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In the news this week
Nestle announced it will invest US$1.86bn in Saudi Arabia in the coming 10 years, starting with a plant to make infant products and ready-to-drink coffee. The first plant is set to open in 2025 with an initial investment of US$100 Mn.
Saudi Aramco announced that it has signed 59 corporate procurement agreements with 51 local and global manufacturers including Baker Hughes, SLB, Halliburton, TechnipFMC, Cameron Al Rushaid among others, valued at $11 billion and with the potential to create 5,000 new jobs in the Kingdom over the next decade. The agreements are expected to reinforce Aramco’s robust supply chain and result in the development of materials manufacturing facilities in the Kingdom.
Saudi Arabia’s Dar Al Arkan and The Trump Organization signed an agreement in New York to develop a signature Trump Resort, including residential villas, a hotel, and a golf course in Oman’s AIDA project. The 100-meter-high hilltop complex, located in Muscat, is one of the world’s most significant luxury mixed-use real estate developments, with direct access to the sea.
Dubai International Financial Centre DIFC launched the first residential offering – DIFC Living and Innovation Two at its Innovation Hub which will feature more than 170 upscale residences embracing the future of living. Completion of the project is expected in 2025.
Aldar Properties has acquired a beachfront plot in Ras Al Khaimah to build its first residential community in the northern emirate. The 40,000-square-metre plot on Al Marjan Island will include 2,000 branded and premium residences with access to retail spaces, a beach club, and two kilometres of private beach.
Arada has unveiled its first project in Dubai with the launch of Jouri Hills at Jumeirah Golf Estates. Jouri Hills will comprise 294 high-end luxury villas located close to two world-class golf courses and will have world-class amenities. Construction on Jouri Hills will start in 2023, with the first homes scheduled to be handed over by June 2025.
In Egypt’s real estate scene, Lozan Urban Development Group launched a new entity named Methaq Development with planned investments exceeding $264 Mn. Another developer Naia Developments announced its plans to launch its new project Naia West in Sheikh Zayed, West Cairo in the first quarter of next year and also hinted that the company is currently studying new business opportunities in East Cairo.
