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In the news this week
In Saudi Arabia, the National Housing Company (NHC) signed an agreement with China State Construction Engineering Corporation (CSCEC) to build 20,000 housing units of various sizes and designs across multiple regions of the Kingdom. The contract will also include developing health, educational, and commercial facilities. NHC aims to deliver more than 300,000 housing units by 2025, with a total value exceeding US$66.65 Bn.
New Murabba Development Company last week unveiled the design of New Murabba Stadium, an architectural marvel with a capacity of over 45,000. Inspired by the layered overlapping planes and peeling planar texture of the native Acacia tree, the stadium will be a central pillar of “New Murabba” the transformative downtown destination in Riyadh City.
Saipem secured two offshore projects in Saudi Arabia totalling approximately US$500 Mn. Saipem’s scope of work under the first project involves the engineering, procurement, construction and installation (EPCI) of a crude trunkline of approximately 50 kilometres with a diameter of 42 inches for the Abu Safah Field. The second project involves production maintenance programs at the Berri and Manifa Fields.
ADNOC Gas plc announced the award of EPC contracts for the next phase of the UAE sales gas pipeline network enhancement ESTIDAMA Project by which the natural gas pipeline network will be extended from approximately 3,200 km to over 3,500 km, enabling the transportation of higher volumes of natural gas to customers in the Northern Emirates. The EPC contracts worth a total of US$550 Mn were awarded to NMDC Energy P.J.S.C and Galfar Engineering & Contracting W.L.L Emirates.
Aldar Properties and DP World have signed a strategic agreement where Aldar will fund and develop a 1.55 million sqft Grade A logistics park at National Industries Park (NIP) in Jebel Ali, Dubai. The logistics park will comprise three buildings that can be modified to become single or multi tenanted facilities, offering flexibility for third-party logistics (3PL), eCommerce and retail tenants. Construction of the new logistics park will begin in Q4 2024, with the first tenants set to be welcomed in Q4 2025.
Sobha Realty entered into an agreement with Umm Al Quwain Properties for the launch of a luxury real estate project on the Al Siniya Island in the northern emirate. The Al Siniya Island project will offer residents an array of unique amenities, such as a family golf course, floating pavilion, event halls, helix bridge, light and water show, white sand beaches, mangrove and tide trail, fiesta square, community centre, eco-park and a play zone, among others.
Two other high-end project launches for Dubai last week included One Residence by Ginco Properties in Downtown Dubai with an investment of US$327 Mn and Trump Tower by Dar Global. One Residence will comprise 453 luxury residences across 30 floors and designed by renowned architect Brad Wilkins while the Trump Tower will feature a Trump hotel and branded residential units.
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