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Saudi Arabia Launches Alat a PIF company

Staff Writer | Feb 05 2024

Omniyat awards a contract for Orla to Innovo Build

In UAE, Omniyat awarded the main works contract for its premium residential project, Orla, Dorchester Collection, Dubai to Innovo Build. ORLA will have 85 two-to-four-bedroom homes, three Sky Palaces and the largest private mansion on Palm Jumeriah and is scheduled to be completed in the 2nd quarter of 2026.

Skyline Builders unveils Avant Garde Residences in JVC

Skyline Builders unveiled its inaugural project in Dubai – Avant Garde Residences in Jumeirah Village Circle (JVC). With anticipated completion in 2026, the project will feature 172 apartments, including Studios and 1 and 2-bedroom units.

Al Qandeel Contracting LLC wins a US$49 Mn contract 

Al Qandeel Contracting LLC was awarded a new contract valued at US$49 Mn, for main works at Damac’s master development, Damac Hills 2 in Dubai. The scope of work includes the construction of 384 villas at the Verona cluster.

Saudi crown prince launches Alat

Saudi Crown Prince His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud announced the launch of “Alat”, a PIF company, to create a national champion that will contribute to making Saudi Arabia a global hub for sustainable technology manufacturing – focusing on advanced technologies and electronics. 

Alat will manufacture more than 30 product categories including robotic systems, communication systems, advanced computers and digital entertainment products, and advanced heavy machinery for construction, building and mining.

McDermott secures two contracts from the North Oil Company 

In Qatar, McDermott secured two contracts from the North Oil Company (NOC) to deliver engineering, procurement, construction, installation and commissioning (EPCIC) for packages 11 and 13 of the Ruya Development Project, as part of the expansion of the Al-Shaheen field, Qatar’s largest oil field.

Package 11, awarded to a consortium of McDermott and Qingdao McDermott Wuchuan (QMW), includes the installation of nine satellite wellhead platforms and jackets in two offshore campaigns. The Package 13 awarded to a consortium of McDermott and Hyundai Heavy Industry (HHI), is for a 25,000 metric ton central processing platform, flare platform and bridges.

Sohar Port and Freezone partners with Green Data City

Oman’s Sohar Port and Freezone signed a land-lease agreement with Green Data City to develop a data computing centre. With a total investment of US$210 Mn and covering a land plot of 45,000 square metres, the project will accommodate roughly 20,000 servers.

Cred launches Ever New Cairo 

Egypt’s real estate developer Cred announced the launch of its latest and largest projects to date, Ever New Cairo in partnership with the New Urban Community Authority and valued at US$970 Mn. The project has a total built-up area of 350,000 sq.m and will include 500 villas and 1600 fully finished apartments.

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