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In the news this week
ONE Development, a boutique developer with a presence in Abu Dhabi and Dubai, has launched its signature AED 2 Bn (US$544 Mn) Laguna Residence in Dubai’s City of Arabia.
This development, positioned as the first fully AI-integrated residential project in the region, will feature the largest lagoon on a podium flanked by two iconic high-rise towers. Designed for exclusivity, it offers residents uninterrupted views of the Dubai skyline and an elevated lifestyle experience.
Kuwait has announced plans for a colossal economic city close to the Iraq border in the Abdali area. The US$3.3 billion development is expected to include more than 22,000 housing units, hotels, and various amenities. This ambitious project, in the pipeline for years, is awaiting the finalization of an updated feasibility study.
Kuwait has signed a series of three-year road maintenance contracts totaling US$1.31 Bn with 18 local and international companies. The contracts, awarded in Sabhan, cover nationwide improvements and feature notable partners such as Turkey’s Limak, Qatar’s Al-Mohannadi For Roads, and the Combined Group Contracting Company from Kuwait.
Egypt’s Madinet Masr has partnered with Zahraa Maadi Investment and Development to develop a 42-feddan land plot in New Heliopolis. The project will establish a vibrant urban community, integrating residential and commercial spaces, with Madinet Masr holding a 64 percent stake and Zahraa Maadi a 36 percent stake in the venture.
Morocco is ramping up public investment, allocating nearly US$34 Bn in 2025, with significant projects aimed at enhancing infrastructure ahead of the 2030 World Cup. The 2025 budget represents a US$510 Mn increase over 2024, including projects focused on Morocco’s role as host of the 2025 African Cup of Nations.
Saudi Arabia’s Obeikan Glass Company plans to add a second float glass production line at its Yanbu facility, increasing production by 650 tons per day.
The US$138.5 Mn investment, funded through a mix of government backing, bank loans, and company resources, will supply advanced glass for the automotive and construction sectors. Commercial production is slated to begin in 2027.
NEOM has awarded an US$84.3 Mn EPC contract for a water recycling plant at Al Badaa to a consortium comprising International Water Distribution Company (Tawzea) and Spain’s Lantania. The project includes plant enhancements, an interim biosolids treatment facility, and a biosolids demonstration center, integral to NEOM’s sustainable infrastructure plans.
KASCO Developments, the latest venture from the established KASCO Group, has unveiled its debut project, ONDA, in Dubai’s Business Bay. The 23-story freehold community will encompass 348 residences designed with wellness in mind, including smart-home technology, community spaces, and wellness hubs.
The project features a mix of studios, one-bedroom, two-bedroom, and exclusive three-bedroom units, each offering modern, elegant interiors. Aimed at delivering a healthy lifestyle experience, ONDA’s construction is set to begin in Q4 2024, with completion and handover scheduled for Q2 2027..
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