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A US$435mn Union Properties new project in Motor City

Staff Writer | Dec 12 2022

Ventures Onsite Construction News Update

In the news this week

SWPC and Jubail Water Project

The Saudi Water Partnership Company invited expressions of interest for the potential development of Jubail 4 & 6 Independent Water Project using Reverse Osmosis seawater desalination technology.
The Project will be constructed with a 600,000 m3/day potable water capacity and will include the desalination plant and all associated infrastructure and facilities. Interested Bidders should express their interest to participate in the tender process by no later than 9 January 2023.

Saudi PIF hosts design competition

It has been reported that Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, has invited companies for a design competition to build a 2km-tall tower as part of a 18km2 master-planned development to the north of Riyadh, west of the existing King Khalid International airport. The project is understood to cost about $5bn to build.

Saudi Arabia approves US$296bn budget for 2023

Saudi Arabia approved a budget of SAR1.114 trillion (US$296 billion) for 2023 and is expected to post a surplus of 16 billion riyals. Total revenue of 1.13 trillion riyals is expected. GDP growth is forecast to slow to 3.1% in 2023 from 8.5% this year.

Dhs.205 Bn of expenditure allocated for Dubai

In the UAE, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, has approved the emirate’s budget for 2023 to 2025 which allocates Dhs.205 billion of expenditure. Dubai’s 2023 budget proposes expenditures of Dhs.67.5 billion and revenues of Dhs.69 billion.

Union Properties unveiled Takaya in Motor City

Dubai-based Union Properties has unveiled a US$435 million development in Motor City called Takaya, which will have 788 units across three towers including 39 townhouses, five villas, 744 apartments and 55,000 square feet of retail space.
It will include a 450m podium-level sky garden that will connect the townhouses, villas and apartments, plus electric vehicle charging stations.

Prime healthcare builds hospital in Healtcare City

Dubai-based Prime Healthcare has broken ground on its new US$122 Mn hospital in Dubai Healthcare City. Designed by Stantec, the project will be a nine-storey 33,000 sq m facility, that will offer advanced treatment for heart, lung and oncology diseases and a wide spectrum of other specialties.

Metropolitan Premium Properties closes deal

Metropolitan Premium Properties and Mallorca Properties have closed Dubai’s single biggest residential land transaction to date – a USD 187.6M deal for three plots at Dubai Marina. The built-up area of the transaction is over 1.7 million sq. ft.
The total seafront plot is over 100,000 sq. ft. directly on Dubai’s most luxurious marina with unobstructed views of the sea, Dubai Eye and Palm Jumeirah. Ultra-luxury apartments and penthouses are expected to be developed on the plots.

Abu Dhabi Airports signs with Bombardier

Abu Dhabi Airports announced the groundbreaking of Bombardier’s new service centre last week located at Abu Dhabi International Airport which will feature a 100,000sq.ft hangar, parts depot and a complete suite of maintenance services. The facility is scheduled to be operational in 2025.

Jindal shadeed oman spends US$3bn for green steel plant

In news from Oman, Jindal Shadeed Group announced plans to spend over $3bn for the construction of a green steel plant in the Sultanate. The facility is to be built at the Special Economic Zone at Duqm (Sezad) at Duqm in Oman and is expected to produce five million metric tonnes of green steel a year.

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