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In the news this week
The Royal Commission for Al-Ula signed an agreement with France’s Bouygues Construction to construct and manage the Sharaan Resort and International Summit Centre at Al-Ula, along with its joint venture partner Almabani General Contractors.
Designed by French architect Jean Nouvel, the resort features 40 rooms and covers a floor area of 37,860 square metres. The scope includes extensive civil engineering work and tunneling.
NEOM announced it has finalized contracts worth US$5.6 Bn with investors for the first phase of its workforce residential communities, making it one of the largest international public-private partnerships for accommodation.
The preferred bidders are Alfanar Global Development, Almutlaq Real Estate Investment Company (AREIC), Nesma holding Co., and Tamasuk involved via two separate partners: Al Majal Al Arabi Group Company and the Saudi Arabian Trading and Construction Company (SATCO).
Dubai South Properties awarded Ginco General Contracting a contract valued at $272 million for development of the initial phases of its master development, South Bay.
The project will feature over 800 villas and townhouses, more than 200 waterfront mansions, a 1km long crystal lagoon, more than 3 km of a waterfront promenade, beaches, clubhouse and lush parks.
Al Qandeel Contracting (AQC) secured a US$64.3mn main construction contract for Camelia cluster in Dubai’s DAMAC Hills 2.
The scope involves the construction of 515 villas and also includes a bird aviary, a beachside leisure area, and an outdoor family zone.
Abu Dhabi’s KEZAD Group signed a land lease agreement with Spain’s Tubacex Group to develop a production facility for OCTG-CRA tubular solutions, the first such manufacturing facility in the Middle East. The 50,000sq.m facility is expected to be operational by the end of 2024.
In Oman, Galfar Engineering and Contracting was awarded a multi-year contract worth US$726mn covering the delivery of off-plot facilities for the Qarn Alam oil field.
In Egypt, Masdar consortium closed a deal for world’s largest wind project in Egypt. Masdar, a leading global clean energy company, is collaborating with its partners, including Infinity Power and Hassan Allam Utilities. This groundbreaking project, set to be one of the world’s largest, carries a project value exceeding $10 billion.
Abu Dhabi’s Masdar has announced the signing of an agreement with Egypt’s New and Renewable Energy Authority to secure land for the construction of a 10GW capacity onshore wind farm.
