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AlUla Development Company signs a contract for a residential project

Staff Writer | Nov 06 2023

Ventures Onsite Construction News Update

In the news this week

The Public Investment Fund and Pirelli signed an agreement

In Saudi Arabia, The Public Investment Fund (PIF) and Pirelli Tyre S.P.A (Pirelli) announced today the signing of a joint venture (JV) agreement to build a tire manufacturing facility in Saudi Arabia. The plant is expected to start production in 2026, and the total investment in the JV is around US$550mn.

Mawani partners with Saudi Global Ports for a logistics park

The Saudi Ports Authority (Mawani) and Saudi Global Ports (SGP) have inked a deal to build a logistics park spanning over 1 million m² at King Abdulaziz Port in Dammam, with an investment of nearly US$266mn.

The logistics park will include warehouses and yards for storing and handling various dry and refrigerated goods. The park will feature a bonded and re-export area dedicated to sorting, distribution operations, and other value-added services.

The Saudi Power Procurement Company announces winning bidders

The Saudi Power Procurement Company (SPPC) announced the winning bidders for the Taiba-1, Taiba-2, Qassim-1, and Qassim-2 conventional IPPs projects. Each project has a power production capacity of 1.8 gigawatts (GW).

Saudi Electricity Company + International Company for Water and Power Projects (ACWA Power) are the winning bidders for Taiba 1 and Qassim 1. Al Jomiah Energy and Water + EDF + Buhur for investment submitted the winning bids for Taiba 2 and Qassim 2.

Al Akaria partners with AlUla Development Company

Saudi Real Estate Company (Al Akaria) announced it has reached an agreement with the Royal Commission for AlUla and AlUla Development Company to build a residential project over a 260,233 sq m area in AlUla. The Sidrat Alula project will feature 564 apartment units and 240 villas and townhouses.

Aldar Properties announces ‘Haven by Aldar’ project

In UAE, Abu Dhabi’s Aldar Properties announced its entry into Dubai with a 2428-unit mixed-use community project called ‘Haven by Aldar’ opposite Al Habtoor Polo Resort. The plan is to launch three projects, all being communities.

DURAR develops MASA Residence RAK

DURAR, a leading real estate developer in the UAE and one that is reputed for developing projects of high quality and craftsmanship has announced the development of MASA Residence, set to redefine coastal luxury living on the pristine shores of Al Marjan Island in Ras Al Khaimah.

Universal FINE Chemicals establishes a polymer manufacturing plant

Oman’s Sohar Port and Freezone announced that it signed a sub-usufruct agreement with Universal FINE Chemicals SPC for establishing the world’s second-largest polymer manufacturing plant in Sohar Port with a total investment of US$300mn.

Capital Group Properties appoints Innovo Group

In Egypt, Capital Group Properties (CGP) appointed Innovo Group to construct two new residential zones comprising 900 units within its Alburouj residential project in East Cairo. The construction contract for the two zones is valued at US$65mn.

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