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Gulf countries to invest heavily in rail projects
![[KARIM SAHIB/AFP/Getty Images] Dubai invested $7.6 billion on its metro rail project.](/cocoon/meii/images/2010/07/02/100702-feature-3-photoAP.jpg) [KARIM SAHIB/AFP/Getty Images] Dubai invested $7.6 billion on its metro rail project. |
A recent study by Business Monitor International has shown that the Gulf countries will invest more than $119.6 billion in infrastructure projects in the next 10 years. Rail projects constitute more than 90% of these projects.
Saudi Arabia leads the region in terms of its investment in rail projects. The kingdom will invest $25 billion, adding 3,900 km of railway line through three large-scale projects.
In the UAE, the emirate of Abu Dhabi is planning to build a 131 km-long railway line costing $7 billion, most of which will be underground. The UAE spent $7.6 billion on the Dubai Metro project with its red and blue lines, and it allocated $3.26 billion for other road construction projects.
Investment drops in Arab countries
A report by the Arab Investment and Export Credit Guarantee Corporation published on Wednesday (June 30th) stated that Arab countries attracted $80.7 billion in investment during 2009, compared with $95 billion in 2008, which represents a drop of $14.3 billion or 15.1%.
The International Monetary Fund (IMF) anticipated wide disparities in the geographical distribution of Foreign Direct Investment (FDI) to Arab countries. Saudi Arabia tops the list for 2009 with investments worth $35.5 billion followed by Qatar with $8.7 billion. The United Arab Emirates ranked third with $8.6 billion, and Egypt ranked fourth with $6.7 billion followed by Lebanon with $4.8 billion.
Construction sector in Bahrain to experience slow growth throughout 2010
A report published Monday (June 28th) by real estate consulting firm DTZ in Manama, Bahrain, said the real estate market in Bahrain will remain weak for some time because of lack of financing. An excess supply of residential or commercial units is putting pressure on rent prices.
The report anticipated construction of 13,900 new homes in Bahrain in the next five years as real estate development companies adhered to their current plans. The report pointed to the fall in residential rents by around 15% to 20% compared to 2009 in some regions.
A report issued by Business Monitor International indicated that the construction sector in Bahrain slowed by 4.64% in 2009, adding that the sector's growth will not reach 4% in 2010.
Minister says Lebanon witnessing spectacular growth in investment sector
Bechara Karkafi, director general of real estate affairs at the Lebanese Ministry of Finance, said investments in Lebanon are growing rapidly in 2010 with an increase in construction projects. He indicated that revenues collected from property fees between 2004 and 2008 rose by 125%, which constituted a major leap in the real estate sector. Revenues collected between 2008 and 2009 rose only 2%.
Karkafi said revenues gained during the first four months of 2009 and 2010 indicated another major leap in the property sector. Real estate is being aided by more transactions, higher prices and greater revenues because of limited space that is suitable for investment in Lebanon.
He pointed out that the price of one square metre in the main investment locations range between $8,000 and $10,000, particularly downtown and in the Solidere area. One square meter in the Beirut seafront area costs $15,000.
The price of one square metre of land considered suitable for construction in the mountain and summer resort regions ranges between $1,200 and $2,500. The real estate sector in Lebanon constitutes 12% of the GDP, or about $20 billion.
Egypt to focus on reducing poverty rate
Dr. Osman Mohamed Osman, the Egyptian Economic Development Minister, said on Wednesday (June 30th) that development plans for fiscal year 2010-2011 will focus on reducing the poverty rate in Egypt to about 18% after it reached 22.5% in 2005. Another goal is to raise the level of real income for individuals by 4%.
Development plans will aim to increase the national savings rate to 18% of the GDP and increase the investment levels to 19% of the GDP. The annual development plans will create 710,000 new jobs, which will lower the unemployment rate to 9%. Officials are seeking to stabilise the public budget deficit to less than 8% of the GDP and expand exports of goods and services by 17%.
Reader Comments
The Gulf Cooperation Council is one of the organizations that were based on solid foundations, and its top priority was ensuring the well-being of the Gulf society in terms of industry and agriculture, progress and prosperity. What we see today in the Gulf countries is clear evidence that the Gulf Cooperation Council is concerned with the Gulf citizen in terms of learning and culture. The rapid change in the Gulf States, and their becoming developed countries, has made them respectable. We also see that the Gulf citizens, when they travel to any country in the world, are respected, because the Gulf Cooperation Council has earned the respect of everyone towards its citizens, by making use of the energy on their lands, including oil and the wells that are exporting millions of barrels per day, enabling the Gulf citizens to live in luxury, because everything is available. Therefore, the priorities of the Gulf citizens became education and learning, because the Gulf leaders and the leaders of the Gulf Cooperation Council work with dedication and persistence, they do not take bribes, and they fight administrative and financial corruption. For example, we have seen the Dubai Tower, which is the highest in the world; it has the highest restaurant and the largest water fountain. This makes us proud that the Arab countries are making progress, and we will see them among the developed countries at the forefront of the major countries, because they took advantage of the natural resources on their lands. And when money, minds, honesty, diligence and the spirit of citizenship come together, then why would they not be among the foremost countries in the world?
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