Property News Roundup March 6th, 2023
We’re delighted to share the weekly news highlights below.
- Cambodia and Morocco removed from FATF ‘Money Laundering Grey List’
Cambodia has been officially removed from the “Money Laundering Grey List” of the Financial Action Task Force (FATF) today, thanks to the Kingdom’s effort in combating money laundering, terrorism financing and weapons proliferation financing, according to the outcomes of the FATF plenary.
24 February 2023 | The Phnom Penh Post | Link: https://bit.ly/3IAju9E
- Russey Keo flyover to open for traffic on 1st Mach, as almost 100% complete
The Phnom Penh Capital Administration has announced the temporary opening of the Russey Keo flyover from March 1, 2023, while the construction of the bridge is now almost 100 percent complete.
26 February 2023 | Construction & Property | Link: https://bit.ly/41vMXtY
- Gov’t spends over US$1bn to build small-scale infrastructures in 2022
In 2022, sub-national administrations will receive more than $ 1 billion to build micro-infrastructure and implement more than 2,000 social services projects each year. Nearly 60 functions had been transferred to the sub-national administration. More than 800 administrative services have been handed over and delegated to the sub-national administration to provide services to the people through the port mechanism—single entry and exit.
25 February 2023 | Construction & Property | Link: https://bit.ly/3SBbGcn
- Raw material processing industry a great potential and ready to welcome investment in Cambodia
Prime Minister of Cambodia said that the agricultural processing industry has a lot of potentials for both local and foreign investors to invest which will create jobs, increase value-added and supply finished products to local markets and export.
27 February 2023 | Construction & Property | Link: https://bit.ly/3Z51Ce5
- US$ 5M Electronic Compliance Factory Officially Opened in Pursat
A transformer and electronic products assembly plant of Precise Electric Manufacturing Co Ltd., under an investment of US$5 million in Krakor district, Pursat province was officially launched on February 26, 2023.
27 February 2023 | Construction & Property | Link: https://bit.ly/3xUmWqW
- Cambodia’s Economy Set to Grow by 30% in Upcoming GDP Revision, According to National Institute of Statistics
Cambodia’s National Institute of Statistics (NIS) is set to revise the country’s Gross Domestic Product (GDP) estimates upward by around 30% in the coming months, from approximately $30 billion to $40 billion USD. This revision comes after a rigorous process that has been reviewed by the International Monetary Fund (IMF), aiming to provide a more accurate reflection of Cambodia’s economy.
21 February 2023 | Cambodia Investment Review | Link: https: https://bit.ly/3Y7zwxu
- Gov’t plans to upgrade all railway network to high-speed one
Prime Minister Hun Sen intends to turn all railways in Cambodia into high-speed railways in the future. This was stated by Samdech Techo during the graduation ceremony for technical teachers and students at the National Technical Training Institute on February 27, 2023.
28 February 2023 | Construction & Property | Link: https://bit.ly/3Zw1Bjs
- Gov’t to transform wet land in Tboung Khmum to carbon-natural ecotourism site
The Ministry of Environment has been preparing the dry river in Ou Raing Ov district to become a model carbon-neutral natural resort in Cambodia. the team built on-site infrastructure as an important water storage area for people to use for agricultural production and planted 1 million flowers and planted nearly 1,000 trees.
28 February 2023 | Construction & Property | Link: https://bit.ly/3KH7Hcx
- Gov’t reclassifies over 600sqkm of Mekong land to Irrawaddy dolphin conservation zone
The Royal Government of Cambodia has decided to designate the Mekong River area in Stung Treng and Kratie provinces, approximately 621 square kilometres, as the Mekong River dolphin management area.
28 February 2023 | Construction & Property | Link: https://bit.ly/3Zm2aMI
- Three Ministries to talk with ADB on Restoring Canal Connecting to Kampot Tourist Port
The launch of the Kampot tourist port project has been delayed due to water depth issues although the construction has been completed. Three ministries, including the Ministry of Economy and Finance, the Ministry of Tourism, and the Ministry of Public Works and Transport, are currently negotiating to secure a budget to restore the canal that connects to the port.
01 March 2023 | Construction & Property | Link: https://bit.ly/3ENWbbm
- Big News: Another Incoming Phnom Penh-Battambang-Poipet Expressway under Feasibility Study
The Ministry of Public Works and Transport has granted permission to a private firm to conduct a feasibility study on the construction of an expressway linking Phnom Penh, Battambang, and Poipet.
01 March 2023 | Construction & Property | Link: https://bit.ly/3KPbV1Q
- The Master Plan of the Multi-Purpose Special Economic Zone development in SHV Achieved 50%
Preah Sihanouk province in Cambodia is moving closer to its goal of becoming a multi-purpose model Special Economic Zone, with the completion of 50 percent of its master plan. “The master plan is currently in its final three phases and is awaiting official approval. The Inter-Ministerial Committee will convene again on March 14, 2023, to further discuss the draft of 12 Thematic Reports.” wrote H.E. Deputy Governor.
02 March 2023 | Construction & Property | Link: https://bit.ly/3ZDcCPZ
- US$ 4.6 Mil Japanese-Aid Container Freight Station in SPSEZ Officially Inaugurated
The Sihanoukville Autonomous Port Special Economic Zone (SPSEZ) has inaugurated a new Container Freight Station, which was constructed under the “Economic and Social Development Program” of Japan. The program provided a grant of US$ 4.6 million to Cambodia, in response to a request made by the Cambodian Government in 2019.
02 March 2023 | Construction & Property | Link: https://bit.ly/3mjIydQ