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In the news this week
In Saudi Arabia, the Red Sea Development Co. has signed a joint venture agreement worth US$400 million with Almutlaq Real Estate Investment Co. The two companies will develop the Jumeirah Red Sea, a 159-key luxury resort situated on The Red Sea destination’s hub island, Shura.
Saudi Aramco signed EPC contracts with six joint venture firms as part of a major expansion of its Namaat industrial investment programme. The six JVs involved in the deal include
Kent & Nesma; L&T and Gulf Consolidated Contractors; Samsung Engineering and Al Rushaid Group; Hyundai and Al Rashid Trading and Contracting Company; Saipem and Nasser S. Al-Hajri Corporation (NSH) and Sinopec Shanghai Engineering Company and Abdel Hadi Abdullah Al Qahtani & Sons.
In UAE, Dubai South Properties announced the launch of South Bay, a new master development in the heart of The Residential District at Dubai South. The new project will be home to over 800 villas and townhouses and more than 200 waterfront mansions. The development also features a 1-kilometre long crystal lagoon, more than 3 kilometres of a waterfront promenade, and multiple beaches.
The Kuwait Authority for Partnership Projects (KAPP) has issued the RFQ documents for 2 ambitious schemes – the 1.8GW Al Khairan Phase 1 and the 2.7GW Az-Zour North Phase 2 & 3 IWPPs for developers. The last date to purchase the RFQ package is Thursday August 4th, 2022.
Al Buraimi Industrial City in Oman signed an investment contract with Al Pharabi Company for Veterinary and Agricultural Medicines for the establishment of a veterinary and agricultural medicines, vitamins, food supplements and feed additives manufacturing facility. The project valued at US$5.2 Mn will be built on an area of 6000sq.m.
In Egypt, Al Qamzi Developments announced the launch of its new project, SeaZen — which spans 204 feddan and offering 2000 residential units including chatels and villas with a total investment worth US$742 Mn. Construction on the project will begin in October 2022 with first phase scheduled for completion in 2025.
