Latest GCC construction news
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In the news this week
Saudi Real Estate Co. (Al Akaria) signed a memorandum of understanding (MoU) with Al Tahaluf Real Estate Co. to develop 250 residential villas within the Al Akaria Park masterplan in Riyadh. The project is estimated to cost US$100.53 Mn.
The Public Investment Fund signed a joint collaboration agreement with Samsung C&T Corporation – Engineering & Construction Group. As part of the deal, Samsung C&T Corp will build modular homes in Neom or in Riyadh.
Saudi-based Red Sea Global has awarded a primary infrastructure and utility contract worth US$266 mn to Al Ayuni Investment and Contracting Company to deliver first phase of the Amaala development in the Kingdom.
Amaala’s first phase comprises the Triple Bay masterplan, which includes eight hotels and upwards of 1,200 hotel keys, upon full completion in 2027.
In UAE, the KEZAD Group signed an agreement with Emerging World FZC, the sole importer of PRAN-RFL Group’s products in the Middle East region, to establish a Programme for Rural Advancement Nationally (PRAN) manufacturing plant.
The US$30mn facility, developed in multiple phases, will spread across 42,000 square meters in KEZAD.
Yas Holding has announced the launch of a new real estate division named Taraf. Set to be a luxury and boutique residential property developer, Taraf aims to deliver thoughtfully curated and exclusive residential properties in iconic and prime locations across the UAE.
SolarWadi, Oman invited interested parties to submit their Expression of Interest to develop an 86-100 MW PV Power Plant in the Sohar Industrial City, Oman. The deadline for submission of EOIs is 09 February 2023.
In Egypt, Palm Hills Developments and the Egypt Education Platform signed an agreement to establish the GEMS British International School of Badya”. The school is planning to open its doors in September 2024.
And also in Egypt People & Places, the next-generation community maker, signed contracts with Solid and ASASS Construction companies to begin the construction of its first development, “THE MED” in Ras El Hekma, Egypt.
Phase 1 construction is expected to commence in the first quarter of 2023, the project is valued at US$53mn