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Saudi Aramco has partnered with French oil giant TotalEnergies to build a petrochemical facility in Saudi Arabia with an estimated investment of around $11 billion. The petrochemical facility, Amiral will be owned, operated and integrated with the existing Saudi Aramco Total Refining and Petrochemical refinery located in Jubail.
The construction of the petrochemical facility is expected to begin in the first quarter of 2023 and the commercial operations in 2027.
Saudi based Retal Urban Development Company has announced that it has signed two agreements with Roshn for the development of a total of 554 residential units at its landmark project, Sedra in northern Riyadh with a total investment of $95 million.
The first project is expected to be completed within two years, the second project will take three years.
Saudi Arabia’s Red Sea International Company (RSI) has secured a contract from The Royal Commission for AlUla (RCU) to construct a turnkey housing complex in AlUla valued at $14.1m.
The contract covers the design, construction, supply, and installation of 150 modular high-quality and fully-furnished accommodation units on a turnkey basis for RCU. The units will later serve as the housing complex for RCU’s strategic projects in AlUla.
The Kingdom’s Rafal Real Estate Development and its JV partner Citic Construction, a subsidiary of China’s state-owned conglomerate Citic group, has reached an agreement with National Housing Company for the construction of an industrial complex and a housing complex in Riyadh.
The development will offer advanced green pre-cast to modular housing solutions in addition to related industries spanning electro-mechanical installation and other finishing materials as well as other essential materials for the construction of scalable social housing projects. The estimated capex of the complex and construction of the houses will be over $3.2 billion.
Saudi Arabia signed a memorandum of understanding (MoU) with Kuwait to develop Al-Durra offshore gas field, which will produce roughly one billion cubic feet of gas equally between the two countries.
The project is being jointly developed by Saudi-based Aramco Gulf Operations Co and Kuwait Gulf Oil Co and the output will be shared equally by the two nations.
In UAE, China State Construction Engineering Corporation announced that it has signed a contract for Rove Hotel Project and Hospitality Employee Accommodation Project at Al Marjan Island, Ras Al Khaimah.
The resort will comprise 441 rooms with a total built-up area of 20,000 sqm while the Employee Accommodation entails the construction of 11 low-rise residential buildings with a total of 2022 rooms.
Oro24 a new real estate developer in the UAE has launched its second project in the UAE. Levanto, an elegant complex consisting of three mid-rise buildings will be located in the popular Jumeirah Village Circle, the project offers 1-3 bedroom apartments as well as spacious 2 and 3-bedroom premium duplex apartments.
The project provides a range of lifestyle amenities including a library, a party room, a fitness centre & pool, and an arcade zone. More than 50% of the project was sold off plan on the first day of trading.
In Oman, Petroleum Development Oman (PDO) signed a Memorandum of Collaboration (MoC) with Borets company to establish local manufacturing facilities in the country to produce Permanent Magnet Motors (PMM) and industrial power cables, including electric submersible pump cables, which is a first in the region.
The two manufacturing facilities are expected to operate with an annual capacity of 3,000 km of power cables and 2,400 PMMs.
