Knight Frank has said it has made a record-breaking sale of a land plot on Jumeirah Bay Island – selling for US $34.04mn. The deal is said to set a new benchmark and makes it the most expensive land plot ever sold in the history of the UAE.

Breaking the previous record of $25mn, the deal for the 24,500sqft plot marks a significant milestone in UAE’s real estate market.

Anne Ogilvie and Lyndsey Redstone, Associate Partners at Knight Frank represented the seller and buyer in the deal. Jumeirah Bay Island has become a highly sought-after real estate commodity, with land prices soaring threefold in recent years, the firm explained.

In mid January 2023, Knight Frank said 219 ultra-prime homes sold in Dubai in 2022 and, later in the month, a report showed that Grade A warehouse lease rates continued to escalate in Dubai.

The sale further solidifies the island’s status as a super-prime destination, joining the ranks of exclusive developments like the Bulgari Lighthouse, which recently set the record for the most expensive penthouse sale at $112mn.

Andrew Cummings, Partner and Head of Prime Residential at Knight Frank commented: “Jumeirah Bay Island has not just cemented itself as the number one location for Ultra High Net Worth Individuals in Dubai, it has created a submarket only accessible by the ultra-wealthy.  A $34mn transaction would normally represent a spectacular penthouse or palatial mansion. However, Jumeirah Bay’s exclusivity means that this only buys you the sand on which to build your dream home. This is another sign that Dubai is the number one destination for international real estate investment due to the attractive lifestyle and business-friendly environment.”

Knight Frank’s recent research highlights the strengthening of Dubai’s $10 million-plus homes market, with 88 sales worth $1.63bn recorded in Q1 alone.

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Premium real estate developer Sobha Realty has launched its ‘Sobha Reserve’ project, worth US $762.49mn in the heart of Wadi Al Safa 2, Dubailand, Dubai.

Sobha Reserve raises the benchmark for luxury villa communities in Dubai, adhering to the highest standards of modern architecture and urban design, the developer said.

Set in an open canvas of 3.47m sqft (approximately 80 acres), Sobha Reserve places a luxurious villa community within a lush forest landscape. The 300 villas are available in four- and five-bedroom configurations, each with its own private luxury pool and an adjoining garden.

In late February 2023, Sobha Realty said it would launch Verde by Sobha in Dubai’s JLT district and, in early March 2023, the developer said it had completed its Waves tower.

The villas, which have a range of floorplans, start at 4,900sqft, will offer the highest levels of ‘palatial’ villa luxury, with a spectrum of amenities, superior finishes and curated interior design, the developer noted.

“Sobha Realty operates with quality and luxury at the core of its operations, and our projects have the capability to change perceptions, lifestyles, and skylines. We are committed to contributing to the growth of Dubai’s real estate sector, and we strive to constantly set higher benchmarks in the luxury real estate segment. The realty sector is projected to continue its expansion with a significant boost from the tourism and hospitality sectors. Dubai’s economy has been booming and has maintained its ranking amongst the top global economic regions,” said Francis Alfred, Managing Director of Sobha Realty.

Alfred continued, “Keeping in mind the ongoing developments in Dubai’s real estate sector, we launched Sobha Reserve, a holistic villa community with state-of-the-art amenities providing the perfect setting for a high-quality life. A one-stop location for the best in wellness, Sobha Reserve is a neighbourhood of opulent, gorgeous villas inspiring lifestyle, comfort, and luxury in every aspect. Furthermore, the neighbourhood offers sustainable living options and will include tree-lined walkways, exotic flower clusters, and privacy walls. We are delighted to introduce these premium residences with expansive, lush green spaces, top-notch amenities, and entertainment venues.”

In mid April 2023, Sobha Realty announced a new Co-Chairman.

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The first three months of 2023 saw the value of awarded construction projects in Kuwait jump to US $1.71bn. According to the National Bank of Kuwait (NBK), the figure represents growth of 332% over 2022, and is mainly driven by activity in the power and water sectors, which rose to its highest level in almost six years.

NBK added that the value of awarded projects rose 78.3% quarter-on-quarter; three months into 2023, the figure is already equivalent to more than 70% of the total value of projects awarded last year, the financial institution explained.

The acceleration was said to be mainly due to projects in the power and water sectors, awarded by the Ministry of Electricity & Water (MEW). As per NBK, activity in the power sector was particularly strong, rising to its highest level in almost six years, with $490mn worth of MEW projects, and $196mn of GCC Interconnection Authority (GCCIA) projects awarded. These totalled $770mn and accounted for 45% of total project awards in Q1, it stated.

The Kuwaiti bank also said that the transport sector turned in a solid performance. Total project awards came in at $414mn, the bulk of which relate to road and infrastructure works on Sabah Al-Ahmad City by the Public Authority for Housing ($359mn).

In late March 2023, Egis said it would provide PMC services for the Al Mutlaa City Development in Kuwait and, in early April 2023, Kuwait Arab Contractors won a $367mn contract for infrastructure services.

NBK pointed out that activity in the construction sector was firm, though it softened from the previous quarter. Total construction awards declined 33% quarter-on-quarter to $339mn, it revealed.

Sharing its outlook for the remainder of 2023, NBK stated the positive momentum could continue. The partial recovery in the expatriate workforce in 2022 could indicate project mobilisation, and the government could prioritise acceleration in its development plan execution in the coming months, once parliamentary elections are completed, it stated.

For the time being, the domestic environment remains challenging with a projected decline in government capital spending outlined in the FY23/24 draft budget, a slowdown in the consumer-spending boom, relatively high costs of labour and construction materials, it concluded.

In mid April 2023, a report from KPMG said infrastructure is a vital component in Kuwait’s Vision 2035 agenda.

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114 townhouses and semi-detached villas in the Sarab 2 garden villa community at Aljada are being handover by developer Arada. The developer said that the contract to build Sarab 2 was awarded to Dubai-based RAQ Contracting in October 2021.

The two Sarab communities feature the only villas and townhouses in the Aljada master plan and are designed to make the most of green parks, natural light and ventilation. All homes at Sarab come with smart home features as standard and a cooker, hood and washing machine/drier installed, the developer noted in a statement.

Although both Sarab communities are located in peaceful and secluded parts of Aljada, they are both just a few minutes’ walk away from Madar, a 1.9m sqft complex designed by Zaha Hadid Architects that is the fastest-growing leisure and entertainment space in the UAE, the developer stated.

In mid February 2023, Arada said it successfully closed a $50mn second tap of sukuk and, in late March 2023, the developer launched the penultimate phase of the Masaar residential community.

“The timely delivery of the high-quality homes in Sarab 2 allows homeowners to enjoy an exceptional lifestyle in nature-inspired homes in one of the most desirable locations at the fast-growing Aljada community.  We are currently stepping up the pace of construction at Aljada, with the aim of delivering high-quality homes in this outstanding destination as quickly as possible,” said Ahmed Alkhoshaibi, Group CEO of Arada.

The completion of the Sarab 2 villa community raises the number of completed homes at Aljada to over 5,500, following the completion in December of 2,473 units at the premium student housing complex Nest, and another 1,600 homes in the East Village district of the city, Arada explained.

The developer noted that it will begin handing over another 600 units in The Boulevard residential complex at Aljada in the coming weeks. Around 3,200 homes are currently under construction at the Aljada site, where 25,000 units are scheduled to be built in total, the statement concluded.

In mid April 2023, Arada inked a deal to bring sustainable water treatment tech to the UAE.

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The Big Project Middle East editorial team has confirmed that the Dubai Supreme Council of Energy (DSCE) is joining its forthcoming 2023 Energy & Sustainability (E&S) Summit. A member of the council will deliver a keynote address and participate in the event’s panel discussions, the editorial team said.

The DSCE is the governing body tasked with policy development, planning and coordinating with concerned authorities & energy bodies to deliver new energy sources, while employing a balanced approach to protecting the environment, in alignment with the Dubai Integrated Energy Strategy 2030 (DIES). The strategy was launched under the visionary guidance of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai.

The E&S Summit will bring together professionals from government, developers, operators, consultants, contractors and suppliers, to discuss a variety of key topics, in line with a region wide drive towards sustainable development and clean energy. Registration is complementary but mandatory for industry professionals.

“The DSCE’s vision and mission is central to Dubai’s future economic and sustainable energy growth, so we are proud and humbled to have the council’s participation at our second Energy & Sustainability Summit. As part of his keynote, Majd Fayyad, DSM Strategy & Policy Lead at the DSCE will share a global perspective on Net Zero; Dubai’s drive to achieving Net Zero; Dubai’s Green Mobility Strategy and more, and will also bring his valued thoughts and opinions to our highly anticipated COP28 panel discussion,” said Jason Saundalkar, Head of Content of Big Project Middle East.

Majd Fayyad, DSM Strategy & Policy Lead, Dubai Supreme Council of Energy

The council’s mission is to support Dubai’s economic growth through secure energy supply & efficient energy use, while meeting the following environmental & sustainability objectives: effective planning of energy sector; develop an integrated approach to securing energy supply and employing efficient energy practices for the sustainable growth of Dubai; ensure sustainability of energy supply while preserving environment; rationalise the use of energy and ensure environmental sustainability; plan and facilitate the execution of the strategic initiatives, demand management and supply options with view of diversifying energy sources, and set a governance framework to streamline existing energy practices across the DSCE entities to optimise synergy and energy efficiency.

According to the editorial team, the event’s agenda will include several panel discussions and presentations, each tying into topics such as: COP28 expectations and opportunities; the future of energy, green hydrogen and energy transition in the GCC; Net Zero developments and performance focused approaches to benchmarking buildings; smart and sustainable city mobility and more. Keep up with updates to event’s agenda by clicking here.

To discuss participating at the event as a speaker, contact conference producer Jason Saundalkar on Jason.s@cpitrademedia.com. Sponsorship inquires can be addressed to Raed Kaedbey (raed.kaedbey@cpitrademedia.com) and Madeleine Martin (madeleine.martin@cpitrademedia.com).

To learn more about the 2023 Energy & Sustainability Summit, click here.

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The global construction equipment rental market is forecast to be worth US $225bn annually by 2032, with a projected CAGR of 4% for the period 2023-2032, according to a report by Global Market Insights.

The market growth is mainly driven by the rising demand for tech innovations in construction equipment, implementing the latest smart technologies such as the Internet of Things (IoT) compatibility, artificial intelligence and machine learning, and the growth of telematics and remote operating.

Typically, rental specialists in this industry lease out or rent construction equipment such as cranes, scaffolding, crane lorries, MEWPs, graders, bulldozers and excavators to carry out a host of building activities. Moreover, the market’s key providers are more frequently engaging in strategic initiatives such as partnerships, mergers and acquisitions, R&D investments, and new product launches to gain a competitive edge in the industry.

In December 2022, Magna Tyres introduced three new mining sizes and in mid March 2023, it was revealed that excavators are in high demand ahead of a Ritchie Bros. auction in Dubai.

For instance, in January 2023, Al Faris Group recently extended its portfolio with addition of 24 Liebherr heavy-duty mobile cranes to its fleet, said the report. The delivery includes a range of models with lifting capacities from 110 to 700 tonnes, including four LTM 1500-8.1s with a lifting capacity of 500 tonnes.

Overall, the construction equipment rental market is very much segmented in terms of product and region. Based on product, the concrete equipment segment, for example, is expected to achieve over 5% CAGR between 2023-2032. This growth is being driven by changing production requirements in the sector: modern concrete producers are using cutting-edge technologies to eliminate raw material waste and reduce the need for costly storage space.

Moreover, a rising preference for high-capacity, innovative batching plants – taking advantage of incremental scale – will also drive demand, the report outlined.

In late March 2023, Construction Machinery Middle East said the spotlight would be on sub-contractors at its 2023 awards.

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Benoy has unveiled the design for ‘Konoz’, which is billed as a cutting-edge entertainment city being developed by Saudi-based Abdullah Al Othaim Investment Company in the heart of Riyadh. The project is being developed at a total investment value of US $1.86bn.

A leading shopping mall operator in the Kingdom, Abdullah Al Othaim Investment Company said Konoz (which means ‘Box of Jewels’ in Arabic) will boast an entertainment city, a luxury hotel and premium residential offering in addition to commercial, F&B and retail outlets.

The project’s name reflects the visual and architectural representation of gemstones as a design theme across its various zones. Konoz was first announced by the Abdullah Al Othaim Investment Company in late February 2023.

In mid February 2023, the Saudi Crown Prince launched the New Murabba Development Company to develop the world’s largest modern downtown area in Riyadh.

According to Benoy, the new scheme works as part of the wider ‘Vision 2030’, positioning Riyadh as a 24-hour destination to live, work, and shop. Konoz will include 50,000sqm of state-of-the-art commercial office space and a 20,000sqm entertainment city aimed at supporting Riyadh’s thriving tourism and entertainment industry.

Jamie Webb, Head of EMEA, Benoy, commented, “Our design concept centres around creating an attractive, walk-able district and neighbourhood, where people will be able to enjoy a variety of cultural and leisure activities. Bringing together cues from contemporary and historic Riyadh, with four key districts reflecting the different experiences of Riyadh.”

In addition to its commercial spaces, Konoz is to feature 15,000sqm of green areas, parking for 5,500 vehicles, a 120,000sqm commercial centre, a world-class a luxury hotel with 250 rooms, 120 serviced residential apartments, and an additional apartment complex that includes 700 apartments.

In late March 2023, Roshn inked $2.1bn in agreements with construction firms for the development of infrastructure and facilities.

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The second edition of Big Project Middle East’s (BPME) Energy & Sustainability Summit (E&S Summit) will take place on 23 May at the Habtoor Grand Resort in JBR, Dubai.

Several high-profile speakers have already been confirmed from regional construction specialists, developers and operators, as well as government and industry organisations, and technology firms including: the Dubai Supreme Council of Energy; KEO; EGIS; Jacobs; AECOM; Green Energy Solutions & Sustainability; Ecosquare; Towers & Hamlins; JLL and Thinkproject.

According to the editorial team, the event’s agenda will include several panel discussions and presentations, each tying into topics such as: COP28 expectations and opportunities; the future of energy, green hydrogen and energy transition in the GCC; Net Zero developments and performance focused approaches to benchmarking buildings; smart and sustainable city mobility and more. Keep up with updates to event’s agenda by clicking here.

The summit will bring together professionals from government, operators, consultants, contractors and suppliers, to discuss a variety of key regional topics, in line with a region wide drive towards sustainable development and clean energy. Registration is complementary but mandatory for industry professionals.

“It’s been an exciting and productive few weeks putting this event together – we’ve been able to confirm several high profile speakers from government organisations, the built environment, academia, developers and operators. The agenda and topics have been very well received, and we expect to confirm additional speakers in the coming weeks, as we build up to the event on 23 May,” said Jason Saundalkar, Head of Content of Big Project Middle East.

He added, “The agenda will be added to the website in the coming days and we encourage you to check in regularly to discover the latest updates with regards to panel and presentation content, and speakers.”

To discuss participating at the event as a speaker, contact conference producer Jason Saundalkar on Jason.s@cpitrademedia.com. Sponsorship inquires can be addressed to Raed Kaedbey (raed.kaedbey@cpitrademedia.com) and Madeleine Martin (madeleine.martin@cpitrademedia.com).

The 2023 edition of the E&S Summit is supported by:

Gold Sponsor: Atkins, KEO International Consultants
Silver Sponsor: AECOM, ECC
Bronze Sponsor: ThinkProject
Supporting Partner: Climatize, Egis Group, JLL
Knowledge Partner: Heriot Watt University

The first edition of the E&S Summit saw over 190 people in attendance, as well as the participation of experts from regional developers, consultants, contractors, industry bodies and academia.

To learn more about the 2023 Energy & Sustainability Summit, click here.

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Source: MEConstructionNews