Investing in infrastructure for sustainable recovery and growth – MENAFN.COM

Investing in infrastructure for sustainable recovery and growth – MENAFN.COM

(MENAFN - Khaleej Times) As economies worldwide slowed due to the COVID-19 pandemic and related lockdowns, many governments have turned to infrastructure investments to stimulate sustainable and climate-friendly economic recovery. Infrastructure's multiplier effect has made it the go-to remedy for governments battling economic slowdown, with every $1. 00 spent adding $1. 50 to the Gross Domestic Product (GDP). Infrastructure investments generate jobs and incomes across all stages of an asset's lifecycle, from planning, design, and construction to operation and maintenance. Refinitiv data showed that 2, 664 infrastructure projects were announced worldwide in 2020 with a total value of $751. 8 billion. This was eclipsed in the first quarter of 2021 when 653 projects worth a whopping $1. 2 trillion were announced. Last year, the Middle East and North Africa (MENA) region accounted for 134 projects with a total value of $51. 3 billion. The tally for the first quarter of 2021 stands at 61 projects with a total value of $49 billion with oil and gas, and power in the top-performing sectors. The diversification plans of the energy-rich GCC countries are opening substantial investment opportunities in the sustainable infrastructure sector. For example, Saudi Arabia's ambitious $500 billion NEOM smart city