Saudi Central Bank raises key interest rates

RIYADH: The Diriyah Gate Development Authority, also known as DGDA is collaborating with Italian builder Webuild to develop a multi-level car parking costing $878 million at the heritage site. 

The contract will be executed by Webuild’s subsidiary Salini Saudi Arabia, and upon completion, the facility will accommodate up to 10,500 vehicles, according to a report in Trade Arabia. 

The scope of the project includes civil and structural works, tunnels and other connections for the district’s huge car park in a new district along the Western Ring Road. 

Saudi tourism fund signs $266.5m MoU with Melia Hotels

Saudi Arabia’s Tourism Development Fund has signed a memorandum of understanding with Melia Hotels International to develop top-rated tourist facilities in the Kingdom, with a total project value of SR1 billion ($266 million). 

Under the project, Melia Hotels will work together with TDF to develop tourism destination focused on leisure, entertainment, and food and beverages, in three key destinations which include, Riyadh, Jeddah, and the Eastern Province, Trade Arabia reported. 

“This latest collaboration with Melia Hotels International is a step toward the Kingdom’s transformation into a leading tourism destination globally,” said Qusai Al-Fakhri, CEO of TDF. 

Kepco project 

A team led by South Korean utility firm Kepco will soon start constructing the $3.6-billion high-voltage, direct current subsea transmission system in Abu Dhabi, MEED reported. 

“The financial close will take place in the third quarter of this year as initially expected,” a close source told MEED. 

Apart from Kepco, the team also consists of Japan’s Kyushu Electric Power Company International and France’s EDF. 

The project, upon completion, is expected to reduce the carbon footprint of ADNOC’s offshore operations by more than 30 percent, as it will substitute current offshore gas turbines with more sustainable power sources.