Latest GCC construction news
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In the news this week
DAMAC Properties has awarded construction contracts for two residential projects in the DAMAC Hills master development in Dubai. The contracts, valued at US$160.09mn, were awarded to Dubai-based Engineering Construction and Reconstruction Company.
The first contract, valued at US$92.8mn, is for the main works of the GEMS Estates cluster within DAMAC Hills. The second contract, worth US$67.2mn, is for the main works of Cavalli Villas.
Dubai’s largest developer, Emaar Properties, is in talks with Saudi Arabia’s housing ministry to build large mixed-use developments in the kingdom. The developer will likely start working on a 4,000-unit housing project if an agreement is reached with the ministry.
Azizi Developments, a leading private developer in the UAE, has revealed plans for Azizi Venice, its Venetian-inspired luxury waterfront lifestyle community, set entirely within a swimmable crystal-blue water lagoon, in the rapidly growing Dubai South.
The US$8.17bn dollar high-end mixed-use desert oasis community will feature over 30,000 residential units, including 100 mid-rise apartment complexes and more than 400 luxury villas and mansions.
Qatar has realigned its construction sector activities to meet the government’s National Vision 2030 targets for transport and culture amid a slowdown in major project development after the 2022 FIFA World Cup.
However, its growth rate is expected to rise by 9.5% between 2023 and 2030, according to a Turner & Townsend’s Qatar Market Intelligence report. Transport and culture are taking centre stage in Qatar, with the government continuing to invest in infrastructure in line with the 2050 Transport Plan comprising 286 schemes to be awarded in the next few years.
Riyadh Development Company (ARDCO) has signed a 25-year framework agreement with Mohammed bin Salman Foundation (Misk) to develop multiple educational facilities under build-to-suit long-term contracts.
The first development will be a US$73.31mn dollar educational complex on plots owned by a consortium led by ARDCO in Tilal Al Riyadh community in Al Malqa, northern Riyadh.
Marriott International has signed an agreement with NEOM to open two luxury properties in Trojena, the US$500bn giga project’s mountain destination in the northwest region of Saudi Arabia.The agreement includes opening the Kingdom’s first W Hotel and a JW Marriott property.
The W Hotel in Trojena is expected to have 236 rooms; the JW Marriott Hotel, with 500 luxury rooms and suites, will be situated in The Bow, anticipated to be a futuristic water world. Trojena is positioned as a year-round adventure sports destination, including skiing, water sports, hiking and mountain biking. It will be the host of the 2029 Asian Winter Games.