TOP HIGHLIGHTS
> RUSSIA
EU Commission president Ursula von der Leyen has announced that the EU could seize €300 billion (US$316 billion) of Russian Central Bank reserves and put it towards rebuilding Ukraine. Von der Leyen said in a statement, “The damage suffered by Ukraine is estimated at €600 billion (US$633 billion). Russia and its oligarchs have to compensate Ukraine for the damage and cover the costs for rebuilding the country.
“We have the means to make Russia pay. We have blocked €300 billion of the Russian Central Bank reserves and frozen €19 billion of Russian oligarchs’ money.”
> AUSTRALIA
Following the collapse of a number of other Australian construction companies, West Australia-based Firm Construction has entered voluntary administration. The company is reported to have been hit by labour shortages and global supply chain issues since the Covid-19 pandemic began.
After losing government and private projects, the company also lost a contract to build a Primary School over fears that the work would not be complete for the coming school year. It has been reported that subcontractors on the project are owed several hundred thousand dollars.
> NIGERIA
The Government of Lagos State, Nigeria, has announced the final shortlist of bidders for the Fourth Mainland Bridge project. A consortium consisting of Portuguese contractor Mota-Engil, China Communications (CCCC) and China Road and Bridge, a subsidiary of CCCC, is in the running for the US$2.5 billion publicprivate partnership project.
A joint venture between China Gezhouba Group Company and China Geo-Engineering Corporation is also shortlisted, while a consortium led by China Civil Engineering Construction Corporation also makes the list.
> SAUDI ARABIA
Architectural company Foster + Partners has won a competition to design the master plan for King Salman International Airport in Saudi Arabia. King Salman International Airport is expected to be one of the world’s largest airports, allowing for six parallel runways and including the existing terminals.
It is also reported to include 12km² of airport support facilities, residential and recreational facilities, retail outlets, and other logistics real estate.