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FINANCIAL NEWS
Saudi Arabia to boost intra-regional trade
15 Sep 2014
(MENAFN) Saudi Arabia is the Middle East’s largest goods exporter, accounting for a third of total goods exported in 2013, only 5.3 percent of these were destined for other nations within the region, Arab News reported.
According to Economic Insight: Middle East Q3, 2014, the GCC nations are leading the region’s current rail and aviation investment boom as they race to encourage more cross-border trade and address increasing congestion issues in the face of rampant population growth and rapidly-developing tourism markets.
Saudi Arabia is leading the charge with investment plans worth USD45 billion in a bid to boost freight and passenger capacity, followed by Qatar and the UAE with investment plans worth USD37 billion and USD22 billion respectively.
The planned GCC Railway, a 2,177 km project, which will link the networks of the six GCC countries, represents the most ambitious aspect of the region’s railway infrastructure plans. With the Middle East set to become one of the world’s most important aviation centers, expansion of airports in all the major GCC cities has also become a priority.
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