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In the news this week
Dubai Municipality and DP World signed a deal last week to build the largest and most advanced car market in the world, spanning 20 million square feet in the emirate. The project is a part of the Dubai Economic Agenda D33, which seeks to double the size of the emirate’s economy and transform it into one of the top three economic cities by 2033.
National Marine Dredging Company (NMDC), UAE announced that it has received a Letter of Award from Jubail Island Investment Company valued at US$35.3Mn. The project scope called for Abu Dhabi Mangrove Channel Widening Works (Area 2 and 3) and the project is expected to be completed in 180 days.
India’s Zoya Developments announced its expansion into the UAE market with an investment of over US$540 Mn in the next 3 years. The first project will be located in Dubai’s Al Furjan area, with a handover scheduled in 2026.
Fairmont Hotels & Resorts has partnered with SOL Properties to launch a private residence development, Fairmont Residences Solara Tower Dubai. The 55-storey luxury residential tower to be located in Downtown Dubai is scheduled for completion in Q3 2027.
Oman Tourism Development Company (Omran) invited expressions of interest (EoIs) from leading engineering and construction firms for the development of a luxury 5-star property as well as other related facilities within its mega mixed-use development in Muscat. The 200-key hotel, to be operated by Four Seasons, is being targeted for Q4 2027 opening.
In Saudi Arabia, Sumou Real Estate Company signed an agreement with Jubail and Yanbu Industrial Cities Services Company (Jabeen) valued at US$346 Mn to develop primary and secondary infrastructure works in addition to designing and constructing 1,104 residential units in Yanbu Industrial City. The contract is effective from 2 July 2024, with completion scheduled in 36 months.
Saudi Water Partnership Company SWPC issued a request for proposals for Riyadh – Qassim IWTP with a length of 859 Km, which will supply Riyadh and Qassim regions and its related governorates with 685,000 m3 per day of potable water.
Additionally, the project includes storage tanks with a total capacity of 1,591,000 m3 and 11 city gates. The project will be developed under the Build, Own, Operate, and Transfer (BOOT) model.
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