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ECZA signs three agreements worth US$970mn with CGGC

Staff Writer | Oct 25 2023

Ventures Onsite Construction News Update

In the news this week

Emaar and EEC partners with Orascom

In Saudi Arabia, Emaar, The Economic City (EEC) signed an agreement with Orascom Development Company and Alkholi Holding Company to develop a waterfront mix-use destination in King Abdullah Economic City (KAEC).

The development will include a world-class marina, a full-fledged downtown along with resorts, high-end residential developments, retail and commercial units, restaurants and F&B outlets as well as social facilities.

ECZA signs agreements with China Gezhouba Group

Saudi Arabia’s Knowledge Economic City (ECZA) has signed three agreements valued at US$970mn with China Gezhouba Group International Engineering Company (CGGC) to execute the works of the projects related to the framework agreement signed earlier in June.

The signed agreements include the construction of the Al-Alya Project,  a mixed-use project within a semi-gated community, as well as the infrastructure works and the construction of phase one of the Islamic World District Project, a transit-oriented development.

Neom unveils announces Leyja a sustainable tourism hub

The Kingdom’s Neom project has announced Leyja, its fifth region, which will feature a mirrored hotel by Shaun Killa from Killa Design, a rock-shaped hotel by Mario Cucinella from Mario Cucinella Architects and a stepped cliffside hotel by Chris van Duijn from OMA.

Each of these luxury high-end boutique hotels will have 40 rooms and suites.

KSA’s Crown Prince launches ARDARA

Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Prime Minister, and Chairman of the Public Investment Fund (PIF), announced the launch of “Ardara,” which will develop AlWadi in the Aseer region in southwestern Saudi Arabia.

AlWadi, meaning “the valley”, will span 2.5 million square meters and will be dedicating over 30% of the project’s area as green open spaces, with over 16 km of waterfront extending across the length of the project, and 17 km of sport trails, as well as cultural and community activities.

DAMAC awards a contract for Safa One de Grisogono project

In UAE, DAMAC Properties awarded the US$136mn main works package for its Safa One de Grisogono project in Dubai to United Engineering Construction Co. (UNEC). The project will comprise 2 towers with 61 and 45 storeys with completion expected in 2026.

UAE’s Karma and DECA Join for Dubai Housing Projects

UAE’s Karma Developers and DECA Properties, a globally leading development management company joined hands to develop housing projects across some of the prime locations in Dubai.

The initial investment amounting to over US$354mn will include Olivia Residences in Dubai Investments Park (DIP) and two other distinctive developments in Arjan and Dubailand Residence Complex (DLRC) will be among the projects in the initial phase.

SCZONE partners with Hengsheng Dying Zhejiang

The Suez Canal Economic Zone’s (SCZONE) signed a land usufruct right contract with the Chinese Hengsheng Dying Zhejiang to set up a textiles production factory in East Qantara industrial zone with US$70mn in investments.

The SCZONE signed another agreement worth US$18mn in investments with the Chinese power and fiber optic cable manufacturer Hengtong to produce fiber-optic cables with a capacity of up to 2 million km.

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