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In the news this week
Oman signs three usufruct contract
In Oman, The Ministry of Heritage and Tourism, Oman signed three usufruct contracts, worth more than US$145 million, to establish two integrated tourism complexes in the Wilayats of Khasab and Nakhl and to develop Wadi Al Shab valley in the Wilayat of Sur. As per the first contract, OMRAN Group will establish Wadi Al Shab, an adventure park that includes a zip line, mountain climbing trails, suspension bridges, walking trails, swimming areas for children and adults, restaurants and cafés.
The second usufruct contract was signed with Khasab Development and Investment Company to establish an integrated tourism complex project comprising a 4-star hotel in addition to 450 residential units. The third usufruct contract was with Hamyan Investment and Project Development Company to establish an integrated tourism complex in Halban area which include a 4-star hotel in addition to 535 residential units.
Sumou Real Estate partners with NHC for Areem Makkah project
In Saudi Arabia, Sumou Real Estate Company announced the development agreement signing of Areem Makkah project with National Housing Company to build residential units. The project valued at US$181 Mn will have a contract duration of 42 months and will be spread in an area of 231,637 sq.m with Makkah Gate project.
G42, OpenAI & partners launch AI megaproject in Abu Dhabi
In UAE, G42, OpenAI, Oracle, NVIDIA, SoftBank Group and Cisco announced their partnership to build Stargate UAE, a next-generation AI infrastructure cluster that will run in the newly established 5-gigawatt UAE–U.S. AI Campus in Abu Dhabi.
Spanning 10 square miles, the full UAE–U.S. AI infrastructure campus is the largest such deployment outside of the U.S. The facility will be powered by nuclear, solar, and natural gas to minimize carbon emissions and it will also house a science park driving innovation, talent development, and sustainable compute infrastructure.
AHS Properties launches Casa AHS
AHS Properties announced the launch of its landmark waterfront development – Casa AHS located along Dubai Water Canal. The project, valued at $750 million will have 32 ultra-luxury residences, including Sky Villas, Sky Mansions, and Sky Palaces, with sizes ranging from 5,088 to 29,700 sq. ft. The project is designed by architect Shaun Killa, with interiors by HBA Residential.
Palm Hills partners with Wave Seven to Develop Major Land Plot
Palm Hills Development has signed an agreement with Wave Seven Investment RSC Ltd. to develop a 1.87 million-square-meter land plot in Abu Dhabi near Saadiyat Island, its first development outside Egypt. The project will be developed by PHD North Jubail Property Development Company, a wholly-owned subsidiary of Palm Hills.
Talaat Moustafa Group expands to Iraq with 14M SQM Project
Egypt’s Talaat Moustafa Group Holding (TMG) signed an MoU to develop a large-scale, 14m sqm mixed-use project in Iraq’s South-West Baghdad. The project, planned on a 14 million sq.m site and comprising around 46,000 mixed-use units anticipates total project sales of $17 billion.
TMG Holding stated the project will replicate the community model it has implemented in Egypt and Saudi Arabia, offering quality housing, infrastructure, and services, with an emphasis on sustainability and smart technologies.
