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In the news this week
In UAE, a Foundation stone has been laid for Bharat Mart, a market and trading platform for Indian businesses in Dubai, during a ceremony held at the World Governments Summit 2024.
The Mart be spread over an area of 2.7 million square feet, and with a first phase of 1.3 million square feet, Bharat Mart is set to become a mega distribution hub for Indian businesses for domestic trade as well as re-exports.
Khalifa Economic Zones Abu Dhabi (KEZAD Group) and UAE-based Titan Lithium have announced the signing of a 50-year land lease agreement for the establishment of a state-of-the-art lithium processing plant in the Khalifa Industrial Area.
To be developed in three stages and spanning an area over 290,000 sqm with US$1.36 Bn in investment, the plant will produce battery-grade lithium carbonate and lithium hydroxide for battery makers and electric vehicle OEMs around the world.
Damac Properties announced the launch of The Sapphire Tower in Dubai. The tower comprising 1, 2, and 3-bedroom apartments and townhouses will include an infinity pool, co-working spaces, a luxury spa retreat and a tranquil Canary Garden. Interiors are branded by de GRISOGONO for the luxury project.
In Saudi Arabia, Al Ayuni Investment and Contracting Company announced that it was awarded US$532 Mn worth contracts by Diriyah Company to carry out infrastructure development works within its mega development.
Al Ayumi also secured a design-and-build contract from Roshn Group for public facilities and residential units within the Alfulwa community in the Eastern Province.
Saudi Constructioneers (Saudico) announced it secured a major contract from Diriyah Company to build The Ritz Carlton Residences within its mega development project in the Kingdom. Ritz Carlton Residences will comprise 106 luxury villas inspired by the Najdi heritage and architecture.
Oman’s Ministry of Housing and Urban Planning awarded US$2.58 Bn contracts for the development of Phase One of its mega project – Sultan Haitham City in Muscat. The agreements were signed with Kohler Architects, SOM, Panter Hudspith Architects, and Altivia consultants, among others.
Spanning over a 5 million sqm area, the Phase One of Sultan Haitham City project will feature more than 7,000 residential units that can accommodate more than 39,000 people.
Egyptian developer ASALDI Properties announced its debut project Shades, a commercial project in East Cairo with an estimated value of US$81 Mn. The four-storey Shades will have a built-up area of 48,000 sqm and will have offices, shops, restaurants, clinics, recreational areas, and a parking area for more than 400 cars.
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