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International Monetary Fund projects UAE Economic Growth

Staff Writer | Apr 25 2022

Ventures Onsite Construction News Update


Economic growth outlook for the UAE

The International Monetary Fund HAS revised upward the economic growth outlook for the UAE in 2022 to 4.2% from 2.3% growth in 2021. The previous forecast for 2022 was 3.5%. In 2023, the UAE is projected to grow 3.8%.

Dubai South UAE signs agreement with Discovery Land

The developer has announced the signing of an exclusive agreement with Discovery Land, Dubai South UAE is a renowned US-based luxury real estate developer and operator of private residential club communities, to develop a US$272 Mn luxurious 2 square-kilometre golf community that would include mansions, villas, an 18-hole golf course as well as other premier amenities. Dubai South has other developments in the pipeline including Stratum. The developer has already purchased five plots of land and aims to create a US$68 Mn community development. A launch is imminent for its first project, an upscale low-rise apartment building.

US$495 Mn Water Quality Improvement Projects awarded in KSA

Alkhorayef Water and Power Technologies Co. was awarded four Water Quality Improvement Projects worth US$495 Mn in the Eastern Province of Saudi Arabia with the Ministry of Environment, Water and Agriculture – General Directorate of Water Services. The projects are located in Dammam, Khobar, and Qatif with construction duration ranging between 24 to 30 months.

Madayn establishes a waste-to-hydrogen facility in Oman

New York-headquartered H2-Industries announced it has signed an MOU with Oman’s Public Establishment for Industrial Estates, Madayn to establish a waste-to-hydrogen facility in Oman. The proposed $1.4 billion facility will be erected on a 200,000 square meter beachfront location and will comprise a photovoltaic (PV) solar power system with base-load capacity.

5 MW solar PV power plant developed in Sharm El Sheikh

Hassan Allam Holding announced that Hassan Allam Utilities, the investment and development arm of the group, will be developing a 5 MW solar PV power plant in Sharm El Sheikh. The plant will generate over 9 GWh of green energy per year, offsetting more than 4,000 tons of CO2 annually.

350,000 tonnes of green fuel produced annually in the Ain Sokhna region

Egypt’s Suez Canal Economic Zone (SCZONE) signed a memorandum of understanding (MoU) with a consortium of EDF Renewables and ZeroWaste for the production of 350,000 tonnes of green fuel annually in the Ain Sokhna region. The project involves USD 3 billion of investments with construction scheduled to commence in 2024.

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