World Bulletin / News Desk
Saudi Arabia has approved a 62 billion riyal ($16.5 billion) plan to modernise the transport system in its holy city of Mecca, including building a bus network and metro system, state news agency SPA said on Tuesday.
More than 6 million visitors from across the world visit Mecca every year for the Haj and Omra pilgrimages. The influx has strained the narrow roads and outdated transport system.
Four metro lines of a total length of 182 km (114 miles) will be built across the city, with 88 stations, SPA reported.
Construction for the transport project will be carried out over about 10 years, the report said, without giving details of when it would start or how companies would bid for contracts.
Last year the city's mayor told Reuters that within six years the government hoped to build new roads and foot bridges near the Grand Mosque, home to the cube-shaped Kaaba towards which Muslims turn in prayer.
Other long-term projects around the mosque include building hotels, malls and cafes. Developments in the suburbs include housing estates and a park for residents who have been made to relocate from the city centre.
Saudi Arabia is also spending billions on upgrading the transport system in the capital Riyadh and on a high-speed rail line connecting Mecca with the holy city of Medina.
Talks are reportedly underway for a number of investment projects, including in pharmaceuticals and automotive assembly, but no final investment agreements are expected this week.
The yuan will be the world's third largest currency after the U.S. dollar and euro, a Chinese report predicts.
Unemployment currently stands at 12.7 percent in Kenya and affects 30 percent of the country's population
GM so far this year has recalled about 14.7 million vehicles worldwide with switch-related issues and has linked at least 16 deaths to those issues.
The deal includes hydropower and nuclear power plants in the South American country.
State-run think tank Korea Institute for Defense Analyses (KIDA) reported earlier this month that a twin-engine version of the fighter jet is expected to cost around 8.5 trillion won
Western officials have repeatedly warned Iranian counterparts over the past six months that more economic pain is a risk for an OPEC member whose oil exports have already shrunk to a fraction of what they could have been
The EU's employment commissioner said he has asked to meet with Microsoft to discuss the social impact of the layoffs.
Although China has promised to invest in Brazil for years and failed to deliver, the pace of deals is picking up with a focus on deficient infrastructure.
The financial aid would be used for rebuilding houses and public buildings, the rapid restoration of water and energy supplies and urgent assistance for those still without proper shelter.
Washington and Brussels say Moscow has been fanning separatist violence in eastern Ukraine and broadened their sanctions, sending Russian shares and the rouble currency down.
Chinese Trade Minister Gao Hucheng said his country would not sit idly by while the United States harmed the rights of Chinese companies.
Beijing claims about 90 percent of the South China Sea, whose estimated energy potential varies widely. Vietnam, the Philippines, Malaysia, Brunei and Taiwan also claim parts of the key waterway.
Trade between China and Brazil soared to $83.3 billion last year from $3.2 billion in 2002, with iron ore, soy and oil making up the bulk of Brazilian exports.
In the latest recall, about 574,000 of the affected cars were sold in the United States, about 450,000 in Germany and about 189,000 in the United Kingdom
The $17 billion dollar Central Asian pipeline project could revive Afghanistan's economy said a state advisor, but security and political issues have deterred investors.