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In the news this week
In UAE, 2 contractors have been appointed for the development of the Wynn Resort in Ras Al Khaimah by Marjan, which is developing the integrated gaming resort in partnership with RAK Hospitality Holding and Wynn Resorts.
ALEC Engineering and Contracting (ALEC) was awarded the main construction contract, while German foundation specialist Bauer International will undertake the piling and enabling works. The integrated resort development on Al Marjan Island, scheduled to open in early 2027, is billed as the largest project of its kind in the emirate’s growing hospitality sector.
Samana Developers has launched its a G+3P+23 storey Waves-2 residential project, following the launch and sell out of its Waves-1 residential project.
Waves-2 is taking shape adjacent to Waves-1 in Jumeirah Village Circle (JVC) in Dubai, and will look to mimic the features of the Waves-1 project. The handover of the project is scheduled for Q1 2026.
Developer Nine Yards has entered the UAE’s real estate market with a $544.53mn waterfront project that is taking shape at Yas Bay on Yas Island.
Sea La Vie will include a range of luxury homes from one- to four-bedroom apartments, lofts, townhouses, duplexes and penthouses. Nine Yards is a partnership between Ethmar International Holding and Al Nahda International Holding.
LEOS International unveiled Hadley Heights, its first premium residential property development situated at the heart of Jumeirah Village Circle (JVC) in the UAE. The 216-unit Hadley Heights will be the first of many developmental projects coming from LEOS.
Three more projects are expected to be unveiled by the end of 2023, including the upcoming Hadley Heights II which will be a new addition to the Hadley series by LEOS Developments.
In Oman, Tibiaan Properties and Al Tamman Real Estate Company signed a contract to develop a one-of-its kind commercial and leisure project in Al Saada area of Salalah, in the governorate of Dhofar, named Ajwaa.
Spread on an area over 20,000sqm, the US$21 Mn project includes more than 220 commercial spaces making it an integrated commercial destination for work and leisure alike.
Marriott International, Inc. announced it has signed an agreement with Rua Al Madinah Holding Company to open eight hotels in the Holy City of Madinah in Saudi Arabia.
The planned properties will be part of the Rua Al Madinah Project and will feature approximately 4,400 rooms across eight of the company’s brands – The Ritz-Carlton, JW Marriott, Marriott Hotels, Westin Hotels & Resorts, Le Méridien Hotels & Resorts, Four Points by Sheraton, Aloft Hotels, and Courtyard by Marriott.
AD Ports Group has signed a 30-year concession agreement with the Red Sea Ports Authority to develop and operate a multi-purpose port in Safaga, Egypt.
As per the terms of the deal, the Abu Dhabi-based group will be responsible for the development and operation of a multi-purpose terminal at the Safaga Port.
