Bahrain set to develop hitech solar power plant
Bahrain is set to develop a hitech solar power plant with a nominal capacity of 100 megawatt in collaboration with the private sector, reported state news agency BNA, citing the kingdom’s electricity and water affairs minister.
The tendering process will begin in February and the project will be ready for operations by the end of next year, stated Dr Abdulhussain bin Ali Mirza, the Minister of Electricity and Water Affairs.
In 2016, the government had introduced the National Energy Efficiency Plan and the National Renewable Energy Plan, with the aim to provide five per cent of the country’s electricity consumption using renewable energy and resources.
This goal, which is expected to be fulfilled in 2025, will drive a wide range of energy and power initiatives across the Kingdom, said the BNA report, according to Tradearabia news report.
Dr Mirza highlighted the government’s commitment to accelerating development across the energy sector, under the leadership of His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa.
The Minister also highlighted the role of the Government Executive Committee, led by HRH Prince Salman bin Hamad Al Khalifa, the Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister, in facilitating investment within the renewable energy sector.
All these technological breakthroughs will help reduce the cost of production for solar panels and energy-saving-devices, he added.
Nakheel assesses 10 proposals for construction of beachfront resort at Deira Islands
Dubai-based master developer Nakheel is assessing 10 proposals for the construction of its new, Dh670 million ($182 million), 800-room RIU beachfront resort at Deira Islands, with the lowest bid at Dh363 million.
The all-inclusive beachfront resort – a joint venture between Nakheel and leading Spanish hospitality group RIU Hotels & Resorts – is set for delivery in 2020, with a construction contract awarded by the end of 2017, according to Tradearabia news report.
The resort is RIU’s first in the Middle East and one of Dubai’s biggest in terms of hotel rooms. It will bring a new hospitality concept to Dubai, offering mid-scale, family-orientated, all-inclusive beachfront accommodation.
Located on a prime beachfront plot at Nakheel’s new, 15.3-sq-km Deira Islands coastal city, the resort features seven F&B outlets, three swimming pools, a fitness complex, children’s club and waterpark. Several other new attractions, including Deira Mall, Deira Islands Night Souk and Deira Boulevard, are nearby.
The joint venture is one of 17 projects in Nakheel’s Dh5 billion hospitality expansion programme, under which some 6,000 new rooms and hotel apartments will be delivered across Dubai in line with the Government of Dubai’s tourism vision for 2021.
RIU Hotels & Resorts has almost 100 hotels, with around 45,000 rooms between them, in 19 countries. Together, these welcome over four million guests a year and provide jobs for nearly 27,000 people. RIU is one of the most popular hotel chains in the Caribbean and the second largest in Spain in terms of revenue.
Nakheel has already awarded over Dh7.5 billion worth of contracts at Deira Islands, with more on the way. The waterfront city, which is expected to have a population of 250,000 and to create 80,000 jobs, will add 40km of coastline, including 21km of beach, to Dubai.
Nakheel’s master developments include Palm Jumeirah, The World, Deira Islands, Jumeirah Islands, Jumeirah Village, Jumeirah Park, Jumeirah Heights, The Gardens, Discovery Gardens, Al Furjan, Warsan Village, Dragon City, International City, Jebel Ali Gardens and Nad Al Sheba. Together, these span more than 15,000 hectares and currently provide homes for over 270,000 people. Nakheel has more than 24,000 residential units under construction or in the pipeline.
Dallah Health Company awards US$ 37 mn hospital expansion contract
Saudi-based Dallah Health Company has awarded a SR140 million ($37.3 million) contract to Youssef Marroun Contracting Company for expansion of the western side of the Dallah Hospital – Al-Nakheel in capital Riyadh.
The scope of work includes some mechanical, electrical and plumbing (MEP) and structural works, said the company in a statement to Saudi bourse, Tadawul, according to Tradearabia news report.
The work on the expansion project, which will see 150 beds and 30 clinics added to Dallah Hospital – Al-Nakheel, will begin next week, said the statement.
As per the deal, Youssef Marroun Contracting Company Company will complete the contract by the second quarter of 2019.
Dallah Health Company was founded in 1995 as a specialised company involved in provision and operation of healthcare programs and utilities in the kingdom
DP World to close two acquisitions worth US$ 405 mn by Q1 2018
DP World Limited has announced that it has signed an agreement to acquire Maritime World for $180m (AED661m).
Maritime World is the owner of Dubai Maritime City (DMC), which is a maritime service facility as well as an industrial business zone that is adjacent to DP World’s Mina Rashid.
In a statement, DP World revealed that it has also entered into an agreement to acquire ship repair company, Drydocks World through a capital injection of $225m (AED826m).
Acquiring the two assets will cost DP World a total of $405m (AED1.5bn).
According to DP World, both acquisitions are subject to certain conditions precedent. The acquisition of Drydocks, in particular, is subject to the successful completion of its debt restructuring process.
DP World is expecting to close both transactions before the end of Q1 2018. As the acquisitions are considered related party transactions under the Dubai Financial Services Authority (DFSA) Market Rules, DP World will need to comply with DFSA requirements.
Sultan Ahmed Bin Sulayem, group chairman and chief executive officer of DP World, said: “We are delighted to make these acquisitions, which further strengthen the group’s maritime services and port-related businesses.
“As a global trade enabler, we have been targeting a broader strategy to grow complementary sectors in the global supply chain, such as industrial parks, free zones, and logistics, adding further value for all our stakeholders.”
Explaining DP World’s interest in DMC and Drydocks, he added: “Dubai Maritime City provides us with stable leasing income from [its] existing industrial zone and spare capacity to develop industrial and commercial activities for the maritime sector in a prime location of Dubai, according to Constructionweekonline news report.
“Drydocks World bolsters our investment in the maritime sector through our [maritime services] subsidiary, P&O Maritime. We are acquiring a market leader in the Middle East with the potential to deliver near-term synergies and new revenue opportunities over the longer term, particularly in ship conversion and in areas where POM has existing expertise.”
He concluded: “Overall, these transactions will enhance our position as a leading maritime services provider, and we look forward to leveraging on our proven track record to accelerate growth and deliver stakeholder value.”
EDB launches new housing finance scheme for UAE nationals
The Emirates Development Bank (EDB) has launched a new finance scheme under which UAE nationals who have obtained relevant approvals from the country’s major housing institutions including Sheikh Zayed Housing Programme, the Abu Dhabi Housing Authority, the Mohammed bin Rashid Housing Foundation and the Sharjah Housing Department.
The programme a supplementary loan of Dh3 million ($816,616) and another loan to buy a house worth Dh5 million ($1.36 million). The payment period is up to 25 years, in line with the requirements of the Islamic Sharia, reported state news agency Wam, according to Tradearabia news report.
Through this programme, EDB aims to provide flexible loans to fund the purchase or construction of houses for UAE nationals, which will help in achieving one of the government’s development goals of providing suitable housing, said the report.
The loan programme also aims to promote family stability, social cohesion and create a united community that can contribute to the development the of UAE economy, it added.
Market sentiment in Dubai’s real estate sector falls in 2017
SavMarket sentiment in Dubai’s real estate sector has fallen this year compared to 2016 due to higher uncertainty from residents, a new survey finds.
According to the annual survey from Core Savills, only 34% of respondents believe that Dubai’s real estate market has displayed signs of recovery, as compared to 50% in the previous year, demonstrating a discrepancy between market reality and perceived sentiment.
Experts therefore forecast a longer period of adjustment in the coming year as well as stronger demand from investors for off-plan units in the bottom segment of the market.
David Godchaux, CEO of Core Savills, told Construction Week: “We’ve seen a recovery that started in some communities in January 2016 for about 12 months, so a year ago when you were asking market players, they were generally more optimistic than today.
“A lot of the communities that started recovering up to 5% of residential prices are now seeing a double dip, creating an uncertainty in the market,” he added.
While Godchaux explains that some segments are indeed oversupplied, he also stated that others have shown the opposite, including the mid-market sector.
“The mid-market segment is beginning to see recovery after nearly three years of softening prices, which fell around 15% to 20%,” he said.
“The reason for this is due to low supply, but we expect out of the 60,000 units to be delivered in the next four years, around 65% to 70% will be below the AED1.5m mark.
Though there will be a lot of supply in the bottom to mid-market segments in the coming years, this in turn raises the question of whether there will be enough occupiers for these units by 2020, Godchaux added.
“There is demand in the mid-market sector but it is primarily from investors, which is a reason for concern,” said Godchuax.
“[The segment] prices relatively well, payment plans are attractive and the yields are still very high, because end users are finding it difficult to find a mortgage due to the lower income bracket.
“Those who need the mortgage the most are those who are find it the most difficult to get one –therefore they are being forced to rent,” he said.
There has been a more than 40-50% lag in the last five to six years between the number of announced and delivered units, the survey highlights, according to Constructionweekonine news report.
In reality, nearly 15,000-18,000 units are delivered every year, which adds only 3% to 4% to the existing stock– albeit, a moderate number to be absorbed, even in the current market economic condition, and not a cause of extensive concern as perceived by the market.
As for rents, though 80% of tenants chose to stay in their existing units, only 26% of them declare having seen a decrease in their rent, while 58% renewed under the same conditions.
The Big 5 Heavy 2018 to host leading provider of construction equipment
- CIFA will showcase innovative products and technology at The Big 5 Heavy 2018 as part of their strategy to expand across the Middle East and Africa.
- The Big 5 Heavy 2018 (26-28 March at the Dubai World Trade Centre) will feature 350 exhibitors and a full education agenda across all three days.
One of the oldest companies in the concrete laying industry, Compagnia Italiana Forme Acciai, otherwise known as CIFA have chosen The Big 5 Heavy 2018 as their mouthpiece in the GCC region. Their participation at the event is expected to boost long-term investment goals in the Middle East and Africa.
CIFA Head of Area for the Middle East and Northern Africa, Wajih Eit draws attention to several huge projects and worldwide events taking place in the UAE revealing that they “will keep investing and believing in the continuous positive outlook of these markets,” evaluating this region to soon be number one in terms of sales revenue and fleet presence.
Over the last four years CIFA have launched a dedicated range of products and worked to expand their network of Top Class dealers, ensuring the highest level of service and product support to end users. Adding sentiment to the expansion of CIFA within the region Wajih highlights that “Italian companies are famous for their flexibility and adaption to different market requirements and changes.”
Mr Eit pairs his ideals of Italian business with the resilience of the GCC and Middle East markets, the survival of which he affords to ambitious visions put into action by local governments.
As well as Dubai being considered the business centre of the Middle East, showcasing their latest products and technology in the region at this particular event has much to do with The Big 5 brand behind its success; Wajih anticipates that a large number of visitors are guaranteed.
Event Director of The Big 5 Heavy 2018, Richard Pavitt foresees that “harnessing the reputation of the largest construction show in Middle East, The Big 5, and focusing it on a specific sector will bring exhibitors face-to-face with a high number of solely dedicated customers.”
The exhibition will feature the latest products and innovative solutions clustered into five product sectors: Middle East Concrete, PMV Live, Foundations & Geotechnical, Mining & Quarrying, and Road Construction.
The Big 5 Heavy 2018 will run from 26 to 28 March at the Dubai World Trade Centre and will feature over 350 local and international exhibiting brands. Organised by dmg events Middle East, Asia & Africa, the event is supported by finished lubricants manufacturer, Caltex (Lubricant Official Partner).
Organised by dmg events Middle East, Asia & Africa, this event is the largest dedicated heavy construction industry exhibition and a re-launch of the previously independent Middle East Concrete and PMV Live.
Know more about The Big 5 Heavy: http://www.thebig5heavy.com
Work on Sharjah’s luxury and heritage hospitality property on schedule
Work on Sharjah’s luxury and heritage hospitality property, Al Bait Hotel, is progressing as per schedule with more than 70 per cent of the project already completed, according to a report.
The first five-star luxury hotel on a heritage site in the UAE, Al Bait Hotel is being built by Sharjah Investment and Development Authority (Shurooq).
It will feature 54 luxury guestrooms and suites, hotel facilities including five cafes and restaurants, among other amenities, reported state news agency Wam.
The hotel is also connected to one of the oldest marketplaces in the country, Souq Al Arsah, providing its guests with one-of-a-kind experience with one of the emirate’s oldest suqs at their doorstep.
Al Bait Hotel, said to be the largest of its kind in the region, is being built at an investment of Dh100 million ($27.2 million), it stated.
The mega project will be completed by next year, said the report citing Sheikha Bodour bint Sultan Al Qasimi, the chairperson of Shurooq, according to Tradearabia news report.
She was speaking after carrying out inspections across the authority’s latest authentic and luxury hospitality projects in Sharjah including Mleiha’s newly announced “Fossil Rock Lodge.”
She was joined by Shurooq CEO Marwan bin Jassim Al Sarkal and COO Ahmed Obaid Al Qaseer.
CB&I and Saipem win EPC contract for Duqm refinery project in Oman
CB&I, a leading provider of technology and infrastructure services, said its consortium with Saipem, a global leader in drilling services, has secured a engineering, procurement and construction (EPC) contract for the Duqm refinery project in Oman.
The EPC Package 3 contract was awarded by Duqm Refinery and Petrochemicals Industries Company (DRPIC), a joint venture between Oman Oil Company and Kuwait Petroleum International.
The consortium’s scope of work includes the EPC of a product export terminal at Duqm Port, a crude tank farm at Ras Markaz and an 80-km crude oil pipeline.
As per the deal, CB&I will be performing all of the EPC works for storage tanks at the export terminal and crude tank farm, while Saipem – the leader of Package 3 – will perform the balance of the works.
Saipem is a leading player in engineering, procurement, construction and installation of pipelines and complex projects, onshore and offshore, in the oil and gas market.
The company has distinctive competencies in operations in harsh environments, remote areas and deep water.
CB&I said its portion of the contract is valued at approximately $140 million, according to Tradearabia news report.
On the contract win, Luke V. Scorsone, the executive vice president of CB&I’s Fabrication Services, said: “This award provides our customer with certainty in price, schedule and quality, and also creates more work opportunities for Omanis, which is one of the goals of the Duqm project.”
“We have decades of experience in Oman, including the supply of tanks and pressure spheres for Oman Oil Company at their refineries in Sohar and Muscat,” he added.
Saudi Arabia to seek bidders for construction of 1,600-km-long railroad by 2017-end
Saudi Arabia plans to seek bidders for the construction of a 1,600-km-long railroad linking the Red Sea with the Arabian Gulf as early as the end of this year, signalling the go-ahead for a long-delayed project seen as vital to reducing the economy’s dependence on oil.
The so-called Land Bridge line will shave around three days off the current five-day journey time for shipping seaborne freight around the Saudi coast, while improving links to Riyadh, and Jeddah, the nation’s two biggest cities, reported Bloomberg, citing a top official.
Tenders will be issued at the end of this year or early in 2018 following an encouraging response to an invitation for expressions of interest, revealed Saudi Railway Company chief executive Bashar Al Malik.
Saudi Arabia first awarded contracts for a privately funded coast-to-coast line in 2008 in an effort to accelerate the transit of goods around a country a fifth the size of the US, but put the project on hold after financial terms couldn’t be agreed, stated Al Malik.
It’s now “moving ahead to implement the project” after an encouraging response from the private sector, he added, according to Tradearabia news report.
On the total project investment, Al Malik said: “The cost of the Land Bridge line will depend on the exact route chosen and the location of the Red Sea terminus, with bidding for contracts likely to include local and international engineering companies and financial institutions.”
Saudi Arabia has allocated SR52 billion ($14 billion) for infrastructure and transportation this year, up from SR38 billion ($10 billion) in 2016, said the Bloomberg report.
- Industry: Infrastructure
- Location: Saudi Arabia