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In the news this week
In Saudi Arabia, Retal Urban Development Company announced the signing of a sub-development agreement with the National Housing Company to develop 759 housing units in Al-Fursan district 1 in Riyadh with total land area of 227,837 square meters. The project, estimated to cost US$230 Mn will have a duration of 42 months.
Sumou Real Estate Company signed a development agreement worth $107 million with the National Housing Company in Riyadh for Area No. 1/B of Dahiyat Al Fursan 1 and 2. As per the agreement, residential units will be built on allocated lands spanning 82,482 square metres within a 42-month time span.
The Kingdom of Saudi Arabia has recently announced the discovery of new sites for gold and copper ore deposits. The discoveries of gold ore were within the boundaries of Aba Al-Raha, the shield of Umm Al-Barrak Hejaz, in the Madinah region. Copper ore was also discovered at four sites in the Al-Madiq area in the Wadi Al-Faraa region in Madinah.
Dubai Investments announced a US$272 Mn project titled Danah Bay at Al Marjan Island in Ras Al Khaimah. The 90,000sq.m project includes luxury townhouses and villas, residential waterfront apartments, an upper scale 4-star hotel resort and community retail facility.
The hotel will have 300 keys, a beach resort and serviced apartments. The construction is expected to start by the end of this year and its first phase will be completed by December 2024.
Emirates Water and Electricity Company (EWEC) invited developers and developer consortiums to submit an Expression of Interest (EOI) for the development of two standalone greenfield Reverse Osmosis (RO) seawater desalination plants to be located on Saadiyat Island and Hudayriat Island.
The plants will provide a combined total of approximately 100 million imperial gallons per day.
In Kuwait, a consortium comprising Heavy Engineering Industries & Shipbuilding Co. (HEISCO), its subsidiary Gulf Dredging & General Contracting Co. and Hyundai Engineering and Construction Co. was awarded a contract worth US$160.2 Mn by Kuwait Port Authority.
The Project calls for the implementation of rehabilitation works from Berths 1-7 in the Shuwaikh port.
In Egypt, Rowad Modern Engineering was awarded a $22 Mn construction contract to build a new factory by Egyptian International Pharmaceutical Industries (EIPICO) over an area of 10,500 square metres in 10th of Ramadan City.
The factory will manufacture biologicals and biosimilars alternatives and medicines for the first time in the Middle East.
On the 18th October at 10 am Egypt time, Ventures Onsite with hosting a Webinar to take a close look at what’s going on in the Egyptian Construction and Real Estate market to understand what the future holds for this region. You can find a link in the description to register for this event.
