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In the news this week
In UAE, Azizi Developments is preparing to begin construction on the world’s second-tallest tower in Dubai. The exact height of the tower, expected to be over 700 meters, is yet to be announced.
To be completed in 2027, the project will include a six-storey shopping mall, over 700 residential units, and a luxury hotel with around 300 suites operated by the developer under a new hospitality brand.
GINCO Properties has launched its latest project, VYB At Business Bay in Dubai, a 21-storey residential building featuring 1 and 2-bedroom apartments. The project is expected to be completed in September 2025.
Mered, an international real estate developer, has announced its official launch in the UAE and will soon unveil its flagship project, in Dubai Internet City. The project is designed by the Italian group Pininfarina.
In Saudi Arabia, Al-Jouf Agricultural Development Co. awarded and signed a 25-year solar energy purchase contract with French energy firm Engie.
The agreement will be implemented at the company’s Busaita-base Al Jouf Agricultural Development Complex and will have a capacity of 8 MW. Construction works are scheduled to commence on Sept. 30, this year, with operations to start in 12 months.
Egypt’s Industrial Development Authority (IDA) announced in a press statement that Austria’s Kronospan plans to establish a factory in Egypt to produce wood-based panels, including flooring and Medium Density Fibreboard (MDF).
The company will initially invest $50 million in the project, and discussions are ongoing for allocating 100,000 square metres of land in Sadat City or the 10th of Ramadan City for the project.
As the construction industry races toward digital transformation, WakeCap, a leading technology provider, has signed a strategic long-term agreement with ENPPI KSA to provide technology-driven solutions that will be coupled with ENPPI’s expertise to enhance EMPPI’s project management solutions.
Saudi Arabia’s Ministry of Transport and Logistic Services is expected to release the tenders for Jeddah – Makkah and Jeddah-Jazan highway projects under the Public-Private Partnership (PPP) model by the first quarter of 2024.
The project, estimated to cost about $320 million is expected to be completed by the first quarter of 2028.
