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In the news this week
In UAE, Sankari Properties announced its plans to build a US$1 Bn twin residential tower development in Dubai’s Business Bay area. The project, planned to be completed by the fourth quarter of 2027, will comprise three, four and five-bedroom units.
Deyaar Development and Arady Properties have signed a Memorandum of Understanding with the aim of establishing a joint development project at Al Reem Island in Abu Dhabi. Following the MoU, both companies aim to enter a mutually acceptable joint venture shareholders’ agreement to pursue the project’s development, financing, construction, and sales.
Khalifa Economic Zones Abu Dhabi, KEZAD Group and Kings Aluminium Industries announced the commencement of construction for a state-of-the-art aluminium manufacturing and recycling facility in KEZAD with a total investment of US$204 Mn.
The facility spread across 100,000 square metres, will transform virgin aluminium and aluminium waste into high-quality reusable materials, reducing the carbon footprint associated with aluminium production.
In Saudi Arabia, King Salman Energy Park (SPARK) announced lease agreements with Abdulaziz & Brothers Safety Manufacturer (A&BC Reliable Protection), which produces high-quality Personal Protective Equipment (PPE) to set up their first facility.
Enjaz Al-Mustaqbal Industrial Company (Future Achievements) to establish a new manufacturing facility to support heating, ventilation, and air conditioning (HVAC) sector localisation efforts. SPARK also announced the start of construction for BAAS Gulf Industrial Company and Emerson.
Saudi Real Estate Infrastructure Company (Binyah) was awarded a US$192.5 Mn contract by Diriyah Company. The contract scope covers the excavation works for the Metro Box Central, Metro Box South, Metro Box East and associated works at the Diriyah Gate project in Riyadh.
The New Murabba Development Company (NMDC) appointed AtkinsRéalis to support the design of the New Murabba master plan in Riyadh.
New Murabba Development Company also signed an agreement with AECOM to provide project management services for all the buildings across the 19 million sqm New Murabba master plan excluding The Mukaab.
In Oman, Salalah Free Zone inked a usufruct agreement, with a total investment value of US$65 Mn, to establish a factory for the production of caustic soda, calcium chloride and ammonia chloride on an area of approximately 55,000sq.m.
Another usufruct agreement was signed for the establishment of a factory with an investment of US$100 Mn for the production of hydrogen peroxide and formic acid on an area of 174,000 sq.m.
