Abu Dhabi National Energy Company (TAQA) has launched a new green finance framework for the issuance of green bonds, sukuks, loans, and other key debt instruments.

Proceeds from these new offers will go to eligible green projects including renewable energy, energy efficiency, sustainable water and wastewater management, clean transportation, and terrestrial and aquatic biodiversity. Projects that are being financed under the Framework will contribute to TAQA’s 2030 ESG targets, as well as its long-term Net Zero goal.

TAQA’s Green Finance Framework is aligned with the global best practices set out under the four core components of the Green Bond Principles 2021 published by the International Capital Market Association (ICMA).

TAQA has also obtained a Second Party Opinion (SPO) from Moody’s Investor Services (Moody’s). Moody’s has also assessed the framework and given it a Sustainability Quality Score of SQS2 (Very Good), the second-highest score under Moody’s SPO scoring framework – which means it demonstrates a significant contribution to sustainability.

In late December 2020, it was announced that US $1bn in financing would kick off world’s largest solar project and, in mid January 2022, TAQA and Etisalat Digital joined forces for an advanced metering infrastructure project.

TAQA’s Group CEO and Managing Director Jasim Husain Thabet said the green finance framework was an important mechanism to help the group finance the journey towards achieving its environmental, social, and governance (ESG) goals, as a low carbon power and water champion.

“This framework is further evidence of how serious we are about putting sustainability and responsible business practices at the heart of everything we do, as we also support the UAE in achieving its Net Zero by 2050 objective. Our own emission reduction targets are backed by a business plan and credible green projects that will see us play a key role in de-carbonising the power and water sector and other industries in the UAE and worldwide,” he explained.

In late 2022, the Abu Dhabi energy group announced its 2030 ESG Strategy, which included interim greenhouse gas (GHG) emissions reduction goals. As a credible step towards achieving its Net Zero ambitions by 2050, TAQA has committed to a 25% reduction of Scope 1 and 2 emissions by 2030 across the Group, including a 33% reduction of the UAE portfolio emissions compared to the 2019 baseline.

In mid August 2022, TAQA reported a 50% increase in net income to $1.17bn for H1 2022.

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Adnan Jabri has been appointed as the new General Manager for Deyaar Facilities Management (Deyaar FM), according to a statement by Deyaar Development (Deyaar). The move comes as Deyaar FM expands its project portfolio and strives to set new benchmarks in service delivery.

Jabri is said to have joined the firm recently to lead the strategic growth of the facilities management business, oversee all aspects of building an industry expert team, as well as lead on aggressive new business development, to boost profitability and add value to clients in line with Deyaar’s corporate goals.

“We are delighted to welcome Adnan Jabri on board as the General Manager for Deyaar Facilities Management. Jabri joins Deyaar at a critical juncture of the company’s strategic growth, as we aim to deliver on our ever-growing portfolio of projects, strategic business plans and the long-term vision to reinforce Deyaar’s reputation as a world-class developer. With a wealth of experience in managing top-tier properties and a free-thinking approach, Jabri’s expertise in facilities management, planning and financial oversight, process efficiency and adoption of technology will be critical in ensuring exceptional and cost-effective services throughout Deyaar’s complete range of facility management services,” said Saeed Mohammed Al Qatami, Chief Executive Officer of Deyaar Development PJSC.

As per Deyaar, Jabri brings more than 20 years of experience working in senior management roles, financial oversight, bidding, protocol development and process improvements to the role.

In late January 2023, Deyaar completed the Mesk and Noor districts and, in early March 2023, the firm appointed the appoints main contractor for its US $140mn luxury residential project.

Commenting on his appointment, Jabri stated, “I’m extremely excited to take on this new challenge as the General Manager of Deyaar Facilities Management and welcome the opportunity to lead and grow this fantastic team into the region’s market leader. As facilities management and service delivery models undergo a profound transformation in Dubai and the region, I am looking forward to putting my regional knowledge and experience into practice for Deyaar’s prestigious properties, pivoting on data, technology and process efficiency while bringing out the very best of our passionate and dedicated human capital.”

Prior to joining Deyaar, Jabri was the General Manager of MAB Facilities Management, with full P&L responsibility for Jordan and Egypt. His responsibilities included service development through implementation of ERP, CAFM, and client application. Jabri was also the General Manager of SERVEU and FITOUT, two fully owned subsidiaries of Union Properties.

Jabri has also served in various senior finance and advisory roles in multinational organisations during his career, including Kingdom Hotel Investments, Majid Al Futtaim Group, and Arthur Andersen & EY in Dubai, the statement concluded.

In mid March 2023, Deyaar launched a $300mn waterfront residential project in Dubai Maritime City.

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Qatar-based Estithmar Holding has announced that its subsidiary, Elegancia Arabia Trading Company, has been awarded the MEP package works contract for three hotel projects on Shura Island, which is part of the Red Sea project.

According to a statement, the contract award includes the Prestigious Central Hotel, a 430-key property as well as two other properties (respectively, 150- and 180-key) on the eastern side of the island. Overall, this portion of the Red Sea project features a built-up area of 88,269sqm, which is said to mark it as a flag-bearer for regenerative tourism worldwide.

The Red Sea project is billed as the first tourism enterprise of its type, size, and magnitude, to be designed and build off-grid, solely powered by renewable solar energy in line with the stringent commitments of Red Sea Global (RSG).

“Elegancia Arabia Trading is committed to adopting innovative, energy-efficient, and environmentally friendly solutions throughout our performance of the awarded MEP package works, aligned with industry-leading guidance in the energy and environmental design LEED certification,” said a company spokesman.

In late March 2023, Red Sea Global awarded contracts for Amaala’s Marina Village and, in early April, the developer appointed ILF Consulting Engineers to implement a $1.5bn project.

According to RSG, the ongoing construction works, underpinned by a regenerative approach to tourism development, are a critical part of building its legacy and supporting the delivery of Saudi Vision 2030.

Estithmar’s spokesperson continued, “This necessitates experienced partners, who share the same vision for choosing to do better and challenging the status quo of the business-as-usual approach. At this juncture, we – along with Elegancia Arabia Trading – are delighted to play our part in the delivery of this unique development, creating a new gateway to explore the rich diversity and fabled hospitality of the Kingdom.”

The award of this project marks a major milestone for the expansion of Estithmar Holding in Saudi Arabia, he added.

In early April 2023, PKF Hospitality Group said Saudi Arabia represents the single biggest opportunity for hospitality and tourism.

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Kuwait’s Public Authority for Housing Welfare (PAHW) has awarded a $367mn contract to Kuwait Arab Contractors for an infrastructure services contract for the South Sabah Al Ahmad City project.

The PAHW said that a total of 14 companies had expressed their interest in the project but Kuwait Arab Contractors emerged the winner with the lowest bid, according to a report by Arab Times.

The scope of work includes construction, completion and maintenance of main road works for the South Sabah Al Ahmad City, as well as provision of infrastructure services and setting up of rainwater tanks. The entire project work will be completed within the next three years, the report explained.

In mid December 2022, CDE said it would supply wet processing equipment for a major land remediation effort in Kuwait and, in mid January 2023, Kuwait’s PART issued consultancy services tenders for Phase One of its railway network.

The South Sabah Al Ahmad project is taking shape 80km south of the capital, Kuwait City. The 61.5sqkm city features ten neighbourhood clusters arranged around the city’s central business district, and will be bordered by a ring of light industrial buildings.

Set to be the urban core for the country’s southern sub-region, the city will be home to an estimated 280,000 residents, while creating 145,000 jobs in a diverse range of industries including construction, medicine, manufacturing and culture.

It will also boast extensive green open spaces and multi-layered public transport systems that promote wellbeing and sustainability, the report concluded.

In late March 2023, Egis said it would provide PMC services for the Al Mutlaa City Development in Kuwait.

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A collective fine of US $37.32mn has been imposed on 14 cement companies in the Kingdom by Saudi Arabia’s General Authority for Competition (GAC). The antitrust authority imposed a $2.66mn fine on each of the cement firms for manipulating cement prices for their own benefit, infringing Article 4 of the Competition Law.

The law prohibits practices, agreements, or contracts among competing firms that lead to controlling the prices of goods and services intended for sale by increasing or decreasing them to harm the market, the authority explained.

The authority said it received complaints that several companies in the cement sector had manipulated prices to benefit themselves. Following this, the GAC board approved starting an investigation into these claims and found that companies violated the Competition Law by raising cement prices.

The companies penalised include Al Safwa Cement Co, City Cement Co, Al-Jouf Cement Co, Umm Al-Qura Co, Qassim Cement Co, Najran Cement Co, Southern Province Cement Co, United Cement Industrial Co, Yamama Cement Co, Riyadh Cement Co, Arabian Cement Co, Saudi Cement Co, Hail Cement Co, and Yanbu Cement Co, the authority revealed in a statement.

In early November 2022, Partanna Bahamas and the Government of the Bahamas inked a deal to develop the “world’s first carbon-negative affordable housing development” and, in mid January 2023, the ACI established a new centre of excellence for concrete industry productivity.

The GAC added that the resolutions were published at the expense of the violators, noting that all of them were final, as the Administrative Court of Appeal in Riyadh dismissed the challenges filed by those firms.

In addition, the authority called upon all establishments to abide by the Competition Law and its regulations to encourage consumer choices and support market growth and efficiency within a framework of fairness and transparency.

Earlier, the GAC also announced penalties against two enterprises for collusion in a project at Saudi Authority for Industrial Cities and Technology Zones, also known as MODON, with a total fine of $563,000.

In late January 2023, the World Cement Association Director said that 2023 could be tough for cement producers.

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Landscaping works at Port de La Mer have been successfully concluded according to contractor Akar Technical Services.

The project is a part of the 9.5m sqft comprehensive development across Dubai’s beachfront district of Jumeirah, which aims to enhance the social and economic capabilities of Dubai as a region and set new global benchmarks for beachfront developments.

“Our efforts have been concerted to enhance the aesthetic appearance and beauty of the area through implementing best practices in a way that lives up to the status of Dubai as an international hub. Our firm uses cutting-edge technologies and innovative methods to implement its landscaping projects across the city. At the core, Akar’s landscaping projects aim to achieve the sustainability of the country, improve air quality and boost the community’s mental and overall physical well-being,” said Adnan Nalwala, executive director, Akar Technical Services.

According to the landscaping contractor, soft landscaping work included more than thousand trees (large and small) planted to form a green belt along the roadsides of the area, while more than forty thousand shrubs were planted across the four district zones. Approximately fifty thousand ground covers and nearly five thousand climbers/grasses were used to transform sparse space into a rich tapestry of textures, shapes and continual color, the firm noted.

In late March 2023, a lead contractor was appointed for J1 Beach and Meraas launched the Design Quarter residential hub in d3.

Hardscaping encompassed elements like the installation of precast concrete kerbs; porcelain paver, clay paver, clay paver banding, clay paver banding, granite banding, precast concrete pavers, precast concrete banding, granite banding, decomposed gravel, play area surface (sand), pots, shade structure and water feature. The firm said these elements create an ideal combination of dry and water hardscapes that can not only improve the liveability and beauty, but also provide a contemporary design which is incredibly durable, skid-resistant, stain-resistant, and easy to maintain.

To illuminate the area and improve the beauty, safety and security of the project, the contractor said it also installed landscape lights to the tune of approximately fifteen hundred, in addition to strips and cables. The works enable visitors and residents to enjoy their outdoor living spaces after the sun goes down, it added.

Highlighting the importance of technical aspects of the project, Raja Subedi, Director, Akar Technical Services stated, “Our emphasis on sound project management and ensuring that all technical matters are addressed in due course has enabled us to execute this project. This would have not been possible without the support of the consultants and client on site.”

In late March 2023, the First Group launched Soluna Beach Club.

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The second phase of its Smart Pedestrian Signals project is now underway according to Dubai’s Roads and Transport Authority (RTA). The new phase incorporates 10 new sites and, by 2024, the organisation said the total number of locations will rise to 28.

According to a statement, the launch of the second phase follows the successful outcomes of the first phase, which involved the installation of smart pedestrian signals at various key locations throughout Dubai.

The project’s expansion is said to demonstrate the RTA’s commitment to utilising cutting-edge smart technologies and the Internet of Things (IoT) to ensure seamless traffic management and enhance the safety of both pedestrians and motorists.

Mohammed Al Ali, the Director of Intelligent Traffic Management Department, Traffic and Roads Agency at the RTA said, “The system proved effective in improving pedestrian safety in cases involving those who require more time to cross, like elderly residents, people of determination, and individuals with luggage or pushchairs.”

In mid March 2023, the RTA said a US $217mn contract was awarded for the Al-Shindagha Corridor project and, in early April, the RTA said that two bridges and a tunnel at Falcon Interchange were open.

“Results showed that no pedestrian accidents occurred since the introduction of smart pedestrian signals, which confirms the effectiveness of the project in raising traffic safety at intersections. It also improved the vehicle flow by eliminating the pedestrian mode in case no pedestrians detected thus offering more time to motorists,” he added.

The smart signal technology is operated by a system reliant on sensors connected to a ground optical system synchronised with the signal’s light operation. It perceives pedestrian movement on the pavement (before crossing the street) and on the pedestrian crossing (while crossing). This significantly enhances pedestrian safety, while also boosting the efficiency of traffic light operations and ensures better management of signal timing, the RTA explained.

This RTA initiative will contribute to bolstering Dubai’s ambitious vision of becoming a leading smart city and a global trailblazer in intelligent traffic systems, remarked Al Ali.

The selection of sites for installing smart pedestrian signals is guided by criteria set in coordination with strategic partners, highlighted by the proximity of pedestrian crossings to each other, the rate of pedestrian incidents at the signal, the street classification (speed limit, number of lanes in each direction), locations & distance to footbridges, and the road design, he concluded.

Later in April 2023, Saudi’s Ministry of Transport and Logistics launched a trial of its first self-driving vehicle.

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Dubai’s Endowments and Minors’ Trust Foundation (Dubai Endowment) has launched a ‘Well of Water’ endowment project, which aims to contribute to Dubai’s global water aid efforts.

The project includes four residential villas on a 19,880sqft plot in the Al Rashidiya area. Valued at US $2.45mn, the four G+1 buildings cover a total area of 14,595sqft.

Dubai Endowment explained that expected annual returns account for about 10% of the project value. It noted that the annual proceeds from the endowment will be dedicated to implementing sustainable projects to provide water to many communities that lack potable water sources in developing countries suffering from natural disasters.

The initiative is part of the independent ‘Well of Water’ endowment projects series, commenced by Dubai Endowment in 2019.

In early February 2023, SEWA said it had made major progress on key Khorfakkan infrastructure projects and, in early April 2023, the Big Project Middle East editorial team said its 2023 Future of Water Summit would focus on water security in the Middle East.

This is the foundation’s second endowment project dedicated to supporting the ‘Well of Hope’ campaign, as launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to provide clean water to disadvantaged communities across the world.

The inauguration ceremony for the new endowment was attended by Saeed Mohammed Al Tayer, Chairman of the Board of Trustees of the UAE Water Foundation (Suqia UAE); Essa Abdulla Al Ghurair, Chairman of the Dubai Endowment Foundation; Ali Al Mutawa, Secretary-General of the Foundation; and other senior officials.

Saeed Mohammed Al Tayer, Chairman of the Board of Trustees of the UAE Water Foundation (Suqia UAE), commended the efforts of the Endowment and Minors’ Trust Foundation in Dubai, and its endeavour to generate sustainable revenues that contribute to providing clean water to communities suffering from water shortage and pollution around the world.

He explained how, established in March 2015, the initiative has positively impacted the lives of more than 13.6m people in 37 countries worldwide, through more than 1,000 sustainable water projects.

In early April 2023, SEWA said it had issued a RFP for the Hamriyah IWP.

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Sharjah Electricity, Water and Gas Authority (SEWA) has announced that the request for proposal (RFP) for the 90 MIGD Hamriyah IWP project has been issued to eight pre-qualified bidders.

The project is said to be in line with SEWA’s principle objectives to augment its water production capacity to meet the present and future water requirements in the northern emirate.

According to SEWA, the project is expected to be commissioned by Q3 2026. It will also be the largest additional project so far commissioned by SEWA to enhance the existing infrastructure for water provision in key areas of the emirate.

In mid January 2023, Diyar Al Muharraq said that secondary infrastructure works had begun at key plots in its project and, in early February 2023, ACCIONA said the Al Khobar 2 desalination plant ramped to full production.

The Sharjah utility provider said that it will select the preferred bidder for the project post via the detailed evaluation of the proposals received. The deadline for submitting the bids has been set for August of this year.

A move towards inviting tenders from pre-qualified bidders is designed to avoid the complications sometimes resulting from an ‘open vendor’ system, which albeit a traditional approach across many large-scale GCC projects, has received a good deal of adverse comment from international consultants and contractors, the statement concluded.

In early February 2023, SEWA said it had made major progress on its Khorfakkan infrastructure projects.

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