Property News Roundup 1st July 2024
We’re delighted to share the weekly news highlights below.
- World Bank Extends $275m Credit To Help Cambodia Back On Its Feet
Cambodia will receive $275 million low-interest credit from World Bank’s International Development Association to support long-term economic growth and resilience, boos reforms for private sector competitiveness, strengthen fiscal position and provide help to vulnerable groups. The $275 million is the second ‘Cambodia Growth and Resilience Development Policy Financing Project’ to overcome issues that are holding the country’s efforts to shake off lingering economic effects of the pandemic.
24 June 2024 | Kiri Post | Link: https://tinyurl.com/2dfe5vjf
- Cambodia’s tourism on the path of resurrection
The Ministry of Tourism’s new strategy of ‘Uniting for a Collective Vision’ to reposition Cambodia as a leading global destination has started yielding positive result. Going by the latest Tourism Statistics Report of the Ministry, International tourists who arrived in Cambodia touched 2.11 million mark in the first four months 2024. Should the number maintain its momentum this way, the arrival of international tourists will reach over 6.3 million, an increase of 11.5% compared to 2023.
24 June 2024 | Khmer Times | Link: https://tinyurl.com/2fffdjyp
- Japan Explores Maglev Technology for Earthquake-Resistant “Floating Homes”
To response to a challenge of deaths due to buildings or parts of buildings collapsing on people because of earthquake, Japanese researchers in modern building engineering are pioneering a novel initiative: developing “floating houses” utilizing magnetic levitation (Maglev) technology specifically designed to withstand the damaging effects of earthquake.
24 June, 2024 | Construction & Property | Link: https://tinyurl.com/3kx5dpbs
- Techo International Airport work enters final stage
Techo International Airport (TIA) is a greenfield airport with total land area of 2,600 hectare, classified as a 4F airport and is developed in three phases. The construction of first phase of TIA has entered the final stage and is 78% complete as of June 2024. The airport will be ready for commencing operation by the end of February 2025.
25 June, 2024 | Khmer Times | Link: https://tinyurl.com/46twy6wj
- Cambodia-Korea Special Economic Zone on cards
Top Royal Government of Cambodia (RGC) officials and a delegation of the Embassy of the Republic of Korea in Cambodia Thursday held talks on the possibility of setting up the Cambodia-Korea Special Economic Zone (Cam-Kor SEZ). The project was initiated by Prime Minister Hun Manet and Yoon Suk Yeol, President of Korea during the Premier’s first official trip to Seoul from May 15-18.
25 June, 2024 | Khmer Times | Link: https://tinyurl.com/vhfrcahw
- Wing Bank and MOVE to boost Cambodia’s transportation and financial services
Wing Bank Cambodia Plc and Move by LM Car have forged a strategic collaboration to revolutionize transportation services and digital payment solution in Cambodia. The collaboration will empower Move users with streamlined payments and the convenience of cashless transactions through Wing Bank’s integrated digital payment solutions and promoting financial inclusion.
26 June, 2024 | Phnom Penh Post | Link: https://tinyurl.com/296ce49m
- Guangzhou to invest $1.4 billion to build infrastructure for flying car by 2027
Guangzhou is set to invest $1.4 billion by 2027 in the burgeoning “low-altitude economy” targeting the development of services operating below regular commercial aviation altitudes. The plan involves building infrastructure to support flying vehicles, such as airborne taxis. This includes establishing over 100 takeoff and landing points and constructing a general aviation aerodrome with a shorter runway than typical civil airports.
27 June, 2024 | Construction & Property | Link: https://tinyurl.com/45hekhht
- Cambodia has over 750k small and medium enterprises, contributing 63% to domestic production
Cambodia has more than 750,000 small and medium-sized enterprises (SMEs), which account for 63% of gross domestic product and employ more than 70%. The Prime Minister of Cambodia that all small and medium-sized enterprises have been playing an important role in the production, supply and service and are striving to develop and evolve to respond to new trends, especially the turn of the requirements. Of the market, environmental requirements and the evolution of technology.
27 June, 2024 | Construction & Property | Link: https://tinyurl.com/45hekhht
- Japan to support capacity building in Cambodia’s ports
Japan has reaffirmed its support for the capacity development efforts of ports in Cambodia. Technical officers of the ministry and a group of Japanese technical experts participated in the deliberations that focused on the capacity development of inland ports in the country.
27 June, 2024 | Source: Khmer Times | Link: https://tinyurl.com/5499xpwb
- Kampot provincial authorities are building a large clock to boost tourism in the area
Kampot Provincial Authority is constructing a large new clock to enhance the area’s tourism potential. The clock will stand at a height of 35 meters with a face nearly 10 meters in diameter and will be situated in Kampot province. This announcement was made by HE Mao Thunin, Governor of Kampot Province.
28 June, 2024 | Construction & Property | Link: https://tinyurl.com/yfzuvjyk
- BYD intends to open automotive assembly factory in Cambodia
During the occasion of the First National Day of Micro, Small and Medium Enterprises, Cambodian Prime Minister Hun Manet said BYD, a publicly listed Chinese multinational manufacturing company, has intended to open an automotive assembly plant in the kingdom.
28 June, 2024 | Source: Khmer Times | Link: https://tinyurl.com/fh34pdmm