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In the news this week
In Oman, Tawoos Group entered into an agreement with the Ministry of Housing and Urban Planning (MoHUP) for developing a 12,000 sq.m plot of land comprising offices, residential and retail space. Al Khuwair Downtown, with an investment of US$1.3 Bn, will include towers as high as 35 and 40 storeys, with a design by Zaha Hadid.
In UAE, Majid Al Futtaim Development appointed Innovo Build as the main contractor for its US$817 Mn Elysian Mansions project within its Tilal Al Ghaf community in Dubai. The project will feature a distinct collection of five-to-six-bedroom waterfront villas inspired by Greek mythology, with living areas starting at 11,000 sq. ft.
Khalifa Economic Zones Abu Dhabi – KEZAD Group and Automotive Precision Technology (APT) announced the signing of a plot lease agreement for an automotive aluminium component manufacturing facility. The 30,000 sqm advanced manufacturing facility in KEZAD will be operational by early 2025.
In Saudi Arabia, Arcapita Group Holdings Limited and RIKAZ announced a partnership for the development of a logistics park called The Node in Riyadh. The Node will be a 3Mn sqm development poised to become Riyadh’s premier logistics hub with the first phase of the project to cover an area of approximately 400,000 sqm housing ‘grade A’ warehousing facilities.
Raffles Hotels & Resorts and NEOM unveils plans to debut a new resort in Trojena in the Kingdom. Slated to open in 2027, the resort will have a unique and striking ring-shaped design and 105 guestrooms.
The Board of Directors of NEOM also announced Elanan, an exclusive guest retreat that redefines luxury and well-being experiences set in the heart of nature. Featuring 80 bespoke rooms and suites, the retreat is designed with well-being at its core, offering a unique nature resort that embraces all the senses.
The Kingdom’s Roads General Authority (RGA), in collaboration with the National Center for Privatization & PPP (NCP) and Aseer Development Authority, announced the launch of an Expression of Interest (EOI) for the Design-Build-Finance-Operate-Maintain of 136 km Aseer – Jazan highway project.
The highway includes 6 intersections, 57 bridges with total lengths of 18 km and 11 tunnels with a length of 9.2 km. All interested companies should submit their EOI by 19, March 2024.
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