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In the news this week
Dubai-based ACUBE Real Estate Development has broken ground on Adhara Star, a 17-storey luxury residential tower, in Arjan. The project will consist of 113 fully furnished residential units and retail spaces.
Last week the Royal Commission for AlUla (RCU) launched the second master plan for urban development of central and southern AlUla.
The plan, called Towards a Prosperous Society, aims to improve the quality of life and stimulate economic growth and urban development in the region, providing a road map for the development of the central and southern regions of AlUla, completing the comprehensive development phase previously announced back in 2021.
The Oman PPP truck road project is moving forward with five companies being shortlisted last week from 33 companies that expressed interest. The project is estimated to cost $520 million to $650 million and will serve the country’s mineral industry and trade flows with neighbouring Yemen, via the Al Mazunah Free Zone.
Sharjah-based Alef Group has announced the commencement of construction of Al Mamsha Seerah, situated in Zone 2 of Al Mamsha Sharjah. The project consists of three residential complexes, housing a total of 1,586 apartment units distributed between 10 buildings.
Dubai-based Emaar Properties, one of the Middle East’s largest real estate developers, is working on a long-term expansion plan which includes new projects and markets, Mohammed Al-Abbar, the company’s founder has said that 2023 was a good business year for Emaar, with its revenue reaching $3.35 billion and net profits of nearly $1.33 billion.
The developer is working to devise a long-term expansion plan stretching to 15-20 years…involving new projects and targeted markets. Abbar said
Emaar also has expansion plans in Dubai emirate and that it is searching for new sites for projects, adding that the Company aims to deliver 45 new residential towers comprising nearly 15,000 apartments in 2023.
ROSHN Group, a Public Investment Fund (PIF) giga-project, last week launched MARAFY, a mixed-use development in north of Jeddah, which will accommodate over 130,000 residents and house the first man-made canal in any Saudi mixed-use project.
The 11-kilometre-long and 100-metre-wide navigable canal will connect to and extend Obhur Creek and will be surrounded by multiple districts. David Grover, Group CEO of the ROSHN Group, said MARAFY will be a gamechanger on the real estate development sector, raising the bar of development in the region, boosting the quality of life, and creating a huge impact in Jeddah.
Orascom Construction, a leading engineering and construction company in Egypt, has signed a contract with Eagle Hills Properties, a UAE-based real estate developer, to build the first phase of Soul Luxury Beach Resort, a new upscale development on the North Coast of Egypt.
The contract covers the construction of parcels 3 and 4 called Flow & Breeze within phase 1A of the resort, which will include residential units, amenities, and landscaping. The project is expected to be completed in 1,020 days.
