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Gulf Cooperation Council Interconnection Authority (GCCIA) launched the GCC Day Ahead Market (DAM) – Onsite Construction News

Staff Writer | Dec 27 2021

Ventures Onsite Construction News Update for the Middle East 27-12-21

Onsite Live is always striving to keep you informed with the latest Construction Industry news for the Middle East region.

Ventures Onsite is a construction industry intelligence platform that provides access to construction project data to help you stay informed, stay competitive and stay connected to the latest construction industry activity for the Middle East and Africa region.

In the News this week

Gulf Cooperation Council Interconnection Authority (GCCIA) with the support of CESI Middle East FZE, a subsidiary of CESI S.p.A. launched the GCC Day Ahead Market (DAM) Pilot Project in Dubai. This ambitious project consists in the creation of an electronic platform for the pricing of electricity in GCC countries, as part of the first phase of the energy pricing project in the region. The GCC DAM Pilot Project is the first of its kind, as it represents a fundamental cornerstone for managing the energy exchange platform launched by the Electricity Interconnection Authority in 2018, an essential contribution to the development of the spot market for electricity trading. This first phase aims at estimating electricity prices at a regional level and enhancing the expertise and skills on electricity trading topics.

Qiddiya Investment Company (QIC) announced the award of a US$1 billion contract, to build Six Flags Qiddiya, to Bouygues Bâtiment International (BBI) – a subsidiary of Bouygues Construction – and Saudi Almabani General Contractors, in a joint venture between the two construction companies. The agreement was signed during a ceremony attended by officials from both companies at the Qiddiya Experience Centre and was followed by a ground-breaking inauguration to simultaneously mark the official start of construction.

M-TEchX, the Japan-based pioneer in innovative nanotechnology and inventor of the super material ‘Magic Fiber’ has signed a $500-million deal with UAE-based BNP Group for setting up an advanced nanofiber production plant in Jebel Ali, Dubai. The state-of-the-art plant will be operational by late 2022, and will generate crucial employment for hundred, M-TEchx said in a statement. Magic Fiber is a special nanofiber made with nanotechnology. Magic Fiber is very safe for medical use as the product does not contain harmful substances and also capable of absorbing all kinds of oil from any oil surface in both indoor and outdoor conditions.

Select Group and its joint venture partner Emirates Strategic Investments Company (ESIC), has signed a management agreement with Six Senses Hotels Resorts Spas to develop the ultra-luxury operator’s first branded residences and hotel in the UAE. Construction is set to commence in January 2022, with a targeted completion date of Q4 2024. The hotel Six Senses The Palm will be set across an area of 1.2 million square feet and will be home to 60 guest rooms and over 60,000 square feet of amenities and facilities. The ultra-luxurious branded Six Senses Residences The Palm will include 121 penthouses, 32 sky villas and nine signature beachfront villas.

Cityneon Holdings, a global experience entertainment company, has signed a deal with Qatar Free Zones Authority (QFZA) to establish a new facility in the country. Cityneon’s new 15,000 square metre facility will be constructed in the Ras Bufontas Free Zone, featuring an international experience and entertainment technology centre, an R&D; innovation lab developing animatronics and robotics, and a production workshop.

Kuwait Oil Company (KOC) awarded Jurassic Production Facilities 4, (JPF-4) for testing, processing and handling of wet and sour hydrocarbon wells fluids from Jurassic Fields to Spetco International Petroleum Co. The value of the contract is USD 398 million. KOC issued the tender during September 2020. JPF is an Onshore Surface Production Facility and will be implemented on Build-Own-Operate basis by Contractor with an option to buy back by KOC.

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