Latest news with #infrastructureDevelopment
Zawya
4 days ago
- Business
- Zawya
The African Development Bank and the United Nations Human Settlements Programme (UN-Habitat) scale up drive for sustainable urbanization in Africa
The African Development Bank Group ( and the United Nations Human Settlements Programme (UN-Habitat) have signed a Memorandum of Understanding to enhance collaboration and accelerate action on sustainable urban transformation across the continent. Under the agreement, the organizations will jointly develop action plans that combine technical assistance, policy support, capacity-building, and knowledge exchange to local governments in four key spheres: urban governance, housing, municipal finance, and infrastructure development. The agreement was formalized on 1 July 2025 on the sidelines of the Fourth International Conference on Financing for Development (FfD4) in Seville, Spain. The Memorandum of Understanding renews an agreement signed in 2006 by the two entities to collaborate in the water and sanitation sector. The African Development Bank and UN-Habitat also plan to coordinate their efforts to tap into key regional and global platforms to mobilize resources for urban development in Africa, including the World Urban Forum and the Africa Investment Forum. 'I believe that there are ways that we can use the capital markets to develop cities much better,' said African Development Bank President Akinwumi Adesina. 'I am delighted that the Bank and UN-Habitat are partnering on the development of cities – I am very excited about this partnership.' 'Cities are the engine of growth, and we need to mobilize a lot more private capital in the development of cities, which will require a different approach from the conventional public sector capital,' he added. The Executive Director of UN-Habitat, Anacláudia Rossbach, said: 'Urbanization in Africa can either be a driver of prosperity or a deepening of poverty and exclusion. Through this renewed collaboration with the African Development Bank, we aim to help cities become engines of resilience, equity, and climate action, leaving no one behind.' The African Development Bank Group has significantly expanded its urban portfolio in recent years, including through the creation of a dedicated urban development division and the Urban and Municipal Development Fund to support African cities in delivering transformative, climate-resilient urban solutions. Most recently, UN-Habitat and the Bank Group signed a service agreement to prepare the Eswatini EcoCity Masterplan under an integrated urban and agricultural initiative that aims to deliver sustainable housing and create economic opportunities for over 100,000 people in Eswatini. Africa's rapid growth and urbanization – the continent's population is projected to reach 2.4 billion by 2050 –presents both opportunities and challenges. With more than half of urban residents living in informal settlements lacking basic services, adequate housing, and climate-resilient infrastructure, local governments are under increasing strain. Through this renewed partnership, the African Development Bank and UN-Habitat are joining forces to help cities respond to these challenges and harness urban growth as a driver of sustainable development. Distributed by APO Group on behalf of African Development Bank Group (AfDB). Contacts: UN-Habitat Katerina Bezgachina Chief of Communications Gonzalo Ruiz Partnerships Officer +254 714228562 unhabitat-info@ African Development Bank Olufemi Terry Communications and External Relations media@ About UN-Habitat: UN-Habitat is the United Nations entity working for sustainable urbanization. With pro-grammes in over 90 countries, it supports policymakers and communities to create socially and environmentally sustainable cities and towns. UN-Habitat promotes transformative change in urban areas through knowledge, policy advice, technical assistance, and collaborative action. To know more, visit or follow us on social media @ UNHABITAT.
Asharq Al-Awsat
24-06-2025
- Business
- Asharq Al-Awsat
Saudi Arabia Signs New Port Contracts Worth Over $586 Million
Saudi Arabia's General Authority for Ports (Mawani) has signed a series of new build-operate-transfer (BOT) contracts worth more than SAR 2.2 billion ($586.6 million) to develop multi-purpose cargo terminals at eight of the Kingdom's ports. Acting President of Mawani, Mazen Al-Turki, announced the deals during a signing ceremony held on Monday, describing the move as another milestone in Saudi Arabia's continued infrastructure development under government leadership. These 20-year contracts are part of a strategic public-private partnership, bringing together local and international investors to enhance operational capabilities and increase the handling capacity of Saudi ports. The initiative aligns with the objectives of the National Transport and Logistics Strategy, which seeks to position the Kingdom as a global logistics hub. Al-Turki emphasized that these new agreements build upon previous privatization deals, including the development of container terminals at Jeddah Islamic Port and King Abdulaziz Port in Dammam, with investments exceeding SAR 16 billion. The Authority has also signed agreements to develop 20 logistics zones across the country, backed by over SAR 10 billion in investments. He added that the latest contracts reflect the significant transformation and strategic evolution of Saudi Arabia's ports, contributing to improved international performance indicators and reinforcing the Kingdom's role as a key player in the global maritime industry. Minister of Transport and Logistics Services and Chairman of Mawani, Eng. Saleh Al-Jasser, noted that the growing flow of private-sector investment demonstrates the attractiveness of Saudi ports and the logistics sector. He highlighted recent advancements in operational efficiency and maritime connectivity, supported by major global and national companies. Al-Jasser affirmed that the Kingdom's transport ecosystem will continue expanding its partnerships with the private sector across all regions and domains, with the new contracts marking the continuation of strategic collaborations with leading global and local port operators. Under the newly signed contracts, the Saudi Global Ports Company will develop, manage, and operate multi-purpose terminals at east coast ports, including King Abdulaziz Port in Dammam, Jubail Commercial Port, King Fahd Industrial Port in Jubail, and Ras Al Khair Port. Meanwhile, Red Sea Gateway Terminal will handle similar operations on the west coast, covering Jeddah Islamic Port, Yanbu Commercial Port, King Fahd Industrial Port in Yanbu, and Jazan Port. At King Fahd Industrial Port in Yanbu, the agreements include modernizing cargo handling with state-of-the-art STS and RTG cranes, reach stackers, trucks, and trailers, aimed at reducing truck turnaround times, vessel berthing durations, and boosting overall efficiency.
Arab News
18-06-2025
- Business
- Arab News
Saudi POS spending stabilizes at $2.96bn despite post-Eid sectoral declines: SAMA
RIYADH: Saudi consumer spending via point-of-sale terminals remained resilient at SR11.11 billion ($2.96 billion) in the week ending June 14, even as transactions declined across all major sectors, official data showed. The latest weekly report from the Saudi Central Bank, known as SAMA, showed that POS transaction values fell 21.3 percent from the previous week, while the number of transactions dropped 10.7 percent to 203.78 million. The prior week, ending June 7, saw a spending peak of SR14.12 billion, driven by elevated Eid Al-Adha holiday consumption. The contraction in weekly spending comes amid normalization following the Eid surge, but underlying consumer momentum remains intact — supported by Vision 2030 reforms aimed at digitizing payments and promoting a cashless economy. According to the SAMA report, spending in restaurants and cafes accounted for the largest share of POS transactions at SR1.80 billion, though it saw a 12.4 percent decline from the previous week. The food and beverage category remained another hotspot for POS activity, with transactions amounting to SR1.72 billion, also marking a decline of 18.7 percent. Transactions in the miscellaneous goods and services category dropped 27.8 percent, reaching SR1.27 billion. Spending at gas stations declined 6 percent week on week to SR857.45 million, while transactions in the clothing and footwear category fell 51.4 percent to SR655.95 million. Affirming the steady momentum of infrastructure development in the Kingdom, POS spending in the construction sector stood at SR242.10 million, registering a marginal decline of 2.6 percent. Geographically, Saudi Arabia's capital, Riyadh, led POS transactions, recording SR3.58 billion. However, transaction values in the city declined by 22.2 percent compared to the previous week. Jeddah followed with a 14.3 percent decrease to SR1.59 billion, while Dammam came third with transactions totaling SR526.12 million. Hail experienced the most significant decline in spending, dropping 28.3 percent to SR182.14 million, followed by Tabuk, which saw a 27.5 percent reduction to SR197.60 million. POS spending in Makkah declined 4.9 percent to SR517.62 million. In Madinah, transactions stood at SR457.70 million, reflecting a 22.7 percent weekly decline. In Alkhobar, the value of transactions amounted to SR311.51 million, a drop of 2.19 percent, while Abha registered SR154.01 million in POS value, marking a 21.4 percent decline. The continued momentum in POS activity underscores Saudi Arabia's steady transition toward a cashless economy, in alignment with one of the core objectives of the Financial Sector Development Program under Vision 2030.
Times of Oman
21-05-2025
- Business
- Times of Oman
Oman signs several agreements with Islamic Development Bank Group
Algiers: The Sultanate of Oman today signed several agreements with the Islamic Development Bank (IsDB) Group to the tune ofOMR243 million to contribute to financing climate-resilient flood protection dam projects and their associated components. The signing took place on the sidelines of the 50th Annual Meeting of the Islamic Development Bank Group's Board of Governors held in Algeria. The agreements were signed by Sultan Salem Al Habsi, Minister of Finance, and Dr. Mohammed Sulaiman Al Jasser, Chairman of the Islamic Development Bank Group. Al Habsi also signed a framework memorandum aimed at achieving strategic cooperation between the two parties and enhancing economic integration with the Islamic Development Bank Group and member states. The memorandum covers several areas of cooperation, including infrastructure development, supporting the private sector, and other fields such as roads, electricity, water, sanitation, tourism, manufacturing industries and industrial zones, in addition to human and institutional capacity building.
