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NEOM awards new contracts worth US$5.6bn

Staff Writer | Jun 12 2023

Ventures Onsite Construction News Update

In the news this week

Al-Ula signs a contract with Bouygues Construction

The Royal Commission for Al-Ula signed an agreement with France’s Bouygues Construction to construct and manage the Sharaan Resort and International Summit Centre at Al-Ula, along with its joint venture partner Almabani General Contractors.

Designed by French architect Jean Nouvel, the resort features 40 rooms and covers a floor area of 37,860 square metres. The scope includes extensive civil engineering work and tunneling.

NEOM awarded a contract to Nesma holding Co

NEOM announced it has finalized contracts worth US$5.6 Bn with investors for the first phase of its workforce residential communities, making it one of the largest international public-private partnerships for accommodation.

The preferred bidders are Alfanar Global Development, Almutlaq Real Estate Investment Company (AREIC), Nesma holding Co., and Tamasuk involved via two separate partners: Al Majal Al Arabi Group Company and the Saudi Arabian Trading and Construction Company (SATCO).

Dubai South Properties partners with Ginco General Contracting

Dubai South Properties awarded Ginco General Contracting a contract valued at $272 million for development of the initial phases of its master development, South Bay.

The project will feature over 800 villas and townhouses, more than 200 waterfront mansions, a 1km long crystal lagoon, more than 3 km of a waterfront promenade, beaches, clubhouse and lush parks.

Al Qandeel Contracting wins Camelia cluster project

Al Qandeel Contracting (AQC) secured a US$64.3mn main construction contract for Camelia cluster in Dubai’s DAMAC Hills 2.

The scope involves the construction of 515 villas and also includes a bird aviary, a beachside leisure area, and an outdoor family zone.

KEZAD Group partners with Tubacex Group

Abu Dhabi’s KEZAD Group signed a land lease agreement with Spain’s Tubacex Group to develop a production facility for OCTG-CRA tubular solutions, the first such manufacturing facility in the Middle East. The 50,000sq.m facility is expected to be operational by the end of 2024.

Galfar Engineering and Contracting wins a contract

In Oman, Galfar Engineering and Contracting was awarded a multi-year contract worth US$726mn covering the delivery of off-plot facilities for the Qarn Alam oil field.

Masdar partners with Hassan Allam Utilities

In Egypt, Masdar consortium closed a deal for world’s largest wind project in Egypt. Masdar, a leading global clean energy company, is collaborating with its partners, including Infinity Power and Hassan Allam Utilities. This groundbreaking project, set to be one of the world’s largest, carries a project value exceeding $10 billion.

Abu Dhabi’s Masdar has announced the signing of an agreement with Egypt’s New and Renewable Energy Authority to secure land for the construction of a 10GW capacity onshore wind farm.

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