Latest GCC construction news
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In the news this week:
Companies from the UAE, Egypt, Jordan and Bahrain signed industrial agreements with an investment value exceeding $ 2 billion at the third Higher Committee meeting of the Industrial Partnership for Sustainable Economic Development. The meeting included signing 12 agreements across 9 industrial projects.
In Saudi Arabia, Luberef awarded an EPC contract valued US$148mn to PETROJET Co. for the Yanbu facility expansion (Growth II). The project aims to expand existing units at Yanbu facility to their maximum capacity to 1.3 million metric tons per year by 2025.
Saudi-based Abdullah Al Othaim Investment Company has unveiled an ambitious project – Konoz (Box of Treasures) – a $1.86 billion development in Riyadh.
Designed by global architectural firm Benoy, the development will feature 15,000 sq m of green areas, parking for 5,500 vehicles, a 120,000 sq m commercial centre, a 250-key world-class luxury hotel and 120 serviced residential apartments as well as 700-unit residential apartment complex.
Marubeni Corporation signed a Memorandum of Understanding with the Public Investment Fund to set out a framework for the development of a clean hydrogen project in Saudi Arabia.
Under the framework of this MOU, Marubeni and PIF will initially conduct a feasibility study for producing clean hydrogen in Saudi Arabia, with the aim to supply clean hydrogen to both domestic and international markets.
Four Seasons Hotels and Resorts and Red Sea Global (RSG) announced plans to introduce a Four Seasons Resort as part of the Kingdom’s The Red Sea masterplan development.
To be located on Shura Island and designed by Foster + Partners, the resort will offer approximately 149 rooms and suites, six restaurant and lounge outlets, meeting and events spaces, a marine discovery centre, Kids For All Seasons space and much more.
A first-of-its-kind agri-industrial city centred around large-scale crop cultivation and food processing is planned for development in Dhofar – Oman.
Oman Food Investment Holding Company (Nitaj) has invited consultancy companies to submit prequalification documents for the feasibility study of the project.
French infrastructure company NGE has received a contract to build a 330km double track high-speed railway in Egypt. It will connect the Red Sea port of Ain Sokhna to Borg al-Arab near Alexandria via the October 6 City.