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February 2016

Gulf Industry Magazine brings you the latest tenders available in the Gulf region.

 

Saudi spending $100bn on renewables

MORE than $100 billion in Saudi renewable energy projects will help meet its skyrocketing energy demand and diversify its energy sector, industry experts said ahead of the upcoming World Future Energy Summit in Abu Dhabi, UAE.

The kingdom’s energy demand is expected to grow by 45 per cent from 69 gigawatts in 2014 to 100 gigawatts in 2040, an amount that is nearly as much as all of the rest of the GCC combined, according to a recent report by Frost & Sullivan.

Saudi Arabia plans to spend $109 billion to install 54 gigawatts of renewable energy by 2040, added Frost & Sullivan. By 2020, Saudi projects alone will account for 70 per cent of the total value of the GCC’s renewable energy projects.

Solar power in particular is seeing the strongest take-up, with the Kingdom planning to install 41 gigawatts of solar power by 2040, according to an Arthur D Little report.

 

 

Saudi Arabia, Kuwait lead GCC in jobs

SAUDI ARABIA and Kuwait lead the GCC in terms of hiring activity during December 2015, which rose by 18 per cent and 14 per cent respectively, while the UAE recorded a 2 per cent growth and Bahrain, 6 percent, a report said.

Industries such as services and education witnessed a phenomenal increase in jobs creation, according to Naukrigulf Job Speak Index, a monthly Job Speak Index by Naukrigulf.com, a leading job site in the region.

FMCG, IT and telecom, manufacturing and healthcare maintained a positive trend while banking, retail, and oil and gas registered a dip in the overall job market. The data also shows increased demand for professionals in the IT, medical, engineering and technical domains, but a slump in new jobs for finance and accounts professionals, while sales and marketing recorded no new jobs. Sector-wise, services lead the new jobs market with 60 per cent growth, education with 21 per cent, trading, 17 per cent, FMCG, IT, telecom and internet at 14 per cent. Manufacturing and healthcare at 12 per cent and 10 per cent respectively also offered new job opportunities.

Role-wise, there was a high demand for IT professionals, who recorded a 21 per cent increase in jobs creation; medical professionals followed with an increase of 14 per cent; HR and admin and engineering job-seekers saw new jobs growing by 3 per cent.

New job opportunities are on the rise at every level, with middle and senior management positions leading the way. New job opportunities for middle and senior management positions are highest in the GCC, at 15 per cent. New jobs for junior staff and freshers were recorded at 3 per cent and 1 per cent respectively.

 

 

ME security market spend to surge 36pc

SPENDING on the Middle East physical security market is set to surge 36 per cent this year, as infrastructure investment coupled with increased urbanisation fuels demand for equipment to protect critical assets and people, according to new research.

Global analysts Frost & Sullivan have estimated that the regional demand for physical security equipment will be worth $5.2 billion this year compared to $3.8 billion last year. 

Physical security solutions such as intruder alarms, video surveillance, electronic locks, perimeter protection, door alarms, access control protocols and identification systems are in high demand, while the rise of Internet of Things (IoT) will mean an increase in smarter and networked systems available in the market.

According to Frost & Sullivan, the intensity of investment is expected to peak during the next two years toward 2020, when spending on physical security will reach $10.2 billion, comprising 10 per cent of the global market.

 

 

Saudi November imports drop 14pc

SAUDI ARABIA’s imports in November fell 14.4 per cent compared with a year earlier, while non-oil exports declined 12.6 per cent, data from the Central Department of Statistics and Information showed.

Non-oil exports dropped to SR15.032 billion ($4 billion) in November 2015, compared to SR17.189 billion in the same month the previous year. However, exports recorded a rise from SR13.938 billion in October 2015.

Imports totalled SR47.21 billion in November 2015, down from SR55.126 billion during the same month in 2014. Imports were worth SR54.809 billion in October 2015.

Non-oil exports traditionally account for around 12 per cent of the overall exports of Saudi Arabia.

 

Saudi residential market ‘resilient’

THE residential property market in Saudi Arabia remained resilient despite pressure from lower oil prices and reduced government spending, said a report.

The kingdom’s prime markets were doing fine with capital Riyadh maintaining steady performance, and Jeddah showing continued growth momentum, according to real estate expert JLL. In Riyadh, approximately 17,000 units entered the market last year, the majority of which were standalone villas or small apartment buildings (with no projects exceeding 150 units), stated JLL in  its annual review of the Saudi Arabia Real Estate Market for 2015.

“Residential transactions declined by five per cent in the year-to-November 2015 compared to the same period in the previous year. We expect rental demand to continue in 2016 but at a slower rate in comparison to 2015, while little or no change is likely in the sales market in 2016,” stated Jamil Ghaznawi, the national director and country head of JLL (Saudi Arabia).

Looking ahead at the upcoming supply, JLL said there are a number of large-scale projects including Green Oasis and the second phase of Manazil Qurdoba, which will deliver 930 and 700 residential units respectively.

While 28,000 units could potentially be completed in Riyadh during 2016, actual deliveries are likely to be significantly less.

Around 2,250 land plots were handed over to end users within the Eskan Airport project in Riyadh in 2015. Apart from this development, there are no other major planned or under-construction affordable housing projects in Riyadh, it stated.

 

 

$200 billion milestone for India-Arab trade

BILATERAL trade between India and Arab states reached over $200 billion in 2014, it was revealed.

Bahrain’s Foreign Affairs Minister Shaikh Khalid bin Ahmed Al Khalifa also said business between Bahrain and India during this period was more than $672 million.

“The economic co-operation between the Arab countries and India has witnessed a remarkable progress over the past few years as the value of bilateral trade reached around $200 billion  in 2014,” said Shaikh Khalid.

“Notable here is the growth of trade exchange between Bahrain and India in particular, which reached over BD253m in 2014,” he added.




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