Construction Diriyah begins second-phase work with $202m contract Diriyah Company, backed by Saudi Arabia’s Public Investment Fund, has awarded a SAR758.5 million ($202.2 million) contract to China Harbour Engineering Company for bulk excavation works in the second phase of the Diriyah giga-project. The excavation will span 6.3 sq km, covering much of the second phase of the 14 sq km development. More than 600 […] December 18, 2024
Real Estate Ardco sets up $933m fund to develop Riyadh project The Riyadh Development Company (ArdCo) and three partners have set up a SAR3.5 billion ($933 million) real estate investment fund to develop a mixed-use project in the Saudi capital. The project will include residential, office and commercial spaces, as well as hotels. When built, the towers in the Urban Wadi, part of the Sports Boulevard […] December 17, 2024
Opinion Construction Dubai has no plans to give up its crown. Now DIFC 2.0 is coming The masterplan for the next two decades of Dubai International Financial Centre is being implemented December 16, 2024
Construction Developer Modon signs deal for UAE green steel Abu Dhabi property company Modon is poised to be the first customer of a UAE pilot project to make sustainable steel with green hydrogen. Modon has entered a tentative agreement to purchase the more environmentally friendly construction material from Emsteel Group, which has been manufacturing it through a partnership with the Emirati renewable energy company […] December 16, 2024
Opinion Infrastructure Rebuilding Syria would revive its nexus status A stable environment in Syria, Lebanon and Iraq would encourage an influx of foreign capital December 16, 2024
Real Estate Emaar hikes dividend distribution for 2024 Emaar Properties said on Friday that it would double dividend payouts in 2024 over the previous year. The Dubai-listed property developer will disburse AED 8.8 billion (US$ 2.4 billion), or 100 percent of its share capital, up from AED 4.4 billion (US$ 1.2 billion) in 2023, according to a press release. “At Emaar, our priority […] December 13, 2024
Giga-projects Neom invests in Danish robotics company Neom Investment Fund (NIF) has invested in a Danish robotics company that specialises in automation technology for the construction industry. NIF, the investment arm of Saudi Arabia’s $500 billion futuristic giga-project Neom, will put funding into GMT Robotics, which builds robotic systems for the rebar concrete-reinforcing sector. The value of the investment was not revealed. […] December 13, 2024
Construction Zahid bids for South African equipment firm Zahid Group, a Jeddah-based conglomerate involved in everything from mining to hospitality, is leading a proposed $1 billion-plus takeover of Barloworld, a listed South African construction equipment company. Gulf Falcon Holding, a Zahid Group subsidiary, and Entsha, a South African construction company that is linked to Barloworld’s CEO, Dominic Sewela, have made an offer of […] December 13, 2024
Leisure & Hospitality Hilton to triple Egypt presence with new brands Hilton is planning to triple its presence in Egypt, increasing the number of hotels to 25 and expanding its footprint to more than 40 properties. The expansion includes the opening of its lifestyle brand, Tapestry Collection, on the African continent, as well as Egypt’s first Curio Collection and a resort under the Hilton Hotels & […] December 13, 2024
Real Estate Trump Towers proposed for Saudi and UAE capitals The Trump Organization intends to build Trump Towers in Riyadh and Abu Dhabi, marking its expansion across the Gulf region. The projects will be developed in partnership with Dar Global, the global development arm of Saudi-listed Dar Al Arkan, Eric Trump, the US president-elect’s son, told Reuters. The Abu Dhabi project is scheduled for launch next year, he said. Ziad El […] December 13, 2024
Aviation PIF acquires 15% stake in London’s Heathrow airport Saudi Arabia’s Public Investment Fund (PIF) has acquired a 15 percent stake in FGP TopCo, the holding company of Heathrow Airport Holdings. The stake was purchased from Spanish infrastructure giant Ferrovial and other FGP TopCo shareholders. Simultaneously, Ardian, a Paris-headquartered private equity fund, has acquired 22.6 percent of FGP TopCo from the same shareholders through a […] December 13, 2024
Analysis Economy The pros and cons for Turkey of a Syrian exodus The end of the civil war in Syria will, at least in time, offer strong economic opportunities for neighbouring Turkey, though there could also be a few unwanted costs coming as part of any peace dividend. On December 10 Turkish officials said they were developing plans to support up to 2 million of the 3.2 […] December 12, 2024
Tourism Saudi Arabia donates $52m for Paris Pompidou Centre renovation Saudi Arabia has agreed to donate €50 million ($52 million) towards the renovation of the Pompidou Centre, one of the landmark buildings in Paris. Officially named Centre National d’Art et de Culture Georges Pompidou, the building is closing next year for five years for renovation works. Famous for its inside-out architecture and colourful exterior, it […] December 12, 2024
Sustainability Morocco partners with central African nations on EV plan Morocco, the Democratic Republic of Congo (DRC) and Zambia have joined together to develop the infrastructure needed for electric vehicles (EVs), as they strive to lower their dependence on fossil fuels. The three nations will club their resources and experiences to support the development of EV batteries and battery precursors. Developing carbon-free transportation is essential […] December 12, 2024
EXCLUSIVE Construction Masdar City struggles to find contractors for cutting-edge projects Masdar City, Abu Dhabi’s flagship sustainable eco-city project, is facing a shortage of contractors skilled enough to meet the demands of its ambitious projects, a senior executive has warned. Masdar, the UAE’s clean energy company, is the anchor tenant at Masdar City, with the Mubadala Investment Company, one of Abu Dhabi’s sovereign wealth funds, ashareholder […] December 12, 2024
Analysis Sustainability Red Sea coral to get extra protection from tourists Saudi Arabia has vowed to implement a series of measures to protect its Red Sea coral reef over the next five years as it pushes ahead with major tourism projects in the area. But experts have warned that Saudi coral remains at risk, even with major spending policies. According to the National Red Sea Sustainability […] December 12, 2024
People & Lifestyle UAE’s Arada strengthens gym holding Arada has finalised the purchase of three UAE-based gym brands, bringing its total number of premises operated across the Gulf state to 15. The real estate developer said that the women-only FitnGlam, boutique exercise hub The Platform Studios and recently launched health club Fitcode make its fitness and wellness division, Wellfit, worth more than AED1 […] December 10, 2024
Opinion Construction Oman’s heritage is at stake as it seeks investors for ‘lavish’ city The growth of Muscat must be handled with sensitivity December 10, 2024
Construction Turkish builders sense opportunity in Syria Turkey’s construction sector is hoping to build on the rubble of the collapsed Assad regime in Syria. There are high expectations that Turkish companies will be in the running to win valuable contracts to replace damaged housing and infrastructure. There were sharp rises in building shares on the Istanbul Stock Exchange on December 9, the […] December 10, 2024
Infrastructure Parsons signs deal to improve Riyadh’s road network US company Parsons Corporation has won a contract to manage the development of Riyadh’s road network, as the Saudi capital city gears up to host Expo 2030 and the Fifa World Cup 2034. The $53-million three-year contract was awarded by the Royal Commission for Riyadh City (RCRC) to the New York Stock Exchange-listed company, which […] December 10, 2024
Development Abu Dhabi fund backs social housing project in Africa The Abu Dhabi Fund for Development (ADFD) will provide financing of AED183.5 million ($50 million) for a social housing programme in Abidjan, Côte d’Ivoire. The first phase of the scheme includes 25,000 housing units and expands ADFD’s geographic reach across the African continent. The investment in critical infrastructure projects will promote sustainable economic and social […] December 10, 2024
Real Estate Dar Global plans two Trump-branded projects in Riyadh Real estate developer Dar Global has signed an agreement with The Trump Organization to build two “landmark projects” in Riyadh. No details were provided on the Trump-branded projects, which are set to be the fourth and fifth collaborations between the two companies. Dar Global, the international arm of Saudi-listed developer Dar Al Arkan,said the projects […] December 9, 2024
