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In the news this week
Dubai-based developer MERED announced its expansion to Abu Dhabi with the acquisition of a 11,890 square feet waterfront plot on Al Reem Island, Abu Dhabi, within the Abu Dhabi Global Market (ADGM) area.
The developer said the project planned for the plot will offer a combination of residential and
commercial spaces and is in the schematic design stage.
Oman’s Ministry of Transport Communications and Information Technology is expected to open bids for an international tender for the design and supervision services to develop the Khor Grama project in Ash Sharqiyah South.
The pre-bid clarification deadline is 15 August 2024. The cut-off date for submission of bids is the 1 September.
The National Bank of Kuwait – Egypt (NBK Egypt) has provided a US$93 Mn credit facility to EDECS International Engineering and Contracting Company for the construction of a new container terminal in Ain Sokhna Port, Egypt.
The project will increase Ain Sokhna port’s container handling capacity to 1.610 million TEUs annually.
The UAE Cabinet has approved 2,618 new housing units in H1 2024. This initiative is part of the UAE’s ongoing efforts to provide a decent life and suitable housing for all citizens, meeting their needs, enhancing their stability, and improving their quality of life.
Dubai-based ZaZEN Properties has announced the launch of its key development – ZaZEN Ivy – in Al Fujan, featuring 71 residential units. Set for handover in Q1 2026, the project boasts a plethora of amenities and ground-floor retail outlets catering to residents and visitors of Al Furjan.
ZaZEN’s second LEED-certified project following the success of ZāZEN Gardens, the UAE’s first LEED Gold-certified residential building.
Darco Real Estate Company has announced a US$129 Mn project in the Al Shati district of Jeddah. The project will span approximately 20,000 square meters over a waterfront area in Jeddah. It will feature 28 buildings with over 500 residential units, 600 parking spaces, and an assortment of recreational and sports facilities.
Damac Properties has announced the signing of a new contract with Modern Building Contracting Co (MBCC) for the Damac Harbour Lights, a 52-storey tower that will feature 294 luxurious apartments. MBCC will undertake the main works package, which includes the comprehensive construction of the tower and the parking block.
According to the Ventures Onsite Platform, the project, designed by Lacasa Architectural Consultants, is well under way, with shoring and piling works by Rabat Piling & Foundation Company.
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