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In the news this week
H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, has approved a portfolio of public-private partnership projects of the Dubai Government valued at $10.9bln. Over a period from 2024-2026, the new PPP projects portfolio will cover ten fundamental economic sectors.
The Muscat Municipality on Wednesday announced the expansion of the Muscat Expressway, with the tender floated for adding three lanes each on both sides between the Al Qurm and Halban Interchanges and then connecting the Batinah Expressway.
Saudi Entertainment Ventures (Seven), a subsidiary of PIF (Public Investment Fund), has awarded a major contract to the Egyptian group Hassan Allam Holding for the construction of an entertainment complex in the kingdom. The complex will be built on a 160,000 sq m area at Al Khuzama in Al Kharj region of Central Saudi Arabia. Gensler and Dar Al Handasah are the project consultants and the Mace Group is the project management consultant.
NEOM has unveiled Treyam – a premier resort positioned where the spectacular desert landscape meets the sea. Treyam, hosting a 250-room luxury resort, is a fusion of futuristic architecture with the region’s natural beauty and is said to deliver an unparalleled visitor experience.
Treyam is designed for adventure and endeavour. The resort will boast a variety of exhilarating pursuits, such as sailing, diving, and other water sports, along with exciting land-based activities.
Egypt’s Pioneers Properties for Urban Development has launched phase 1 of a housing project in New Cairo called Ivoire East. The project is located on an area of 438,000 square metres in a prime location in New Cairo. The project will accommodate more than 1,000 families, with expected contracted sales of an estimated US$957 Mn and investments of nearly US$468 Mn.
His Highness Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai announced that Nakheel and Meydan are to be merged under the umbrella of Dubai Holding, the boards of directors of Nakheel and Meydan will be abolished.
The two companies will join forces with Dubai Holding in an effort to sustain and advance growth through a unified and integrated vision that builds on gains, spurs efforts and boosts Dubai’s global competitiveness. Sheikh Ahmed bin Saeed will lead the entity.
Oman’s Ministry of Housing and Urban Planning (MoHUP) has announced plans for a concept-led waterfront project, Al Khuwair Muscat Downtown and Waterfront Development, to be built in the capital at a total investment of US$1.3 Bn.
Spanning 3.3m sqm, the project has been designed by Zaha Hadid Architects (ZHA). The sustainability-led design is said to prioritise the well-being of residents and visitors and will redefine urban living in Oman at a time when Muscat’s population is anticipated to almost double from 1.5m to 2.7m inhabitants by 2040.
