Energy Aldar says retrofit project to save $11m per year in energy costs By Pramod Kumar August 24, 2022, 5:28 AM Creative Commons Aldar's retrofit project is expected to remove 80,000 tons of carbon emissions annually across its assets Abu Dhabi-listed Aldar Properties’ retrofit project will save AED 40 million ($10.89 million) per year in energy consumption costs, with the developer reporting it reduced energy consumption by 20 percent in 2021. In its 2021 Sustainability Report, the company said that the group’s retrofit project is the largest of its kind in the UAE and is expected to remove 80,000 tons of carbon emissions annually across its 80 hotel, school, commercial, leisure and residential assets. The developer last year also built its first solar hybrid power plant at one of its construction sites and signed a clean energy agreement with Emirates Water and Electricity to provide clean energy sources for up to five years. According to the report, Aldar recirculated AED 8.8 billion to the local economy through the national In-Country Value (ICV) programme by engaging with local contractors, consultants and suppliers, including small and medium enterprises. The UAE developer signed development project contracts worth AED 8.5 billion, including 16 contracts with UAE‑based companies.
Real Estate ‘Safe’ Sharjah attracts Kuwaiti investors to $950m project The emirate of Sharjah has been praised as “safe and business-friendly” by a Kuwaiti developer who has formed a partnership to develop a AED3.5 billion ($950 million) housing project in its burgeoning local property market. Talal Al-Bahar, vice-chairman and CEO of Kuwait Real Estate Company (Aqarat), said that investors were attracted to Sharjah because of […] 13 hours ago
Aviation Riyadh Air delays launch after Boeing setbacks Riyadh Air has been forced to push back its launch date to the third quarter of 2025 after delays to deliveries from Boeing. The new Saudi airline had been scheduled to begin flying early this year. It is a blow to Saudi Arabia’s tourism ambitions to attract 150 million visits a year. Riyadh Air was founded […] 14 hours ago
Tech KKR signs a $5bn Gulf data centre deal in Dubai KKR, the American investment giant, and the data centre platform Gulf Data Hub (GDH), based in Dubai, have signed a strategic partnership to invest $5 billion in data centres serving the Gulf. A joint press release on Friday said that funds “affiliated with KKR” will also acquire a stake in GDH, although it did not […] 15 hours ago
Real Estate Eagle Hills plans Trump hotel project with Kushner The Abu Dhabi-based developer Eagle Hills and Affinity Partners, an investment firm founded by Donald Trump’s son-in-law, Jared Kushner, have agreed to build a luxury hotel and apartment complex in Serbia’s capital, Belgrade. The project, on the site of the former Yugoslav defence ministry, will feature a 175-room Trump hotel as its centrepiece, and 1,500 […] 15 hours ago
