McDermott secures EPCI contract from Saudi Aramco


Posted on January 20, 2017 by Editor

McDermott International said it was secured a major contract from Saudi Aramco to provide engineering, procurement, construction and installation (EPCI) services to four jackets and three gas observation platforms offshore Saudi Arabia.

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Work on the contract is expected to be executed through the fourth quarter of 2017. The total weight of all structures combined is 11,595 tons.

On the contract win, Linh Austin, McDermott’s VP (Middle East & Caspian) said: “As the third fast-track jacket contract from Saudi Aramco in the last 18 months, this award is a testament to McDermott’s successful performance on previous fast-track projects for the company.”

In 2015, McDermott was awarded a project by Saudi Aramco for the EPCI of twelve jackets; a project successfully completed in 2016.

The company is currently executing EPCI work for Saudi Aramco on nine jackets offshore Saudi Arabia, which are expected to be delivered in the third quarter of 2017.

For this project, McDermott plans to use its engineering teams in Dubai (UAE), Chennai (India) and Al Khobar (Saudi Arabia) with construction taking place at its fabrication facilities in Dubai and Dammam (Saudi Arabia). Vessels from McDermott’s global fleet are scheduled to perform the installation work, according to Tradearabia news report.

“McDermott’s fully-integrated EPCI solution provides Saudi Aramco schedule certainty, one of their key drivers, while helping them meet their aggressive schedule,” remarked Austin.

The US group delivers fixed and floating production facilities, pipelines and subsea systems from concept to commissioning for complex offshore and subsea oil and gas projects to help oil companies safely produce and transport hydrocarbons.


GE to set up power plants in Iraq


Posted on January 20, 2017 by Editor

General Electric (GE) has secured more than $1.4 billion in orders from Iraq’s Ministry of Electricity to set up power plants as well as provide technology upgrades and maintenance services.

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The announcement further strengthens GE’s collaborations in Iraq to support the country’s power infrastructure and meet the growing need for electricity.

These new agreements that will add over two gigawatts (GW) of power and secure the delivery of ~1.75 GW of existing power to the national grid.

As per the deal, GE will set up the Samawa and Dhi Qar power plants, adding 1,500 megawatts (MW) to the grid. In the first phase of the project, the company will install four 9E gas turbines in simple cycle at each site by 2018.

The second phase will entail the combined cycle conversion of the 9E units.

GE will also be supplying advanced heat recovery steam generators (HRSG) and steam turbine technology besides serving as the engineering, procurement and construction (EPC) contractor for the projects.

Under Phase Two of the Power Up Plan – a plan with the Iraqi Ministry of Electricity (MoE) for critical electricity generation and maintenance projects throughout the country – GE will add over 580 MW to the national grid through upgrade and rehabilitation works at four power plants.

Additionally, under Power Up Plan Phase Two, the technology giant will sustain ~1.75 GW of existing power generation through the maintenance of 9E gas turbines across six different power plants in Iraq. The activities will help enhance the reliability and efficiency of Iraq’s installed base.

Steve Bolze, president and chief executive of GE Power, said the announcement builds on GE’s successful delivery of more than 700 MW of additional power through existing power generation infrastructure to the national grid last year as part of the Power Up Plan’s Phase One.

The company is already working with regional and international institutions to facilitate financing to help the Government of Iraq execute these and other projects.

Since 2016, it has helped the country secure $2 billion in financing for projects in the energy sector leveraging its global sourcing capabilities coupled with its strong relationships with lenders.

Musaab Al Mudarris, official spokesman, Iraqi Ministry of Electricity, said: “The announcement with GE is another strong statement on our commitment to strengthen the nation’s power infrastructure. We are focused on delivering reliable, uninterrupted and efficient electricity supply for both residential and commercial use.”

“With demand for electricity increasing every year, a transformational approach is required that is led by new projects and technology upgrades,” he noted.

“We are pleased to be working in collaboration with the Ministry of Electricity to continue to help provide power to the people of Iraq,” said Bolze, according to Constructionweekonline news report.

“Using GE’s expanded portfolio of technologies and solutions, this project will provide more reliable and sustainable electricity for the country to help achieve better operations and higher levels of efficiency,” he added.

GE has over 40 years of presence in Iraq, and supports the country’s infrastructure needs in power generation, oil and gas, water processing, aviation and healthcare, through diversified multi-business solutions and local presence.


UAE real estate gears to make positive strides in 2017


Posted on January 20, 2017 by Editor

Having bravely negotiated a rather tough 2016, the UAE real estate sector, spearheaded by its two major markets Dubai and Abu Dhabi, appears well geared to make positive strides this year, said a report.

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Despite the effects of global events such as Brexit, the US presidential elections and a continued liquidity crunch owing to low oil prices resonating across markets worldwide, the diversity of the UAE economy helped the country sustain these headwinds and players in its various business sectors, including real estate, continued with mega projects, according to UAE property portal Bayut.

Projects such as Dubai South, Jumeirah Central and Dubai Creek Harbour showcase the faith developers continue to place in the real estate sector, which in turn inspires confidence in domestic and international investors, it stated.

Across 2016, average apartment prices in Dubai were down 11 per cent to Dh2.29 million ($623,295) from the 2015 average of Dh2.57 million, and rents faced a similar downward trend, dropping six per cent from the 2015 average.

Rents were down six per cent on average in Abu Dhabi as well, but unit prices stayed stable overall, coming down by just 1 per cent on average across the year, said the report.

There remained some pressure on apartment rents in Dubai as new stock was made available in several areas across the emirate. Moreover, an exodus to the suburbs also had an effect on rents in the main parts of the emirate, it stated

According to Bayut, on an average, studio units faced a rental price drop of eight per cent in 2016, coming down to Dh57,000 from the 2015 average of Dh62,000.

The average price for studios also dropped by five per cent to Dh0.77 million, but the average rental yield for unit owners remained attractive at 7.4 per cent. One-bed units faced a similar trend with the average price coming down by 10 per cent and average rent falling 5 per cent to Dh96,000 over the course of 2016.

The average yield for one-bed units in 2016 was seven per cent, it stated.

On the Dubai apartment scenario, Bayut said the average rent for two-bed units dropped eight per cent to the Dh145,000 mark, and the average price for two-bed units was down 11 per cent to Dh2.5 million. Rental yield for the category topped out at 6 per cent in 2016.

On average, three-bed and four-bed units saw rental price drops of six and eight per cent respectively in 2016, landing at the Dh202,000 and 305,000 marks.

The average prices for these categories also came down by 11 per cent and 15 per cent over the course of 2016, with respective yields recorded at 5.4 per cent and 3.5 per cent, it stated.

The top localities for both renting and buying of apartments in Dubai were Dubai Marina, Jumeirah Lakes Towers (JLT) and Downtown Dubai. While Bur Dubai and Dubai Silicon Oasis were a hot favourite among the tenants for their rents, Palm Jumeirah and Dubai Sports City were the hotspots for buying apartments.

The 2016 closing saw authorities in the emirate reintroducing the five-per cent rental increase cap for the residential sector, despite rents falling by an average of six per cent over the course of the year, said Bayut.

The move was aimed at protecting tenants from arbitrary rental hikes by owners that did not align with market norms, a move welcomed far and wide, it stated.

On Abu Dhabi market, Bayut said in terms of rental prices, it had noticed a fall in values across all categories, with studio unit rents dropping the most during 2016, losing eight per cent of value.

The average rent for these units came down to Dh58,000 from the 2015 average of Dh63,000. However, unit owners still earned an average yield of 8 per cent as average unit prices also fell by 1 per cent to Dh0.72 million.

In the one-bed category, unit prices were down two per cent in 2016 on average, while average rents came down by six per cent to Dh92,000. The yield for the popular category was recorded at 7.2 per cent.

The rental average for two-bed units was down five per cent, landing at the Dh132,000 mark, with the average price for units remaining at Dh1.86 million in 2016. According to Bayut statistics, the average two-bed unit returned a rental yield of 7.1 per cent.

Larger units with three bedrooms cost Dh2.71 million on average in the outgoing year, matching the 2015 average for the category, but rents fell by six per cent to Dh175,000 on average and the yield topped out at 6.5 per cent.

The largest apartment category, the four-bed units, commanded an average rent of Dh240,000, down seven per cent from the previous year’s average of Dh257,000. The average price was close to the Dh4.65 million mark, while unit owners earned an average rental yield of 5.2 per cent in 2016.

The top localities for renting of apartments in 2016 were Al Reem Island; Al Raha Beach; Khalifa City A; Corniche Area and Al Muroor, while for buying residential units, the best hotspots were Al Reem Island; Al Raha Beach; Al Reef; Saadiyat Island and Al Ghadeer.

On the 2017 outlook, Bayut said with prices having levelled out and rents rationalising, the real estate markets in the two main emirates appear closer to maturity than ever, where inflationary and haphazard overnight gains are quickly becoming a thing of the past.

The overall UAE market is much more suitable for long-term indulgence, one where attractive rental returns and natural capital value gains keep the stakeholders engaged.

For tenants, there could be no better time to seriously consider becoming a property owner. With reduced rental costs, there is generally more going towards savings now, and affordable prices coupled with the easy payment plans on offer have made the transition from tenancy to ownership much easier, said the Emirati property portal, according to Tradearabia news report.

With a topsy-turvy 2016 in the rear-view mirror, this year is likely to be the one when preparations for the Expo 2020 gain full momentum and when the engines of job growth, infrastructure development and economic prosperity are set to rev at full speed, it added.


Dewa outlines key strategies and projects towards renewable energy objectives


Posted on January 20, 2017 by Editor

Dubai Electricity and Water Authority (Dewa) on Thursday (January 19) outlined its key strategies and projects towards achieving the UAE’s renewable energy objectives including cutting dependence on fossil fuels, and reducing emissions.

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The biggest challenge that governments will face in the future is meeting their growing energy needs, enhance energy security and sustainability and mitigating their environmental effects, said Saeed Mohammed Al Tayer, the managing director and chief executive of Dewa.

He was giving a keynote speech in a session titled ‘Meeting the UAE’s Renewable Energy Targets’ at the World Future Energy Summit (WFES) during Abu Dhabi Sustainability Week 2017 in the presence of Suhail Al Mazrouei, UAE Minister of Energy.

“The energy sector is a major element of our economic, environmental, and social development and in Dubai, we are diversifying to increase the share of clean energy in our energy mix,” remarked Al Tayer.

“Recently, the clean and renewable energy sector has developed considerably, so we are preparing to bid farewell to the last drop of oil. We are making major technological advances in energy and making the most of solar power. We are also committed to the global environment by reducing our carbon footprint,” he added.

Dewa said it has signed several memoranda of understanding (MoUs) with international organisations to train its employees in Europe, and the US, to exchange expertise and learn about the latest international developments in energy, water, and environment, and enhance knowledge exchange with international organisations.

The utility firm also sent several of its engineers to international institutions to study renewable energy, remarked Al Tayer, according to Tradearabia news report.

Dewa, said the top official, cooperates with the International Renewable Energy Agency, and the United Nations to research renewable and alternative energy, to reduce the carbon footprint and limit greenhouse gas emissions.

“We will continue to build more renewable and clean energy projects, to achieve the UAE Vision 2021 to make the country one of the best in the world and enhance sustainability and make it a global platform for innovation to benefit the Emiratis and expats to contribute to a brighter and more sustainable future for all,” he added.


Doha Festival City enters its final phase of development


Posted on January 20, 2017 by Editor

Doha Festival City, the largest entertainment and retail development in the Gulf which is estimated to cost QR6.5 billion ($1.78 billion), has entered into its final phase of development and is set to open its doors to the public in March, said a report.

Doha Festival City, Qatar

The giant mixed-use development, located in the north of Doha on Al Shamal Road, will be home to more than 500 international and local brands along with entertainment offerings and food and beverage (F&B) outlets, reported The Peninsula, citing a top mall official.

With a gross building area the equivalent size of 94 football pitches, and a gross leasable area of 244,000 sq m, the project is expecting over 20 million guests within the first year of the launch, it stated.

“On the opening day, the majority of the mall will open including the two main hallways, the Centre Court and North Food Court,” revealed Trevor Hill, the general manager, Doha Festival City Mall.

“We have a phased approach to bring our remaining key attractions on line, by April 2017 we will launch the second food court – in the south of the mall, and the luxury wing,” stated Hill.

“The theme parks will also open throughout Q2 (second quarter) – with the immersive digital gaming venue Virtuocity set to be the first of the four, followed by Angry Birds World, Snow Dunes and Juniverse,” he added.

Some of the prominent brands that are set to open include the international department stores – Harvey Nichols – a first for Qatar, Debenhams, Marks & Spencer, Centrepoint and BHS as well as the first ACE Hardware store in Qatar, said the report, according to Tradearabia news report.

The international retail franchise operator M H Alshaya Company has announced that 45 of its leading brands will open at Doha Festival City, with several ‘market firsts’ promised.

The French retail chain, Monoprix Hypermarket, is also set to open its largest store worldwide at the mall, it added.

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Increase in building materials price to push up prices of apartments


Posted on January 20, 2017 by Editor

An increase in building materials price could push up the prices of apartments, villas and office space, if not contained in the next few months, said a Dubai-based property developer.

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“The escalation of certain building materials prices will push the construction cost upwards that might have a knock-on effect on the property prices going forward,” remarked Rizwan Sajan, the founder chairman of Danube Group and Danube Properties.

“Therefore, those property buyers contemplating investing in real estate, should not waste time. They should fast-track their buying decision, before developers and contractors start revising prices upwards to adjust to the new prices,” he stated.

Prices of steel – a major cost component in the building industry – has jumped 20 per cent in the fourth quarter of 2016, up from the first quarter of 2016, according to market indices, while prices of plywood increased by five per cent and sanitary ware increased by 10 to 15 per cent – that will have a knock-on effect on the prices of property.

According to Mesteel.com, prices of reinforced steel bars jumped from $330 in January 2016 to $440 at the end of 2016 – rising 33.33 per cent. Saudi Iron and Steel Company (Hadeed) has increased wire rod prices for the domestic market by SR150 ($40) per tonne, now reaching to SR1,850 ($493) per tonne.

The company has increased its steel prices both in long and flat steel products due to the upward trend in global steel prices. Chinese wire rod offers for Saudi Arabia is in the range of $475-480 per tonne CFR Dammam as compared to $455-465 per tonne CFR a month before.

Turner Building Cost Index – which measures costs in the non-residential building construction market in the US – has increased to a value of 1006 in the fourth quarter of 2016, up from 970 in the first quarter. This reflects a 1.11 per cent increase from the third quarter of 2016 and a 4.9 per cent yearly increase from the fourth quarter of 2015.

However, experts say the effects of the price increase could be felt by the consumers only when materials suppliers, sub-contractors, contractors and developers factor in the increases in their future pricing of material cost.

The global building materials market totalled about $800 billion in 2015. The GCC accounts for approximately three per cent of the global construction materials market today. The building materials market is made up of stone, bricks, cement, concrete, glass, steel and aluminium.

Cement is a lead indicator of construction activity and health in the region. Cement accounts for about 15 to 20 per cent, or about $4 billion of the total value of building materials sold in the GCC today.

Cement demand has grown at five to six per cent over the last five years. Saudi Arabia and the UAE account for most demand for cement in the GCC, about 84 per cent in total. The preponderance of local demand shows an industry getting healthier.

According to Sajan, the increase of building materials prices is an indication that the construction sector is growing at a higher pace as the building industry is expanding with new projects and properties.

“This reflects a healthy outlook for the construction and the real estate sectors. Going forward, the projects needed to support the Expo 2020 in Dubai and World Cup Football in 2022 to be held in Qatar, will keep the pace of demand up,” he observed.

“So, in a way, the industry started with a positive outlook. However, before the prices are factored into the property prices, buyers should block their purchase with initial payments at current prices,” stated Sajan, according to Tradearabia news report.

“Building materials suppliers serving the GCC can expect future growth, but it will be ‘lumpy’. The UAE is the largest construction market in the GCC. Prior to 2009, Dubai alone accounted for 25 per cent of all construction in the world, he added.


Experts and government officials revealed the effect of Egypt’s mega-projects and the country’s real estate plans for the year at yesterday’s Cityscape Business Breakfast


Posted on January 19, 2017 by Editor

Khaled Abbass: Cityscape Egypt conference is considered a real estate benchmark for assessing the market… Implementing the Egyptian strategic plan requires government-private sector cooperation.
Ahmed Darwish: We seek cooperating with real estate developers in order to create an integrated urban community within the area.

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19th January, 2017, Cairo, Egypt: Senior real estate stakeholders, experts and government officials put the spotlight on the impact of mega-projects on Egypt’s real estate sector at yesterday’s Cityscape Egypt Business Breakfast.

The Business Breakfast, a prelude to Cityscape Egypt, took place at the Nile Ritz-Carlton, Cairo, and called attention to the ongoing development and progress of Egypt’s real estate sector focusing on mega-projects proposed for the year.

Khaled Abbas, Egypt’s Assistant Minister of Housing for Technical Affairs, highlighted in his keynote session that Cityscape Egypt Conference is considered as the industry benchmark for assessing the substantial growth in the real estate market. “Cityscape Egypt 2017 is a positive indicator that Egypt has a promising and attractive real estate market,” Abbas said.

“Implementing the Egyptian strategic plan for doubling the inhabited area by 14% till 2052 requires Government and private sector cooperation, in which the government will rely mainly on the private sector investors.” he stated. Abbas also added that the Ministry of Housing plans to offer lands on investors in new cities as in Al-Alamein City.

Last year saw Egypt adopt economic reforms at all levels, including receiving an International Monetary Fund (IMF) USD 12 billion credit facility, and a currency devaluation, which experts say could prove an advantage for foreign investors in 2017, with the potential to pave the way for economic growth in the country.

Reforms have so far demonstrated a benefit for the economy. Earlier this year, Egypt’s stock market closed at a record high as foreign funds flooded the market, a factor attributed to floating the country’s currency, helping maintain a positive outlook for the year.

In light of the reforms and economic climate, this year’s Business Breakfast panellists provided insight on the status of mega-projects, focusing on New Capital City and the development of the Suez Canal Economic Zone and its overall impact on the country’s real estate sector. Panellists included: Dr. Ahmed Darwish, Chairman, General Authority for Suez Canal Economic Zone; Ayman Ismail, Partner – Chairman and CEO, DMG, Mountain View and Non-Executive Chairman, New Administrative City – S.A.E; and Dr. Sherif Samy, Chairman, Egyptian Financial Supervisory Authority.

New Capital City is a 700-square kilometre city to be constructed in the desert to the East of Cairo and is slated to become the new seat of government. Proposals for the city include housing for five million people, over 1,000 mosques, smart villages, industrial zones, a 5,000-seat conference centre, and the world’s largest park. While the Suez Canal is the fastest shipping route between Europe and Asia and one of Egypt’s main sources of foreign currency.

Panellists examined and discussed the projects’ progress while raising several noteworthy questions such as: Has the currency fluctuation affected the progress of projects? What effect will construction in mega projects have on the rest of the sector in terms of human resources and materials? How are smart and sustainable building concepts being applied? What lessons can the sector take from mega-project construction?

“There are 5 key sectors that are considered partners in the development of the Suez Canal Economic Zone which are manufacturing, commercial, logistical, ports, and real estate to implement a fully integrated project that will achieve the anticipated economic growth during the coming period” said, Dr Ahmed Darwish, Chairman of the General Authority for the Suez Canal Economic Zone.

Darwish added that the authority is currently seeking cooperation with real estate developers to develop integrated urban communities in East Port Said, Qantara, and Ain Sokhna through land partnership noting that a number of the real estate developers are hesitant on signing land usufructs agreements of 50 years term.
“Cityscape conference taking place on 29-30 March 2017 has become a milestone in the development of the real estate market in Egypt over the past few years, especially owing to its focus on addressing the challenges facing the industry,” said Eng. Fathallah Fawzy, Co-Founder of MENA Group and this year’s Cityscape Egypt Conference Chairman.

“Government – private sector cooperation in land allocation and provision of utility services is vital to realise Egypt’s sustainability and urban development Vision 2030,” added Eng. Fathallah Fawzy at Cityscape Business Breakfast, a prelude to Cityscape Egypt

“The Business Breakfast successfully kicked off the real estate conversation for 2017, providing unique insight into the sector and what to expect for the coming year,” said Tom Rhodes, Cityscape Egypt Event Director. “When it comes to real estate in Egypt, we’re confident that it still holds great value and is considered a hedge against any economic instabilities.

Following the Business Breakfast, Cityscape Egypt will take place from March 31st until April 3rd at the Cairo International Convention Centre, preceded by the Cityscape Conference from 29-30 March at the Royal Maxim Palace Kempinski Hotel. For visitors, homebuyers and investors attending, the exhibition will represent a unique opportunity to see all of Egypt’s new and existing developments under one roof as well as to explore a wide range of fascinating international real estate projects.

For more information on Cityscape Egypt Business Breakfast visit www.cityscapeegypt.com


Dubai Properties hands over 3,000 units in 2016


Posted on January 19, 2017 by Editor

Master developer, Dubai Properties (DP), successfully handed over more than 3,000 units in 2016, said a statement from the company.

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The developer’s projects in Culture Village and Dubailand comprised a majority of handovers, including 124 units at Dubai Wharf, three months ahead of schedule.

DP also handed over 2,900 units in Dubailand, that included 1,600 units in the built-to-suit staff accommodation – Rahaba Residence, more than 900 units in the affordable housing community – Remraam, and 360 units that completed Phase 2 of Mudon.

The statement added that 2016 witnessed DP continuing to pave the way in supporting Dubai’s path towards 2020 with a successful pipeline of timely handovers, coupled with a robust leasehold portfolio, supporting thriving occupancy rates across housing and retail, according to Constructionweekonline news report.

In 2017, DP will continue to serve the city’s social diversification needs as the master developer’s portfolio further expands.

Investment in sustainable infrastructure, accessibility, community amenities and family-focused facilities will continue to be a key focus for DP’s master planned residential destinations across the emirate.


Nakheel invests US$ 40.8 mn in 105 km bicycle tracks across UAE


Posted on January 19, 2017 by Editor

Dubai-based master developer Nakheel is investing Dh150 million ($40.8 million) in bringing 105 km of bicycle tracks to its communities across the UAE emirate, with all routes linked to the government’s Cycling Masterplan.

cycling-track

Safe, scenic bike routes are being created to encourage recreational cycling and promote health and well-being among families and individuals of all ages as part of Nakheel’s commitment to enhancing its developments with new facilities and services. The developer is also building a 10-km ‘super loop’ – for more experienced riders – as part of its cycle route network.

The Nakheel Communities Cycling Masterplan, mapped out today (January 18) by Nakheel chairman Ali Rashid Lootah, will be constructed over the next two years, with phased delivery between now and Q2 2019. Nakheel plans a series of subsequent bike tracks once the first 105 km are completed.

Cycling is one of the fastest growing activities in Dubai, with an ever-increasing number of events, initiatives and groups promoting the sport. Dedicated bike paths are needed to allow both new and experienced cyclists to ride safely, without having to use main roads, said Nakheel in a statement.

Work is already under way on a 5-km track at Nakheel’s new Nad Al Sheba community, currently under construction along Sheikh Mohammed Bin Zayed Road in Dubai. Other developments covered by Phase One are Jumeirah Islands, Jumeirah Heights, Jumeirah Park, Jumeirah Village (Triangle and Circle), Al Furjan, The Gardens, Discovery Gardens and Garden View Villas.

Nakheel chairman Ali Rashid Lootah said: “Cycling in Dubai has seen a huge surge in popularity over the last few years, with the government promoting the sport through world-class events like the Dubai Tour and by building hundreds of kilometres of bike routes across the city.”

“Our new cycle track network will make cycling more accessible and inspire people to get pedalling as a way to keep fit, socialise and help the environment. Under our plan, people will be able to bike their way to the shops, school and friends’ houses without getting into a car, according to Tradearabia news report.

The new routes will pass through some of Nakheel’s most mature and prestigious communities, where cyclists’ journeys will be enhanced by lush scenery and greenery.


KAEC to hand over residential land plots


Posted on January 19, 2017 by Editor

King Abdullah Economic City (KAEC), a special economic zone on Saudi Arabia’s Red Sea coast, will start handing over the single family residential land plots in Phase Three of the Al Talah Gardens district following completion of the infrastructure work at the development.

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The Al Talah Gardens District is being developed as a world-class residential community in five phases.

Phases One and Two have been handed over already and Phases Four and Five are nearing completion and will be ready before the contractual handover dates, said the statement from KAEC.

Al Talah Gardens Phase Three was designed by one of the world’s top masterplanning and architectural firms, Skidmore, Owings & Merrill (SOM,) in cooperation with Buro Happold Engineering and Moriyama & Teshima Architects.

Spread over 613,300 sq m Al Talah Gardens Phase Three comprises 692 residential single family plots, the majority of which range from 400 to 600 sq m.

Fahd Al Rasheed, the group chief executive and managing director of KAEC, said: “I am proud to say that, following completion of the infrastructure work, we are handing over the land plots to customers ahead of the contractual delivery date.”

“This is a clear indication of the fast progress of all the projects at KAEC and reaffirms our commitment to providing exceptional service before and after sales to buyers of residential land plots and properties,” he noted.

Charles Biele, the CEO of the Real Estate Development Company (Redco) in KAEC, said this was a showcase for Saudi excellence in construction work, according to Tradearabia news report.

The completion of the infrastructure work for Al Talah Gardens ahead of schedule without any compromise in the international standards is a reason to celebrate, he stated.

The infrastructure facilities include potable water, electricity and telecom networks, sewer system, irrigation for the extensive green areas of Al Talah Gardens, storm water drainage, and roads and walkways.