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In the news this week
In the UAE, Sobha Realty launched a new project, the Verde by Sobha, a 58-storey structure in Dubai’s Jumeirah Lake Towers. Project completion is scheduled for Q4, 2026.
The Emirates Water and Electricity Company (EWEC) announced the award for its Mirfa 2 Reverse Osmosis (M2 RO) Independent Water Project to a consortium consisting of ENGIE and TAQA.
The M2 RO will desalinate seawater using low-carbon intensive RO technology to produce up to 120 million imperial gallons per day of potable water.
UAE-based Samana Developers has launched its first two projects – Santorini and Mykonos in Dubai Studio City. At the start of 2023, Samana Developers announced plans for the launch of 12 new projects in 2023, including five-star properties.
Samana Santorini will be a G+4 residential project valued at $41 million. Samana Mykonos will be a G+5 storey residential project estimated to cost $46 Mn.
Bahrain’s Marson Group has partnered with American manufacturing corporation, GAUSS AUTO to launch the country’s first electric car factory in Salman Industrial City.
The factory will produce a range of electric vehicles, including two-wheelers, three-wheel electric tricycles and passenger vehicles.
Saudi Arabia’s National Housing Company (NHC) has announced the launch of its largest new residential suburb, Al Fursan, in the northeast of Riyadh.
Spanning over a 35 million sq m area, Al Fursan boasts it will comprise 50,000 residential units of various types, as well as over 190 vital facilities and commercial centres surrounded by 6 million sq m green space.
The Saudi subsidiary of Jordan’s Siniora Food Industries Company signed an agreement with Saudi Authority for Industrial Cities and Technology Zones (MODON) to establish a new factory for cold cuts and frozen meat production in Saudi Arabia.
The factory, estimated to cost about $37 million will be developed on a 25,000-square metre land plot in MODON’s Jeddah Second industrial city.
Egypt’s Al-Sharif Hotels and Tourism Company (ASH) has awarded a $16.4 million contract to SIAC Construction to renovate and develop the historic Shepheard Hotel in Downtown Cairo.
The scope of the contract includes excavation work and rehabilitation of the main hotel building. The work will also entail the construction of a 14-storey annexe behind the main hotel building on an area of 1,000 square metres with a four-level underground parking facility.
