Australia’s federal and state governments have appointed CPB Contractors, a subsidiary of Australia-based Cimic Group, to develop the Tram Grade Separation Projects in Adelaide. The Cimic Group said the scope of work for the projects includes works at three locations along the Glenelg Tram Line in Adelaide.

The project will be delivered in-conjunction with several other firms including: Arup, Aurecon, McConnell Dowell and Mott MacDonald.

“Works along the tram corridor, modifications of the existing tram overpass at South Road, replacement of the level crossings at Marion Road, Cross Road and Morphett Road with tram overpasses, intersection upgrades, tram depot upgrades at Glengowrie, and a temporary tram maintenance depot on Peacock Road on the edge of the CBD,” stated Cimic Group.

The plan also calls for signal upgrades along the tram corridor and the creation of new public spaces, said Cimic Group.

“These upgrades will be critical to supporting economic growth in South Australia and reducing travel times for motorists, buses, freight and airport traffic, while promoting sustainable urban growth and low emission, healthy transport choices for commuters,” noted Cimic Group Executive Chairman Juan Santamaria.

Major construction is expected to begin later in 2024, while level crossings will be removed by the end of 2025. Site investigations for planning are said to already be underway.

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Etihad Rail has launched its Sustainable Finance Framework, a guided design to link the company’s future financing to its ESG Strategy in relation to clean transportation, green buildings and pollution prevention and control.

Commenting on the launch, Ali Tabbal, Chief Financial Officer at Etihad Rail said: “The introduction of our Sustainable Finance Framework is a testament to Etihad Rail’s commitment to integrate and uphold sustainable practices in all our operations. Through responsible financial practices, we are further underscoring this dedication by driving positive environmental and social impact in the region across the transportation, logistics, and infrastructure sectors.”

“This framework is a pivotal element of our broader ESG strategy, directly aligning with the United Nations’ Sustainable Development Goals. It provides a clear roadmap for integrating ESG considerations into investment decisions, empowering companies to generate long-term sustainable value. By doing so, we are not only fostering a transition to a low-carbon, resilient economy but also supporting the UAE’s Net Zero 2050 Strategy and contributing to the nation’s vision for a sustainable future,” he concluded.

It was developed in collaboration with various industry members along with First Abu Dhabi Bank and Standard Chartered Bank, who served as co-ESG advisors, providing expertise and insights to ensure it aligns to the Green Loan and Bond Principles.

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An investor has been secured by the provincial government of Bali, Indonesia for a US $20bn subway project. The new system of trains is meant to reduce congestion on existing road infrastructure.

The infrastructure development’s project manager PT Sarana Bali Dwipa Jaya (SBDJ) notes that construction is expected to start in September. The scheme will run through four phases and introduce an underground rail network between Bali’s I Gusti Ngurah Rai International airport and the country’s popular tourist destinations.

Work will include construction of transportation infrastructure, including tunnels and subway tracks, and utility infrastructure for telecommunications, water, electric and waste, according to a report.

SBDJ President Director Ari Ashkara, via a government statement, said a groundbreaking was expected in September.

Phases one and two, which will run new lines from Ngurah Rai airport to Cemagi and from the airport to Nusa Dua, respectively, are projected to finish in 2031 and cost $10.8bn. The entirety of the second phase and a portion of phase one should finished in 2028, Ashkara remarked.

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Emaar Properties has delivered solid results for the first half of 2024, with a 17% jump in its total revenue, which grew to $3.9bn, and a net profit before tax of $2.1bn, up 33% over last year.

Announcing its financial results for H1, Emaar said its strategy to improve profit margins and optimise operational efficiencies resulted in the company achieving a 24% growth in Ebitda, which rose to $2.2bn in the first six months of 2024.

The Dubai developer outperformed its Q1 2024 group property sales in Q2, resulting in record group property sales across H1 of $8.6bn, a 56% growth compared to H1 2023. This improved performance was driven by sustained investors’ confidence and robust demand in Dubai’s real estate market, strong project execution capability, as well as continued growth in tourism and retail sales.

On the company’s solid performance, Founder Mohamed Alabbar said: “Emaar delivered remarkable results in the first half of the year, reflecting our commitment to long-term success and customer satisfaction. Our strategic investments in key locations and other major assets have yielded impressive returns.”

“With a clear vision and pragmatic approach, we maximise value for our stakeholders. We are confident in executing our business strategies and proud of our significant contribution to Dubai’s economic landscape and reinforcing its global leading position,” Alabbar concluded.

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Emirates Central Cooling Systems Corporation PJSC (Empower) has announced its new district cooling plant in Dubai’s Deira district. This follows the recent award of the main construction contract for the facility. The new plant will serve over 46 buildings within the Deira Waterfront development.

The project aims to transform and upgrade the district by creating 20 residential communities featuring apartments, distinctive commercial spaces and modern offices, while preserving Deira’s heritage and cultural character.

The company indicated that advanced technologies will be incorporated into the operations of the Deira Waterfront district cooling plant. Technologies such as Thermal Energy Storage (TES), which optimises the energy usage during peak and off-peak hours, and Treated Sewage Effluent (TSE), which helps conserve fresh water, will be integrated into the plant.

The work is progressing on schedule, as per the statement from the firm, under the direct supervision of Empower’s in-house project team. The new plant will be completed in two phases, reaching a total production capacity of 39,000 refrigeration ton (RT). The first phase, with a capacity of approximately 20,000 RT of environmentally friendly cooling, is expected to become operational by the end of June 2025.

With a claimed 80% of the Dubai district cooling market share, Empower said it will continue to invest significantly, its commitment includes upgrading and developing its facilities and technical staff to meet the growing demand for its services from various segments.

“Our teams are increasing their efforts to provide reliable and high-quality district cooling services to customers across Dubai. Empower is committed to expanding its projects and operations to meet the growing demand for district cooling,” said HE Ahmad bin Shafar, Chief Executive Officer of Empower.

“These efforts will result in developing our infrastructure, expanding distribution networks, increasing the number of cooling plants, and targeting new areas to be covered by district cooling systems such as the Deira Waterfront. This will contribute to expanding our customer base to reach around 140,000 by the end of the year,” he concluded.

The new plant is designed according to international standards, taking into account sustainable green building standards and Dubai’s recent urban developments, and in harmony with the overall aesthetic appearance of the area and the exterior of the buildings in the development, according to the statement.

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Magnom Property has announced that its Forbes International Tower will be the first tower in the world officially registered for the International Living Future Institute (ILFI) Zero Carbon certification. The move brings the developer a step closer to delivering the lifecycle net negative carbon vision of the Tower.

US based ILFI‘s Zero Carbon Certification is a third-party verified industry standard with sustainability requirements to verify the operational and embodied carbon emissions of a built project, and directly addresses the building sector’s role in the global climate crisis.

To meet ILFI’s Zero Carbon requirements, the Forbes International Tower is incorporating advanced building design, construction, and operation technologies. The project is completely non-reliant on the conventional traditional grid and clean hydrogen will provide 75% of the total energy demands of the tower, while its photovoltaic-laced design utilises solar energy to deliver around 25% of the required energy to operate the building.

“We are proud that Forbes International Tower has achieved this prestigious achievement in the real estate sector, which reflects the great work done by our global partners and team. At Rawabi Holding, we draw inspiration from the natural environment that the countries in the region are known for, and this is reflected in our projects and services. Apart from using renewable materials, sustainable energy sources, and making efficient use of space and resources, we will also harness the potential of advanced technologies and innovation to create best-in-class sustainability standards for the Forbes International Tower,” said Osman Ibrahim, CEO, Rawabi Holding and Vice Chairman, Magnom Properties.

Maged Marie, CEO, Magnom Properties added, “The tower is a pioneering experiment in the field of modern architectural engineering as it harnesses the potential of hydrogen to produce energy within the property. This is an unprecedented achievement in this sector, and a first of its kind in the world. The tower will also serve as both an incentive and inspiration for real estate to innovate and transform the way they develop their project infrastructure.”

He added: “By collaborating with our global partners and targeting the highest global green rating systems of all building certifications, the Forbes International Tower is shaping a new era of sustainability in the region and globally. Aiming for the ILFI Zero Carbon Certification will not only accelerate our decarbonisation efforts and enable smart building outcomes but also set a global precedent for sustainable design at this scale.”

Water recycling and treatment will account for 75% of water usage, while grey water will be reused for non-potable uses. To reduce overall freshwater demand, the tower will also utilise low flush, low flow, and highly efficient sanitary fixtures and systems. The collection of rainwater and smart monitoring technologies will also be deployed to control the responsible usage of water.

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The real estate market in Sharjah continues to grow, achieving a trading value of US $1.1bn in prime areas of the emirate during July 2024. The latest figures were released by the ‘Real Estate Market Performance Report’ issued by the Sharjah Real Estate Registration Department (SRERD).

The total number of transactions reached 4,146, while the total area traded reached 13.8m sqft during the same period.

Sharjah’s market increasingly attracts local, Arab, and foreign investors, offering benefits such as multiple investment options, strong infrastructure, and a transparent regulatory framework. Additionally, there are many new real estate projects across the public and private sectors, driven by an increase in population and a growth in the number of international investors.

In July 2024, there were 385 mortgage transactions, representing 9.3% of the total real estate transactions, with a total value of US $381mn.

The sales transactions were registered across 119 areas of the emirate, with the mix including residential, commercial, industrial, and agricultural sectors. The total sales transactions in Sharjah City amounted to 1,304, with Muwaileh Commercial area recording the highest number, at 351. Muwaileh Commercial area also had the highest trading value at $68.3mn.

In the Central Region, the sales transactions reached 110, most of which were concentrated in Al-Qasimia City with 77 transactions, with a trading value of $15mn.

Meanwhile, KhorFakkan, recorded 26 sales, with Hay Al-Harai Industrial Area ranked the highest in terms of sales transactions with seven sales, while Hayawa 4 was the highest area in terms of trading value, at $816,000.

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CBRE Middle East has appointed Matthew Green as the new Head of Research in the MENA region. Green is said to bring a wealth of experience to his new role.

Green is said to have led research and advisory departments for global real estate consultancies and property developers. Commenting on his appointment, he states, “I’m very excited to return to CBRE to lead the MENA research function, and I look forward to further growing our capability and coverage, building on the fantastic foundation set by the team, as we continue to support our regional client base in achieving their real estate objectives.”

Anshuman Magazine, Chairman & CEO for India, Southeast Asia, Middle East and Africa comments, “We are delighted to welcome Matthew back to our team. A highly regarded leader in the real estate industry, Matthew brings with him a distinguished career marked by exceptional research and analysis. His proven track record of delivering high-quality insights will be an asset to CBRE and clients alike. Matthew’s deep industry knowledge will significantly enhance our research capabilities and offerings.”

Michael Young, Managing Director for CBRE in the MENA region adds, “Mat’s return to CBRE is perfectly timed to support our rapid expansion across the Middle East. His extensive experience and intellect will provide exceptional advice and solutions to our clients, whilst supporting the strategic growth of our advisory business.”

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