve road safety and reduce congestion.
Gulf Traffic provides the ideal platform to showcase the latest trends and technologies that will propel the region to the forefront of road, rail, parking and public transport sectors globally.
Now in its seventh edition, Gulf Traffic is endorsed by the Chartered Institution of Highways and Transportation (CIHT), and is supported by the Abu Dhabi Police, Saaed, the Law Respect Culture Bureau, and ITS Arab.
The three-day exhibition features the Gulf Traffic Conference, addressing key traffic and transportation issues facing the Gulf region today, bringing together regional and international experts debating the latest strategies and technology in road safety and congestion management.
Gulf Traffic attracts more than 3,000 transport industry professionals and government agencies from across the Middle East.
Kingdom earmarks SR 100.87 bn for infrastructure projects
Kingdom earmarks SR 100.87 bn for infrastructure projects
Closing Bell: Saudi main index closes in red at 11,167
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Wednesday, losing 46.43 points, or 0.41 percent, to close at 11,167.54.
The total trading turnover of the benchmark index was SR4.88 billion ($1.30 billion), as 66 of the listed stocks advanced, while 192 retreated.
The MSCI Tadawul Index decreased, down 5.52 points, or 0.37 percent, to close at 1,506.55.
The Kingdom’s parallel market Nomu lost 153.40 points, or 0.65 percent, to close at 23,486.52. This comes as 32 of the listed stocks advanced, while 31 retreated.
The best-performing stock was Tourism Enterprise Co., with its share price surging 9.95 percent to SR14.36.
Other top performers included Mobile Telecommunication Co., Saudi Arabia, which saw its share price rise by 5.32 percent to SR11.48, and Al Masar Al Shamil Education Co., which saw a 4.86 percent increase to SR22.89.
On the downside, Almoosa Health Co. was the day’s weakest performer, with its share price falling 4.81 percent to SR150.40.
Dallah Healthcare Co. fell 3.81 percent to SR113.50, while Saudi Research and Media Group dropped 3.44 percent to SR100.90.
On the corporate front, Arabian Plastic Industrial Co. has signed a non-binding memorandum of understanding with K. K. Nag to explore the establishment of a specialized manufacturing facility for expanded polypropylene products.
According to a Tadawul statement, the agreement sets out initial mutual obligations and rights between the two parties as part of APICO’s broader expansion strategy to increase production capacity and meet rising industrial demand.
The company’s share price rose 1.21 percent to SR43.52 on the parallel market.
