Economy and Finance
Construction Sector to Gradually Recover Amid 4% Economic Growth and Robust Financial Sector, says NBC
The National Bank of Cambodia NBC said that the construction and property sectors in Cambodia will gradually recover in 2021, given the fact that the kingdom’s financial sector remains robust and the 2021 economic growth is forecasted at 4%. According to the NBC Macroeconomic and Banking Sector Outlook for 2021 released on 31 December, the […]
Read More
Construction Sector Forecast to Recover Quickly in 2021
Chairman of well-known local conglomerate Overseas Cambodia Investment Corp (OCIC) Neak Oknha Pung Kheav Se has expressed his optimism that the Cambodia construction sector will catch up quickly since the kingdom’s economy is forested to grow by 3.5% to 5% in 2021. Speaking to Construction & Property Magazine on 19 December, Neak Oknha Pung Kheav […]
Read More
Koh Kong a Potential Target for World Bank’s Blue Economy Development Project
The World Bank is planning to invest millions of dollars in the ‘Blue Economy’ project in Cambodia, and Koh Kong could be one of the target provinces chosen for the project implementation. Koh Kong Deputy Governor Ouk Pheaktra said during the meeting with relevant officers regarding the coastal management on 28 December that his authority […]
Read More
Property Sector Yet to Experience Significant Effects from Community Transmission Event
President of the Cambodia Valuers and Estate Agents Association (CVEA) Mr Chrek Soknim said that the recent COVID-19 community transmission outbreak, known as the 28 November incident, has yet to negatively affect the real estate market in Cambodia. Speaking to Construction & Property Magazine on 24 December, Mr Chrek Soknim said: “It is too soon […]
Read More
WB: Cambodia Must Closely Monitor Vulnerabilities from Prolonged Real Estate Boom and Associated Credit Spike
The World Bank’s latest report has suggested Cambodia continue closely monitor vulnerabilities caused by a prolonged construction and property boom and an increase of credit provided to the construction and real estate sector. The report entitled Cambodia Economic Update: Restrained Recovery published in November stated that if the pandemic continues and damage caused by recent […]
Read More
Basic Construction Material Imports Drop as Some Large Development Projects on Hold
As of September 2020, steel and cement imports continued to sharply decline, contracting by 41.4% and 38.1% year-on-year, respectively. This drop is because some large development projects, especially high-rise commercial and residential buildings, were put on hold, according to a recent report by the World Bank. The report entitled Cambodia Economic Update: Restrained Recovery published […]
Read More
Cambodia Public Debt at US$7.9 billion as of Mid-2020; Infrastructure Development Largest Contributor
As of June 2020, Cambodia had a total of US$7.9 billion in public debt, of which 87% was used for physical infrastructure development, according to a World Bank report released in November 2020. Of all foreign loans, China accounted for the largest percentage with a total outstanding debt of US$3.7 billion, or equivalent to 46.8% […]
Read More
Ministry Approves KrisEnergy’s Oil Production Deadline Extension to April Next Year
The Ministry of Mines and Energy has approved KrisEnergy’s request to extend the deadline of oil production to April 2021, even though the company failed to extract oil many times since mid-2020. HE Cheap Sour, Director-General of Petroleum of the Ministry of Mines and Energy, said that the measures for the failure to extract oil […]
Read More
NagaCorp Chairman: NagaWorld Fully Operational Despite Further Restriction
The casino resort complex NagaWorld in Phnom Penh remains open and fully operational despite a recent spike in community transmission in Cambodia, which led to stricter safety measures and travel restrictions, according to NagaCorp Chairman Tim McNally. Tim McNally told GGRAsia that NagaWorld remains open and fully operational. He added that his casinos have adjusted […]
Read More
Construction Projects Worth US$6.4 Billion Approved in First Ten Months of 2020
In the first ten months of 2020, the government approved more than 4,000 construction projects worth over US$6.4 billion, a US$1-billion increase compared to the last two months. According to an economic trend report from the Ministry of Economy and Finance, from January to October, the Ministry of Land Management, Urban Planning, and Construction (MLMUPC) […]
Read More