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In the news this week
In Saudi Arabia, KUN Investment Holding and AlUla Development Company signed a strategic Shareholders’ Agreement to own and develop the Aman Hegra project, a distinctive hospitality and residential initiative in AlUla, Saudi Arabia.
The Aman Hegra project will include an expansive Aman resort, with 42 hotel/villa keys and 30 branded private residences, spread across a prime eight million square meters site in Hegra, the Kingdom’s first UNESCO World Heritage Site.
Ladun Investment’s subsidiary, Built Industrial Company, secured a US$49.4 Mn project contract from the Royal Commission for Jubail & Yanbu (RCJY) to build the headquarters of Jazan City for Basic and Downstream Industries. The HQ building will be built on a 28,697 sq.m area and accommodate approximately 1,500 employees.
Neom unveiled its latest development, Aquellum, designed by architecture studios LAVA and Name Architecture. The project design will be inside a mountain and will be centred around an “underwater open square”. Described as an “ultra-luxury upside-down skyscraper,” the building will contain hotel and retail spaces as well as residential apartments and “innovative hubs”.
Adel Real Estate unveiled blueprints of its mega project, Adel District at Dammam. Spread on a plot of 5.6 million sq.m, the development will include residential buildings, office spaces, mosques, shopping malls and retail centers, health centers, educational and recreational facilities, as well as creativity and innovation incubators and green spaces.
The Saudi Civil Aviation Holding Company (MATARAT), in collaboration with the National Center for Privatization & PPP (NCP), has invited Expressions of Interest (EOI) by 31 Jan 2024 from interested parties for the proposed Abha Airport Public Private Partnership Project to be built on a Build-Transfer-Operate (BTO) model.
The project will comprise a new passenger terminal building, with a capacity to accommodate more than 13 million passengers, a taxiway, an apron, access roads, a car park and all other support facilities.
RAK Properties announced the launch of its premium project, Quattro Del Mar, on Hayat Island in Ras Al Khaimah’s Mina Al Arab. Quattro Del Mar includes four towers comprising studios, one, two, and three-bedroom apartments, as well as luxurious sky duplexes and garden townhouses offering an integrated lifestyle hub with entertainment and world-class facilities.
In Oman, Nama Power and Water Procurement issued a request for qualification (RFQ) to investors interested in the development of the Ibri III IPP solar project with a capacity of 500 MW. Developers have until February 19 to submit a statement of qualification. The solar park will be built on an area of about 10 million sq.m and is estimated to cost nearly US$403 Mn.
