Economy and Finance
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 […]
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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% […]
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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 […]
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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 […]
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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) […]
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Slowdown in Construction and Real Estate Remain ADB’s Concern, Despite 5.4% Growth Forecast in 2021
The Asian Development Bank (ADB)’s December forecast has shown that Cambodia’s economy will contract by 4% year-on-year during 2020, and the growth will rebound by 5.4% in 2021. However, the slowdown in the construction and real-estate sector is still a concern among other risks. This forecast remains unchanged compared to the September forecast by the […]
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Construction on Koh Rong Samloem Solar Power Supply Begins
The construction of a solar power hybrid microgrid on Koh Rong Samloem has begun and is scheduled for completion by April 2021, according to Yahoo Finance on 30 November. This project is a collaboration between Total Solar Cambodia and Canopy, which will be able to supply electricity to more than half of the population and […]
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Cambodia Constructors Association to Host Business Network in December
Cambodia Constructors Association (CCA) will host a business network event this upcoming 18 December, aiming to boost more business activities within the construction sector after seeing it slow due to the COVID-19 pandemic. Scheduled to be held at the Dara Airport Hotel, the event will be joined by CCA members, construction companies, and other key […]
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Property Developer-Owned Banks: Opportunity or Risk for the Real Estate Market?
In recent years, some major property developers in Cambodia have started opening their own banks. Chip Mong Bank and Prince Bank are two main examples of banks owned by well-known large-scale developers. But what is their impact on the real estate market? Real estate expert and CEO of Pointer Nguon Chhayleang explained that while developers […]
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Chinese Firm to Invest US$1 Billion Building a Green Special Economic Zone in Svay Rieng
A Chinese firm plans to build a 450-hectare green special economic zone worth approximately US$1 billion in Svay Rieng province, according to The Star on 14 November This enormous project is located about 4km south of NR1 or Svay Rieng city centre, and north of the river. A strategic partnership agreement for this project was […]
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