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Source: MEConstructionNews
The financial close on three solar photovoltaic (PV) projects in Uzbekistan has been announced by Abu Dhabi Future Energy Company (Masdar). The firm said the combined 900MW project is the largest solar development programme in the region, and noted that work at Sherabad, Samarkand and Jizzakh will begin imminently.
Funding for the projects is being provided by Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB). The Dutch Entrepreneurial Development Bank, FMO, and ILX are acting as B loan participants, a statement form Masdar clarified.
“Reaching this milestone for all three projects is a proud moment for Masdar and a key stage for Uzbekistan’s clean energy journey. We are already playing a significant role in supporting the Uzbek government’s ambitious renewable energy objectives, and we look forward to continuing to grow our portfolio of projects in this key strategic market,” said Niall Hannigan, Chief Financial Officer at Masdar.
Masdar said it had signed an agreement during COP27 to join IRENEA’s Energy Transition Accelerator Financing (ETAF) platform, with the intention of potentially deploying up to US $200mn equity investment on renewable energy projects.
In early February 2023, Masdar opened an office in Baku in support of Azerbaijan’s renewable energy sector and, later in the month, Baynouna Solar Energy Company said it had opened Jordan’s largest clean energy project.
Hannigan remarked that Masdar and AIIB have jointly committed capital to the Uzbekistan projects under the ETAF initiative. ETAF is described as a multi-stakeholder climate finance platform, targeting the deployment of 5GW of new renewable power in developing countries by 2030.
He also stated that Masdar last year announced a new shareholding structure and additional focus on green hydrogen, making it one of the largest clean energy companies of its kind.
With a goal of achieving 100GW renewable energy capacity and green hydrogen production of one million tonnes per annum annually by 2030, the new Masdar is a clean energy powerhouse that will spearhead the UAE’s Net Zero by 2050 Strategic Initiative and drive the global energy transition, he concluded.
In early March 2023, an Acwa Power led JV closed financing on a $8.5bn green hydrogen project in Neom.
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200 development projects across 17 major sectors have been approved by Saudi Arabia’s National Center for Privatisation (NCP). The sectors covered include transport and logistics, housing, tourism, industry, health and education.
Of these Public-Private-Partnership (PPP) projects, details of about 140 projects have been made available to local and international investors. With this approval, the Saudi government aims to provide an opportunity for local and international investors to join these PPP projects and help develop infrastructure in the Kingdom, the statement explained.
Minister of Finance, Chairman of the Board of Directors of NCP Mohammed bin Abdullah Al Jadaan said the projects promise vast opportunities for local and international investors in line with the Kingdom’s Vision 2030, which is concerned with enhancing investment in the national economy and providing attractive investment opportunities for the private sector and increasing its contribution to the GDP.
CEO Muhannad bin Ahmed Basudan said the Ministry of Investment plays a vital role as partner and enabler in the process of marketing and attracting investors.
In early February 2023, Drees & Sommer’s Stephan Degenhart said that infrastructure, healthcare and hospitality would drive GCC construction in 2023.
He remarked, “The Kingdom has the largest series of privatisation projects in the region, which include various qualitative investments, and these are made available in advance to give investors the opportunity to prepare well in advance before their offering.”
As part of the raft of projects, around 4,500km of modern roads will be built across the country, as well as parking lots in Al Olaya. Plots of land owned by municipalities in Al Khobar, Makkah, Madinah will be developed for entertainment, retails space tourism and other activities, the statement added.
Under the Ministry of Logistics and Transport, the projects that have been given the go-ahead are the development of major highways linking Jazan to Azir and another to Jeddah as well as one from Yanbu to Jubail and another from Makkah to Jeddah. Among the largest of these are the 570km Jeddah to Jazan Highway and the 447km Yanbu to Jubail Highway.
It will also see the privatisation and expansion of some of the major airports in the Kingdom including Abha; Hail; Taif; and Prince Naif Airport in Al Qassim.
In late March 2023, Roshn inked $2.1bn in agreements with construction firms for the development of infrastructure and facilities.
He concluded, “The first quarter of 2023 witnessed the signing of contracts for projects in the transport sector, including Spanish-Saudi, and Chinese-Saudi alliances. There is a diversity of operations to attract foreign investors and available projects.”
In early April 2023, Saudi’s Ministry of Transport and Logistics launched a trial of the Kingdom’s first self-driving vehicle.
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Source: MEConstructionNews
The second edition of the Fleet and Mobility Summit will take place at the Habtoor Polo Resort in Dubai on 8 June 2023, the Truck & Fleet Middle East editorial team has confirmed.
Returning for the second year, the Fleet & Mobility Summit will once again bring together professional fleets to discuss how their businesses can take advantage of the wave of mobility technology hitting the market.
A unique mixture of test drives, tech demonstrations and expert insight, the second Fleet and Mobility Summit will ensures key stakeholders get together to extend their knowledge base and see the technology and practices that will shape their businesses for years to come. Registration for the event is complementary but mandatory for industry professionals.
“The first Fleet and Mobility Summit was one of the most exciting events I’ve personally been involved in, so I can’t wait to get the B2B and B2C fleet community back in the room together,” said Truck & Fleet Middle East Head of Content Stephen White.
A draft agenda for the event is now online, and the fleet community is now invited to fix the date in the diary and take part.
“If you are fleet business owner, providing car rental or mobility services, then we have an event that will set you up for all the challenges ahead,” added White.
From on-demand services to last mile deliveries, the regional market has seen some remarkable changes to the fleet and mobility sectors in the past half-decade. The rise of e-commerce and digitalisation means these sectors have emerged from the disruption of recent years with both private and end-user clients accessing services in a way they have never done so before. Likewise, technology is powering a revolution in how sectors such as hospitality, tourism, F&B and retail can offer unprecedented services directly into homes and offices via their own fleet or third-party service providers.
Mobility is also opening up possibilities in adopting on-demand, leasing and rental services to keep costs down and protect your operation’s flexibility. This is an event that will help companies managing their own fleet or relying on fleet services to understand how the market can leverage technology and expertise to evolve and discover the choices they should make to be competitive.
During the day, delegates will hear from industry veterans and disrupters alike about their digital transformation and new service roll-out experiences; learn about new practices; and find ways to finance their fleet while remaining competitive in a rapidly advancing market.
To learn more about how new mobility technology, services and vehicles can upgrade and grow your business, while maintaining high levels of customer retention and satisfaction, click here.
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Source: MEConstructionNews
Dubai recorded 88 home sales above US $10mn during the first quarter, according to the latest analysis carried out by global property consultant Knight Frank.
The firm’s analysis also shows that the city’s prime residential neighbourhoods of the Palm Jumeirah, Emirates Hills and Jumeirah Bay Island continue to dominate luxury home sales, with average transacted prices in these highly sought-after locations for $10mn homes reaching $2,400 per sqft during the first quarter. Other locations in the city are, however, also fast rising to prime status.
Faisal Durrani, Partner – Head of Middle East Research, Knight Frank said, “The $10 million-plus homes market in Dubai continues to strengthen, with 88 sales being registered in Q1 alone. 2022 saw Dubai record 219 deals above this price point, positioning the city as the fourth busiest luxury homes market in the world. 2023 is shaping up to be another record year for this segment of the market.”
“The depth of demand for homes at this price point from local and international UHNWI [ultra high networth individuals] is helping to drive up prices in this exclusive segment of the market. Indeed, Q1 has seen average transacted prices for $10mn-plus homes reach $1,970 per sqft, which represents a 16% increase on 2022’s $1,700 per sqft.”
In mid February 2023, a Deloitte report said it anticipates growth across residential and commercial sectors in 2023 in Dubai and Saudi Arabia and, in late February, Q Properties said the latest phase of Reem Hills sold out.
While Dubai’s prime neighbourhoods of the Palm Jumeirah, Jumeirah Bay Island and Emirates Hills accounted for 64% of the $10mn home sales during Q1, other areas are also growing in prominence and are likely to be classed as ‘prime’ if they continue to entrench themselves as high-end neighbourhoods, the Knight Frank study shows. The Al Wasl-Dubai Canal corridor is one such area, with branded residential sales contributing to its emergence as a hotspot for UHNWI who are focused on securing the most expensive homes in the emirate’s most desirable neighbourhoods.
Andrew Cummings, Partner – Head of Prime Residential Sales, Knight Frank added, “Tilal Al Ghaf is the other location that has quickly joined the growing list of ultra-lux neighbourhoods in Dubai. Last year, three homes here sold for over $24.5mn and during Q1, seven villas transacted for over $10mn, strongly suggesting that Tilal Al Ghaf will soon meet our definition for a prime neighbourhood.”
He concluded, “While the bulk of international UHNWI looking at Dubai are drawn to acquiring second homes on the coast, Tilal Al Ghaf has set a new benchmark for luxury living as an inland community that delivers on quality and amenities. The shortage of completed waterfront communities and the lack of development sites that can be easily activated suggests that such inland communities will continue to grow in prominence.”
In late February 2023, W Capital said Dubai’s Golden Residency Visa could boost real estate in the emirate.
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Saudi Arabia currently represents the single biggest opportunity for hospitality and tourism, and that is set to continue for at least another five years, according to a new report from PKF Hospitality Group.
The view is that while there some doubts remain about project timelines, Saudi Arabia will surprise many and will be a changed country in the years to come. The group recently held one of its major ‘spotlight’ events in Riyadh in recognition of the significant amount of projects that have been announced for Saudi Arabia.
The majority of these projects, many of which are ‘giga-projects’ touted to be worth well in excess of $100bn each, form part of the very ambitious Saudi Vision 2030. This strategic road map is set to harness the strength and strategic position of the Kingdom whilst reducing its reliance on oil.
The focus areas, on which more than $800bn will be spent, are tourism, health infrastructure and education. In addition, the overall improvement of the country’s image is another desired outcome of this massive effort.
In late March 2023, AECOM was appointed to provide PMC services for Neom airport.
The initial push is to create products that attract the local traveller, who currently doesn’t find enough reason to travel within his/her own country. The millions of pilgrims who come to Saudi Arabia to visit the holy sites are the next obvious market to be targeted – followed by the discerning international traveller.
PKF comments that there are voices questioning how realistic these plans are and how they will be executed on time to meet the deadlines of Vision 2030; but the fact that many have not only already broken ground but have strong ongoing infrastructure development has already attracted international comment and a wide raft of household-name multidisciplinary contractors.
Nils Heckscher, Head of Africa also overseeing PKF’s Middle East operations said, “Yes, I also think, that some may not be seen completed on time. It is a simple fact that know-how, materials – and in the end, staff to run these places – are not in high supply. Yet, others we will see completed on time, no doubt.”
First on that list will be Trojena, the official host location of the Asian Winter Games 2029. Much coverage was received about this venue of choice, with many obvious comments about the heat and desert making for an unlikely winter sports destination. Yet the region does actually see snow in winter and is in general 10 degrees cooler than the rest of the country. Architecture and technical advances will make the holding of the competitions in the various winter sport disciplines possible.
In late March 2023, Red Sea Global awarded contracts for Amaala’s Marina Village.
Sustainability ranks high in the KPIs that these projects have been set. Nils Heckscher comments: “It is heartening to see public-private partnerships that have a strong focus on ESG principles and that intend to build in a sustainable manner; sourcing local materials as well as design and employing locals who will be trained and given ample opportunity to advance. These are fundamental building blocks in creating great and sustainable destinations.”
Christian Walter, Global CEO PKF Hospitality Group concludes, “We will continue to add value to our clients’ projects and believe that there is a great need for the type of services we provide. Saudi Arabia currently represents the single biggest opportunity for hospitality and tourism, and that is set to continue for at least another five years.”
In early April 2023, Red Sea Global appointed ILF Consulting Engineers to implement $1.5bn utility project.
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Source: MEConstructionNews
Saudi Arabia’s Deputy Minister of Transport and Logistics, Dr. Rumaih Al-Rumaih, has launched a trial phase of ’Dhahaina’ (Smart), a new autonomous vehicle (AV).
According to a statement, the launch event at the Riyadh Business Front was intended to boost awareness and increase the acceptance of AV technology in society, and is the first step in a longer process that will see the development of AV legislation, regulations, and supporting systems.
The AV initiative is said to be in line with the ministry’s efforts to facilitate and embrace contemporary transportation systems. In a statement during the event, Al-Rumaih highlighted the ministry’s embrace of innovative transportation techniques, and its plans to utilise advanced technologies in the transportation and logistics industry, as per the objectives set in the National Transport and Logistics Strategy.
The strategy aims to provide solutions for smart mobility and anticipate the future development of the market. By launching this trial, the ministry aims to reduce the number of transport-related accidents and fatalities, improve intracity mobility, and minimise the impact of the transportation sector on the environment, the statement noted.
In early July 2021, the CSP Abu Dhabi Terminal and Khalifa Port implemented the region’s first autonomous port truck system.
The inauguration took place at the Riyadh Business Front, owned by the ROSHN Group, which is said to be taking a novel approach to incorporating modern technology into the integrated communities it is building across the Kingdom.
ROSHN said it promotes sustainability by offering pedestrian-friendly streets and eco-friendly modes of transportation for commuting within its communities, while providing connections to a wide range of public and private transportation options that connect its customers to the wider city.
“The ’Dhahaina’ initiative is a significant leap in the technical development of transportation in the Kingdom. This trial aligns with ROSHN’s commitment to humanising the civil experience and adapting technology to serve people within the high-quality real estate environments of our communities across the Kingdom,” stated Oussama Kabbani, the Group Chief Development Officer at ROSHN Group.
Al-Rumaih added that the trials align with the Ministry of Transport and Logistics Services’ ongoing efforts to establish a national regulatory framework for AVs in collaboration with relevant entities. The primary objective is to unify efforts and establish appropriate regulatory frameworks to enable autonomous vehicles while prioritising user safety, simplifying procedures, and attracting investors, the statement explained.
In mid March 2023, Roshn inked $2.1bn in agreements with construction firms for the development of infrastructure and facilities.
The Ministry of Transport and Logistics is striving to enable various modern technologies in all transport sectors including land, rail, sea, air, and logistics services, through their initiative to embrace new transportation methods. They aim to develop suitable regulatory frameworks for each technology, conduct phased experiments, empower the private sector, attract investors, and enhance the technical capacity of the workforce by partnering with universities and educational institutions, the statement concluded.
In late March 2023, the Big Project ME editorial team announced that the second edition of its Energy & Sustainability Summit will take place on 24 May in Dubai.
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Source: MEConstructionNews
In a major move, the UAE’s Ministry of Energy and Infrastructure (MoEI) has activated the digital signature and verification feature in its UAE Pass for engineering project contracts.
According to the ministry, the move enables consultants and contractors to use UAE Pass to sign electronically on bids and contracts, while maintaining the highest level of information privacy and protection.
Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure stated, “The move aims to automate the services pertaining to engineering projects contracts. It reflects the keenness of the MoEI to keep pace with the digital transformation and leverage modern technology solutions to simplify its processes and improve the experience of its customers.”
In early November 2021, the MoEI said it was building the UAE’s first 3D printed government facility and, in late June 2022, Dubai Municipality launched several technical activities around 3D printing technologies.
He added, “Digital transformation is a key enabler of shaping a better future that aligns with our leadership’s aspiration of making the UAE one of the most digitally advanced countries in the world.”
The new option for digital signature and verification is aligned with the UAE’s commitment to achieving a fully digital working environment. It will considerably speed up the contractual process, removing the need for physical delivery or travel, with the option for completely remote document approval and clearance. This will be particularly important for large, multi-stakeholder projects, where the need for traditional signature chains can be costly and time-consuming.
“At MoEI, we seek to adopt innovative tools and ways to improve our performance and offerings, in line with the Emirates Programme for Excellence in Government Services,” he concluded.
In late October 2022, the MoEI disclosed pre-qualification requirements for a PPP street-lighting project exclusively with Middle East Construction News (MECN).
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Dubai-based real estate developer DAMAC Properties has launched Canal Heights 2, a 45-storey tower designed to offer luxury waterfront living in a premium, central location in Dubai. The project comes soon after the successful launch of the first branded tower in its Canal Heights portfolio, the developer elaborated.
Located on the shores of Dubai Canal in the heart of Business Bay, Canal Heights 2 will feature a blue topaz colour theme in its interiors, which are all co-branded by Swiss jeweller de Grisogono.
“After the success of Canal Heights, we are proud to unveil its twin – and product par excellence – Canal Heights 2. The new tower is set to bring as much exuberance as its predecessor and promises glitz, glamour, and indulgence packed into a fine product for today’s discerning clientele who choose modern luxury living options,” said Niall McLoughlin, Senior Vice President at DAMAC Properties.
In early February 2023, DAMAC Properties awarded a $241.2mn main works construction contract for Cavalli Tower and, in late February 2023, the developer handed over ZADA Tower in Business Bay to customers.
He added, “As a developer who understands the pulse of this market, DAMAC strives to continuously bring the most innovative, advanced, and exquisite products for our valued customers.”
A unique offering of the tower is said to be its ‘stars’ lake – an infinity lap pool, which will sparkle and glow from its bioluminescent edge.
Canal Heights 2 will offer a range of layouts from studio, one-, two- and three-bedroom apartments as well as three- and four-bedroom super luxury duplexes, with views of Business Bay district, and Sheikh Zayed Road, the statement concluded.
In late March 2023, the developer awarded contracts for its DAMAC Lagoons development.
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Source: MEConstructionNews
The Big Project Middle East (BPME) editorial team has revealed that the inaugural Future of Water Summit (FOW Summit) will take place in Dubai on 21 June 2023. The summit has been launched in response to growing concerns around water scarcity and efforts to bolster water security, as increasing water demands and climate change exert growing pressure on regional water reserves and infrastructure.
The event will bring together regional personalities from government and industry bodies, operators, consultants, contractors and technology firms to discuss a number of issues including: the region’s relationship with water; desalination and alternative solutions the region can rely on to supplement its fresh water reserves; the challenges regional water networks face; how technology can boost efficiency and reduce wastage, and stepping up water reuse via wide scale water recycling/reclamation.
The FOW Summit is free to attend for industry professionals, and will comprise several panel discussions, presentations, and focused fireside chats from high profile regional personalities including key decisionmakers, while also offering high value networking and sponsorship opportunities. A full agenda will be shared on the event website in coming weeks.
“A reliable supply of clean water is critical to life, economic growth, sanitisation, and urbanisation – this summit seeks to highlight water scarcity challenges, and discuss how the region can build water security. Since the MENA region is the most water-scarce in the world, and is being increasingly affected by growing demand and the negative effects of climate change, we thought the time was right to launch a dedicated event around this precious resource,” said Jason Saundalkar, Head of Content at Big Project Middle East.
Ahead of the FOW Summit, BPME is also hosting the second edition of its popular Energy & Sustainability Summit (E&S Summit), the BPME editorial team reiterated.
“Both the E&S and FOW summits align with UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan announcing 2023 as the ‘Year of Sustainability’, and since Dubai is hosting the 2023 UN Climate Change Conference (UNFCCC COP 28) from 30 November to 12 December 2023, we’re eager to provoke intense and useful debate that we hope will contribute to the region’s continued growth and sustainable future,” Saundalkar added.
To discuss participating at the event as a speaker, contact conference producer Jason Saundalkar on Jason.s@cpitrademedia.com. Sponsorship and dedicated presentation inquires can be addressed to Raed Kaedbey (raed.kaedbey@cpitrademedia.com) and Madeleine Martin (madeleine.martin@cpitrademedia.com).
To find out more about the FOW Summit, click here.
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Source: MEConstructionNews