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In the news this week
In UAE, local developer Wasl awarded an estimated $1.2 billion contract to China State Construction Engineering Corporation to build The Island project. This project, which will be built on a 10.5-hectare island, will include the MGM, Bellagio and Aria hotel brands comprising 1,400 hotel rooms, apartments, retail, food, and beverage, and entertainment facilities.
Dubai Multi Commodities Centre (DMCC) and Sweid & Sweid have announced the launch of a new Grade-A commercial office space project, Sweid One, in the heart of the Jumeirah Lakes Towers district. The 500,000-square-foot project is set for completion in 2026.
Majid Al Futtaim announced the launch of Plagette 32, its latest waterfront neighborhood featuring an intimate collection of Water Bungalows and Club Villas in Tilal Al Ghaf, Dubai. Plagette 32 is an exclusive residential neighborhood consisting of 28 townhome-style Club Villas and four Water Bungalows, thoughtfully decorated by Bergman Design House.
In a major development last week, Saudi Arabia’s Riyadh won the rights to host the Expo 2030 World Fair. South Korea’s Busan and Italy’s Rome were also in the running to host the Expo, a five-yearly event that attracts millions of visitors and billions of dollars in investment.
King Abdullah Financial District Development & Management Company has awarded a design and build contract to Taj Dhabi, a subsidiary of UAE-based Trojan Construction Group, for two new developments at King Abdullah Financial District in Riyadh. The contract includes the construction of 2 eight-storey office towers. The multi-purpose complex also includes a retail podium covering a gross area of 167,763 sq.m, retail development spanning 50,000 sq.m and 1,900 parking spaces across five floors.
Saudi Entertainment Ventures, SEVEN announced a new project in the Aseer region with an investment of $347.8m. SEVEN Abha with a built-up area of more than 79,000 sqm and designed by Gensler, will include a family entertainment centre with arcade games and world-class rides. The centre will also include a Discovery Adventures jungle-themed edutainment attraction in collaboration with Warner Bros, a PLAY-DOH-themed entertainment centre licensed by Hasbro, and a state-of-the-art 12-hole indoor golf adventure area.
NEOM has unveiled its latest project, Siranna, an exclusive tourism escape destination. Situated on the Gulf of Aqaba coastline, this ultra-luxurious destination will be home to a 65-key hotel, as well as 35 exclusive residences.
