An integrated public transport project was presented for the city of Jeddah in Saudi Arabia with the aim of reducing urban traffic by 30%. The plan sets completion of the first phase within 2020, opening to the public in 2022 and full completion in 2033. This diversified transport system includes commuter trains, four metro lines, a large network of busses, fast coach buses for long distance travel, a trolley system to underpin tourism and recreational activities along the city’s seafront, marine taxis and the construction of the 2-kilometre long, 74 metre wide Iconic Bridge of Obhur. The design phase of the project will be followed by calls for tender for the various contracts within the second half of 2016; each building contract will include at least five subcontracts.
China: government to insure bank deposits
As from May 1st, the Chinese government will insure personal deposits in local banks up to a ceiling of 500,000 yuan (approx. 70,000 EUR), a move that will pave the way for the complete liberalisation of interest rates, in such a way as to allow banks to be more competitive in attracting new depositors. Beijing is aiming at a new growth model based on boosting domestic consumption and on an innovative industry, and needs a stable and competitive banking system where Chinese depositors can place their savings in order to turn them into capital. At the same time it is necessary to improve banks’ capacity for risk assessment when transforming savings into loans.
