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In the news this week
Saudi Real Estate Company (Al Akaria) stated that one of its subsidiaries, Binyah, was awarded a contract worth US$142 Mn by the Diriyah Gate Development Authority (DGDA) for the implementation of excavation works at the Diriyah Project in Saudi Arabia.
The project scope includes excavation and other related works at car parking areas A and B of the development.
A consortium comprising Saudi Archirodon and DEME won the second phase of transformation work at the Port of NEOM based in Oxagon. The project will commence in December 2023. All materials recovered as part of the channel development will be used to support the wider development of Oxagon.
EDECS announced that it was awarded a major infrastructure and road works for Jeddah South Container Terminal (Stage 3) with DP World Jeddah in Saudi Arabia.
The scope of work includes infrastructure work on a total of 100,000 square meters. On completion, the revamped terminal will increase the port’s container handling capacity from 2.4 million to 3 Mn TEUs by 2024.
In news from UAE, Global steel producer LIBERTY Steel signed a Memorandum of Understanding (MoU) with AD Ports Group to explore plans to host a green iron production facility in the Khalifa Economic Zones Abu Dhabi (KEZAD).
Demand for green iron and steel is forecast to reach over US$400 Bn by 2030, presenting a significant market opportunity for the UAE, and delivering real action to decarbonise supply chains.
LEOS Developments announced that they have picked Transemirates as the main contractor for their residential project, Hadley Heights in Jumeirah Village Circle, Dubai.
The project, valued at US$34 Mn, comprise 126 spacious studios, and one and two bedroom apartments and is set for completion in the 3rd quarter of 2025.
In Oman, Vulcan Green Energy and OQ Alternative Energy have teamed up to create a joint venture named Integrated Energy Valley (IEV) and seeks to integrate solar, wind, and energy storage for 24/7 clean power supply. The IEV at Duqm, Oman’s Green Energy Hub, is estimated to have a capacity of 3 Mn gigawatts.
The Public Authority for Special Economic Zones and Free Zones (OPAZ), Oman and Asyad Group signed a concession agreement to kick start the development of the Muscat International Airport Free Zone.
The US$1.7 Mn sqm Free Zone will be developed over multiple phases, with Asyad Group in charge of developing, operating and managing the 370,000sq.m Phase I of the project.
