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In the news this week
Retal Urban Development Company announced signing sub-development agreements with National Housing Company to develop 803 Residential Units in South Jeddah Project located in Jeddah with total land area of 209,482.36 square meters. The project is estimated to cost US$169 Mn and has a construction period of 42 months.
The National Housing Company (NHC) also announced the launch of two new residential projects – Med Sadeem and Khayal Hostel – in the Sadayem and Khayala suburbs of Jeddah, featuring a total of 757 housing units.
Both the projects are being implemented by NHC under its public-private-partnership (PPP) projects scheme with Med Sadeem developed in partnership with Thabat Al Maskan Real Estate Company and Khayal Hostel will be implemented in partnership with Faisal Abdullah bin Saedan Company for Investment and Real Estate Development.
Diriyah Company announced the plans to bring in the Kingdom’s first Ritz Carlton Residences within the Diriyah project. The Ritz Carlton Residences will comprise 106 luxurious villas in traditional rich Najdi architecture with modern amenities and entertainment.
Elsewedy Cables KSA, has signed an agreement with the Royal Commission for Jubail and Yanbu (RCJY) in Saudi Arabia to establish a new Special Cables factory and Copper Rod factory in Yanbu Industrial City. The investment for this project amounts to US$320 Mn.
In UAE, Emirates Global Aluminium announced the start of construction of a pilot plant to convert bauxite residue, a waste stream from alumina refining, into manufactured soil. The pilot plant is thought to be the first-of-its-kind in the world. The UAE has limited naturally-occurring soil, and imports significant quantities each year for greening and agricultural purposes.
The 30-km extension of Dubai Metro, called Blue Line has been approved to be built at a cost of US$4.9 Bn. Blue Line will be connected to the existing Red and Green Metro lines, 15.5km of the line will be underground at a depth of up to 70 metres, and the remaining 14.5km will be elevated rail.
In Egypt, Al Riyadh Misr Developments announced the launch of its new residential project in New Cairo, Peerage, with an investment of approximately US$97 Mn, including US$23 Mn in the first phase. Mohamed Talaat Architects (MTA), Precision Consulting Engineering (PCE), and Ökoplan Landscapers will be involved in the design of the development.
