Alternative investment firm Investcorp plans to invest up to $1bn in the GCC real estate market over the next five years, the firm has said.

The move follows Investcorp’s first real estate acquisition in Saudi Arabia – a new 215,000sqft temperature-controlled warehouse located in Dammam. This is the first of $100mn worth of real estate investments that the firm is currently assessing in Saudi Arabia, the firm explained.

“The Saudi Arabian real estate market is experiencing strong growth. The logistics and industrial sectors have enormous potential as key pillars of Saudi Arabia’s Vision 2030 agenda to transform the Kingdom into a leading industrial powerhouse and a global logistics hub,” said Hazem Ben-Gacem, Co-Chief Executive Officer of Investcorp.

In late November 2022, Saudi Arabia said it would spend US $704mn to develop Darin and Tarout Island.

Hazem Ben-Gacem, Co-Chief Executive Officer of Investcorp

He added, “Investcorp is a natural partner in this growth journey, and this acquisition leverages our global experience investing in the logistics sector – particularly in the US, Europe and India. This is the first in a series of investments that we are planning to make in the near future – with a view to investing $1bn over the next five years.”

The Dammam warehouse is said to be fully leased to Racking Systems Logistics Services Company, a third-party logistics company, which serves the Saudi market in the temperature-controlled warehousing and distribution segment. The investment in the Dammam warehouse – which can store up to 32,000 pallets of goods – will bring the value of Investcorp’s global warehousing logistics investments to over $4bn, representing approximately 42m sqft of industrial space, the firm noted.

Babak Sultani, Head of GCC Real Estate at Investcorp added, “Our first acquisition of a warehouse facility in the GCC expands on our recent activity in the region where we see long-term growth dynamics, particularly in the Saudi Arabian market. We have ambitious plans across diversified real estate sectors that support healthcare, education, entertainment, consumer goods, tech-enabled services, manufacturing, transport and logistics, and industrial services.”

In early January 2023, following encouraging signs, David Clifton, Regional Director – Middle East & Africa at Faithful+Gould shared his observations on Oman’s construction industry.

The acquisition follows another recent investment in the GCC logistics sector. In September 2022, Investcorp’s Gulf Pre-IPO Growth Fund led a $100mn financing round in TruKKer Holding Limited, the MENA region’s largest digital freight network.

Investcorp said it also acquired a majority stake in NourNet, one of Saudi Arabia’s leading Connectivity and ICT services providers. Since Investcorp established a presence in the Kingdom of Saudi Arabia in 2008, the firm has publicly listed four Saudi businesses on Tadawul, generating over $40bn in potential demand from their respective pre-listing marketing exercises. As of December 2022, Investcorp’s portfolio companies employ over 20,000 employees across the Kingdom of Saudi Arabia, the firm concluded.

Also in early January 2023, JLL noted that the global realty investment boom is being led by the GCC.

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With economies in the GCC expected to outperform the majority of global markets in 2023, regional investors’ appetite for global real estate investment opportunities is likely to grow, according to JLL’s report, titled ‘The Resurgence of Outbound Real Estate Investment from the GCC’.

The challenges posed by spiralling inflation, elevated energy costs, and hawkish monetary policy are impacting investor sentiment globally, stated JLL; and this is not only triggering delayed decision-making but also weakening liquidity in international real estate markets, further painting an uncertain global outlook.

However, the Middle East, in particular the GCC, is bucking this trend, as the region’s relatively robust economic conditions have helped strengthen market confidence as well as enhance appetite for discounted investment opportunities abroad, the firm noted.

In addition, the strong recovery in oil prices from mid-2020 has also served as an impetus for increased consumer confidence and buoyant investor sentiment in the region, leading to higher levels of capital being deployed into international real estate.

In mid November 2022, JLL announced Sean Doherty as Head of Program and Project Management for the MEA and, in mid December 2022, the firm said the Saudi construction segment remains the strongest in the MENA region.

Looking ahead, JLL anticipates shifts to portfolio strategies in favour of new economic sectors. While the office and hotel sectors have governed preferences in the past in cities such as London, Paris, and New York, there has been a shift to higher-growth sectors such as living and logistics. These, in aggregate, account for more than 40% of global investments over the past two years.

Investors are also increasingly focused on alternative sectors such as data centres and healthcare assets, a sign of a departure from last-decade strategies. Recent efforts to diversify portfolios are also in line with broader themes which were also amplified during the pandemic.

Data also shows that despite weakening economic growth globally, occupier demand for industrial and logistics space remains resilient, despite lack of available premises continuing to be a factor. As for the living sector, whilst signs of slow-down have emerged recently, evidenced by a moderation in rent growth, long-term tailwinds favour the sector and are expected to support resilience in performance.

As a consequence, GCC investors have significantly increased activity in the sector since 2020, and with living volumes now driving one-third of global investment, the sector is expected to become a more meaningful component of their portfolios.

In early January 2023, dnata broke ground on a $14mn cargo warehouse in Iraq.

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The Dubai Electricity and Water Authority (DEWA) has obtained ISO/IEC 27001:2013 certification, the highest international standard in Information Security Management Systems. The accreditation is said to have followed rigorous evaluation and auditing processes by the British Standards Institution (BSI).

According to a statement from DEWA, it first obtained the ISO certificate (27001:2005) in 2010, which was then updated four years later. Following that, the scope of application of certification standards was expanded to include all sectors and operations of the Dubai utility in 2018. This helped in obtaining the ISO certificate (27001:2013) most recently, the firm noted.

Managing Director & CEO Saeed Mohammed Al Tayer said DEWA was in fact a pioneer in adopting the best international standards in information security and agile governance, studying all possibilities and risks that may affect its strategic plans, operations and the quality of its services.

In early January 2023, Digital DEWA launched the first AI-driven cyber security system and, the utility firm said over two million smart metres were installed across the city.

“We proactively seek to manage any risks that may threaten information security by implementing an effective organisational policy for information security. We also adopt the best solutions and technologies to ensure the security and reliability of DEWA’s services,” he stated.

The Dubai utility is said to have adopted a comprehensive system to ensure electronic security based on a governance framework, continuously developed in line with the Dubai Electronic Security Strategy and the National Cyber Security Strategy.

DEWA is also committed to introducing its employees and work teams to the latest security solutions, in order to be able to deal with the many current and future security challenges; it also co-operates with regional and international leaders in information security systems, the statement concluded.

Also in early January 2023, DEWA said 58.4% of works had been completed on its $387mn Hatta Hydroelectric Power Plant.

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A deal for the construction package of roads and infrastructure for the $650mn Al Nakheel Integrated Tourism Complex (ITC) project in Oman has been signed by Al Nakheel and the National Company for Construction Works (NCCW). The project is being developed by Alargan Towell Investment Company, and is taking shape on the seafront in the Wilayat of Barka.

The agreement was signed by Mohammed Moosa Al Abri, CEO of Al Nakheel, and Wissam Al Aani, Executive Representative of NCCW. The deal outlines the construction package for roads enabling works of the project – it will stretch over 500,000sqm with the usufruct right, and almost one kilometre of waterfront overlooking the Sea of Oman.

According to Al Nakheel, the new project aims to strengthen the tourism sector, create more job opportunities and bring new tourism concepts to Oman, in line with the Government’s Oman Vision 2040. It aims to take shape as a masterpiece of affordable community living that will elevate urban development in Oman to new heights. A unique water body Crystal Lagoon covering an area of 51,000sqm will be the centrepiece of the development, the firm noted.

In mid May 2022, Alargan Towell Investment Company said it had begun work on Phase One of Al Nakheel ITC.

“The signing reflects our commitment to develop the Al Nakheel project and to present new concepts to buyers, investors and tourists, citizens and residents, to support the government’s endeavours towards achieving Oman Vision 2040. We believe the project will attract local and foreign investments across various components of the project, create added value and contribute to the GDP of the sultanate,” said Al Abri.

The project will be home to one lakefront hotel and two seafront hotels, along with villas, apartments, townhouses, and serviced apartments. A shopping mall, souk, an international school, various restaurants, an aqua park and other entertainment and service facilities are also planned as part of the project.

Al Ani remarked, “We are confident that the Al Nakheel project will be one of the most prominent tourism and real estate projects in the region. Its development will empower the growth of Oman’s tourism and real estate sector and deliver a positive impact on the national economy.”

In mid September 2022, Bank Nizwa signed a $650mn agreement with Palm Beach for the Al Nakheel ITC project.

The first construction package for the Al Nakheel project is said to have started earlier this year, which included earth work for the roads and the levelling of the land. The next phase will include enabling works for the Crystal Lagoon, roads, and infrastructure package.

Al Nakheel ITC is iconic for its pristine location and a unique combination of facilities that create a one-of-a-kind marketing mix to cater to the wider Omani and foreign market. The project is expected to cater to the fast-growing Omani population, GCC and foreign investors and holiday makers through its offering of residential, hospitability and retail components, the company concluded.

In early January 2023, David Clifton, Regional Director – Middle East & Africa at Faithful+Gould shared his observations on Oman’s construction industry exclusively with Middle East Construction News.

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Abu Dhabi-based developer Aldar Properties is set to develop a fully sustainable community in Abu Dhabi – the move is said to reflect the growing demand for eco-friendly living options.

The development will feature hundreds of condominiums and townhouses and will be powered by clean renewable energy and equipped with bio-domes, solar panels and battery-charged communal vehicles to promote energy efficiency and lower emissions, according to a statement Aldar released to the Abu Dhabi Securities Exchange (ADX), where its shares are traded.

The Sustainable City – Yas Island will feature residential units in 10 clusters; the first phase of the project, which will deliver 272 condominiums and 240 townhouses, is expected to open to buyers during a public sale on 19 January 2023.

The development, launched in partnership with Diamond Developers, will be an eco-friendly and walkable community with open green spaces, community farming plots, as well as recycling facilities, which will help lower carbon emissions, and solar panels, which will cut residents’ energy consumption by half, it said.

In August 2022, Hill International was appointed to provide PMC services for Aldar Properties’ projects.

It will have a ‘central green spine’ that will run the length of the community, featuring parks and lakes, as well as bio-domes, where vegetables will be grown and distributed throughout the district.

To further keep emissions low, the community will provide a network of communal battery-charged buggies and bicycles, enabling residents to move around while their cars remain parked on the outer edge of the development.

According to Jonathan Emery, CEO at Aldar Development, the new project is in response to the strong demand for sustainable living options among “environmentally conscious” clients who prefer a lifestyle that “focuses on low carbon emissions, energy conservation and the fundamental principles of a circular economy”.

He said: “This is a landmark project for Aldar, reflecting our commitment to provide an increasing range of curated living experiences, which our local and overseas customers tell us they want to live and invest in.”

In late October 2022, Aldar announced a lagoon-themed villa community.

Last year, Aldar announced plans to cut energy consumption by 20% across a portfolio of 80 assets, including hotels, residential properties, retail spaces and schools.

In early November 2022, Diamond Developers told Middle East Construction News that surpassing Net Zero on the table for Sharjah Sustainable City.

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Engineering major DeSimone Consulting Engineering (DCE) has agreed to acquire Dowco Group’s global detailing, preconstruction and building information modeling (BIM) services business.

Dowco was founded in 1970 in British Columbia, Canada and is said to have established itself as a specialist in preconstruction modeling, detailing, BIM, and virtual design and construction (VDC) services. It specialises in providing integrated steel, mass timber and rebar detailing on major projects located throughout North America.

“Through the acquisition of Dowco’s detailing and BIM services business, DeSimone can now more quickly deliver projects by bringing engineering and detailing into the design phase early. We welcome our new Dowco colleagues from around the world. Together, we are building a global digital design and detailing team, which allows us to offer structural solutions for clients inclusive of design, detailing, BIM, and virtual construction services,” said Stephen DeSimone, Chairman and CEO of DCE.

In the UAE, the Ministry of Presidential Affairs (MOPA) brought DCE onboard to assess the structural engineering design of the then under construction visitor centre at Sheikh Zayed Grand Mosque.

Originally founded in New York City in 1969, DCE focuses on structural engineering, façade consulting, and forensic, and construction consulting services for all types of buildings. Today, the firm has offices dotted around the globe and is said to have designed over 10,000 projects in 55 countries.

Ewen Dobbie, President and CEO of Dowco Group of Companies added, “Today is another important day in the history of our company. Given Dowco’s pioneering role as the first North American user and reseller of Tekla Structures software, we have played a key role in the development of North America’s 3D structural modeling and emerging markets for BIM and digital construction services.”

He concluded, “We have witnessed first-hand the value realised when creating accurate digital structural models earlier in the design process. As long-time advocates for engineers and detailers working collaboratively in a connected digital construction environment, we applaud DeSimone for its commitment to reducing project risk and rework and for producing better project outcomes for its clients. We fully believe this transaction will enhance our presence in the U.S. and help us market our services to an expanded client base.”

In October 2022, Tobias Bauly, Project Director, Buro Happold discussed the engineering behind Dubai’s Museum of the Future and, in December 2022, DCE was shortlisted in the ‘Structural Engineering Company of the Year’ category at the 2022 Middle East Consultant Awards.

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In recent years, we have seen a significant decline in the number of construction contracts awarded in the sultanate. Long gone are the days it would appear of the major projects such as Muscat and Salalah Airport and the Muscat Expressway. Of course, this has almost exclusively been due to the budget deficit the country has had to run and the subsequent downgrading of its sovereign credit rating to non-investable status. When we combine this with the effects of COVID-19 to the country’s position, we saw a major decline in industry activity from 2017 onwards.

Looking at the market though, there are some positive signs of life. This certainly won’t lead to the levels seen in the somewhat halcyon 2009-2017 period, but there are reasons to believe that the bottom of the market has been reached.

We are now seeing the private sector becoming more active. In part this is due to the government providing a certain level of infrastructure required for further onward investment in development. Furthermore, the government led companies that have historically relied on joint ventures to develop schemes – most notably OMRAN – are now engaged with major partners who have spent a major period of time analysing the opportunity and assessing the infrastructure investments impact on the feasibility of schemes. These include continued or new engagements with Majid Al Futtaim, Diamond Developers and Qatari Diar.

With the private sector starting to reengage, we also see the potential for investment from wider GCC governments or quasi-government companies and funds for development. Historical trends indicate that higher oil prices and reinvigorated government funds in Saudi Arabia, UAE, Qatar and Kuwait lead to outward investment and stimulus packages to support the GCC countries, the wider Arab world and global countries considered candidates for funding. We’ve seen examples of this over the years, including Bahrain Airport development, which was in part funded by Abu Dhabi Fund for Development.

It is reasonable to expect a certain level of external investment, certainly in social infrastructure over the coming two to three years, in support of the sultanate’s push for continued diversification in its economy, and also supporting its status as one of the neutral negotiators in the region and thus a political makeweight. Combining this with the strong opportunity to generate tourism and thus return on investment, private sector and external government sectors see opportunity – although on a case by case basis.

It is with that in mind, we see the contract awards in Oman growing steadily to around 55% of the 2015 number by 2024 to c.$8.8bn (vs. c.$16.1bn in 2015). This is a significant rebound from the COVID-19 2020 of only c.$1.82bn. With the significant contraction of recent contribution of the industry to GDP and loss of workforce, it would seem that Oman may just be stirring. For many, we hope it wakes up.

Read more:

• Oman’s Rakiza receives capital commitment of $298mn from Saudi’s PIF
• Gallery: The $175mn Oman Botanic Garden
• Muriya launches new luxury waterfront residential resort in Oman

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Water technology firm Xylem has announced the opening of its new service centre in Dubai, located on a 10,000sqm site in Jebel Ali Free Zone.

The move is said to be aimed at strengthening its position in the Middle East and to better address the region’s water-related challenges.

The facility, which boasts a state-of-the-art analytics lab, has been developed at an investment of $1.2mn. It features a wash bay, lifting and handling cranes and tooling, trimming and balancing machines, original spare parts, testing benches, a painting booth, programming and calibrating equipment and devices.

In October 2016, the firm inaugurated its first Middle East manufacturing facility and, in September 2019, it launched its first “Train the Trainer Week” in Dubai.

Xylem Managing Director (Middle East and Turkey) Naji Skaf said: “With this expansion, we seek to solidify our position in the Middle East region and provide a slew of benefits including quicker turnaround, greater convenience and access to our customers. The new facility will enable us to respond to any customer needs faster and provide tailor-made solutions such as real-time interventions by experts – 24 hours a day, 365 days a year.”

He added, “The service hub currently employs more than 16 staff, including engineers and technicians and is set to create 300 employment opportunities. Our new centre of excellence is poised to bring about a gamut of opportunities for us that will support and accelerate our growth.”

In December 2022, Hassana said it was investing in JAFZA after it had pumped US $2.4bn into key DP World assets.

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As greenhouse gas emissions (GHGE) continue to choke the planet and contribute to global warming and – ultimately – climate change, the built environment is under mounting pressure to meet obligations, while reducing its impact on the environment in line with stricter government regulations.

Reports from several industry bodies including the World Green Building Council indicate the built environment is responsible for 39% of global energy related carbon emissions. Drilling down into that figure, 28% comes from operational emissions, from energy needed to heat, cool and power structures, and the remaining 11% from materials and construction.

Addressing these issues is of paramount importance in the fight against global warming and climate change, and firsthand experience of growing extreme weather is what spurred actor and former NBA player Rick Fox to launch ‘Partanna’ and develop its advanced new building material. The material is said to minimise carbon emissions and remove carbon from the atmosphere.

Speaking to Middle East Construction News (MECN) about the inspiration behind Partanna, Fox says, “Growing up in the Bahamas, tropical storms were a constant in my childhood. With each storm increasingly stronger, I witnessed first-hand the devastating housing crisis that emerged in the wake of Hurricane Dorian. In California, with more frequent and widespread wildfires, my co-founder Sam Marshall saw his home seriously damaged in the Malibu Wolsey Fire. It was in the height of the pandemic, when we first met and shared our stories.”

“With the pandemic exposing the rapid impact of tragedy on a global scale, we realised the same dramatic impact of climate change. Refusing defeat and inspired to create change, we turned the power of that impact around for the good. For almost two years, Sam and a team of scientists worked on the formula. Then came an opportunity in my home country for the new technology to be applied on the front lines of the war on climate change in the Bahamas.”

In early November 2022, at COP27, Partanna Bahamas and the Government of the Bahamas announced their intent to develop the “world’s first carbon-negative affordable housing development”.

Fox points out, “Partanna is a building material that not only minimises carbon emissions, but also removes carbon from the atmosphere. Indicatively, a typical 1,250sqft home made with cement emits 70.2t of CO2. In contrast, a typical 1,250sqft home made with Partanna is carbon negative, absorbing 22.5t of CO2.”

Discussing what certifications the material has received to date and what certifications, it is aiming for going forward, Fox explains, “Partanna’s building material has now been listed by Verra, the world’s largest carbon credits certifier, for its verified ability to remove carbon from the atmosphere and generate tradable carbon credits. In 2022, Partanna was also recognised by the Government of the Bahamas to have met all standards within its Building Code. As we look to expand around the world, our focus will be on achieving similar Building Code approvals in our target markets.”

Following the launch of the Partanna Bahamas development, a MoU between Partanna and Saudi-based developer Red Sea Global (RSG) was also announced at COP27 in November 2022. The deal will see the firms jointly explore carbon-negative concrete developments, and – as part of the agreement – the parties are exploring an arrangement for Partanna to establish production facilities on Saudi Arabia’s Red Sea coast.

Asked about his plans for taking the new material to a broader audience and how his firm intends to engage with industry players, Fox notes, “We are actively exploring a number of projects in the Middle East and Asia, with parties looking to develop large-scale infrastructure and development projects. Our technology is as versatile, durable and adaptable as cement, and manufacturing can be easily scaled. We are breaking ground on a second factory in the Bahamas in 2023, and are actively looking for our next home base.”

“The nearest comparable manufacturers are some distance away from delivering the impact we do. These other technologies inject their product with carbon acquired from carbon removal projects, which themselves are resource intensive. At best, they’re stopping new emissions from occurring, whereas Partanna is actually removing carbon from the atmosphere.”

Fox adds, “We believe that in time, as we continue to build with Partanna, the wider industry will come to see Partanna as an obvious solution to their building needs.”

In terms of the challenges Fox anticipates in the journey to bringing Partanna to built environment stakeholders around the world, Fox states, “Convincing the industry that Partanna is a viable alternative to cement – we hope that the successful delivery of homes in The Bahamas, and our growing project pipeline, will help to evidence the strength of our technology.”

“Establishing local partnerships with third parties to help building codes and manage our supply chain is also on the agenda. We believe that Partanna can be a solution for developers around the world. To scale quickly – we will need to establish partnerships with companies who can support our manufacturing and commercial processes. We want to work with other businesses that share our values and commitment to sustainability throughout their supply chain, so are quickly establishing due diligence mechanisms to ensure the integrity of our relationships.”

Fox says a “great team that can bring Partanna to the world” is a key goal going forward. He remarks, “As a steward of this technology, my job now is to assemble and lead a team that has the energy and expertise to make Partanna available at scale. I believe passionately that our technology can add great value to the construction industry.”

He concludes, “The challenge now is making it abundantly available to anyone who is interested in building in a regenerative way. That means attracting the best talent and motivating them around our vision to change how the world builds. Currently, the construction and manufacturing industries are facing great recruitment challenges – but we believe our purpose can help inspire great people to come and join us on our mission.”

In early December 2022, Louise Collins, Head of Engineering & Energy, MENA at JLL shared her thoughts and takeaways from COP27 exclusively with MECN.

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The Qidfa Development has been unveiled by Fujairah authorities. It is billed as the first of the ‘Emirates Villages’ – a US $272mn initiative aimed at creating a sustainable development model, which was first unveiled late in November 2022.

According to authorities, the Qidfa Region Development Project aims to attract 100,000 tourists annually by boosting the area’s tourism potential and promoting its distinguished capabilities. The plan also calls for the launch of 50 development projects for the region’s youth, in addition to training 200 young men and women in all areas, in collaboration with strategic partners.

Qidfa Oasis in the UAE is the name given to the location of a burial from the Wadi Suq period (2,000 to 1,300 BC). Archaeological digs at the site of the oasis unearthed hundreds of artifacts that are now on display at the Fujairah Museum. This includes weaponry, pottery and coins. The most interesting of these finds is a bowl made from an ostrich egg, dating back more than 2,000 years ago, a report from WAM stated.

The region is said to offer a myriad of economic advantages, which will enhance its stature in terms of having pioneering villages and will serve as a key region in the country. It also has a $2.72bn power plant that generates electricity for nearly 380,000 homes, the report highlighted.

In early November 2022, Metito said it won a contract to build the second phase of the Fujairah Port desalination plant.

Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, Member of the Abu Dhabi Executive Council and Chairman of the Emirates Council for Balanced Development in the northern emirate of Fujairah said the Emirates Villages project represents a new milestone in achieving the vision of the UAE leadership by introducing a sustainable development model that accommodates all regions across the country, while utilising the human capabilities and natural resources of each region.

He stated that the project aims to promote tourism and highlight the distinguished potential of Emirati villages, and is focused on driving greater involvement of local communities, enhancing the involvement of the private sector, and advancing the sustainable development model by boosting co-operation between federal and local governments.

The Emirates Council for Balanced Development is working to achieve sustainable development for all regions through a unique development model based on partnerships between the government, the private sector and local communities, he continued.

Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Vice Chairman of the Emirates Council for Balanced Development remarked that the Emirates Villages project represents a distinguished development model that is aligned with the vision of the country’s leadership.

In late November 2022, Rawasi Real Estate unveiled a high-end sustainable community in Fujairah.

He concluded, “The project relies on effective partnership between the government sector, represented here by the Emirates Council for Balanced Development, the private sector, and local communities.”

In early December 2022, Mammoet completed the installation of the UAE’s three largest gas turbines.

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Source: MEConstructionNews