‘The Souk’ has been unveiled by real estate development firm Lead Development. Taking shape on Jubail Island, the destination will serve as a modern and vibrant central hub connecting the six villages across the island, and will combine wellbeing, connectivity, leisure, retail and commercial services.

According to Lead, The Souk will capture the essence of community life on the island and is the perfect haven to enjoy a relaxed lifestyle with family and friends, through sports and wellbeing activities across the parks, swimming pools, sports facilities and play areas for children.

The Souk’s prime location will also provide increased connectivity to other destinations on the island, such as Jubail Mangrove Park, Jubail Beach Club, and the Marina, the developer pointed out.

In early June 2022, JIIC awarded a $11mn contract to APCC for a new 66-berth marina in Marfa Al Jubail.

“The launch of The Souk community brings another unique addition to Jubail Island, through which we seek to integrate a high-quality and sustainable way of life for residents and visitors alike to experience. Thanks to its prime location situated at the main gate of Jubail Island, and containing all the convenient elements for living, work and entertainment, The Souk will be a major destination that redefines the living experience for residents of the island,” said Mahmoud Dandashly, Chief Business Officer of Lead Development.

The hub is to boast an integrated set of service and entertainment facilities with designs that blur the boundaries between architecture and nature, guaranteeing absolute comfort and convenience for residents. It will include a mosque, nursery, specialised clinic, sports gym, supermarket, and restaurants. Located at the town centre, The Souk will also provide offices and commercial services with creative spaces, the statement explained.

The developer added that The Souk will offer complete enjoyment and luxury living, and gives the island’s residents the opportunity to own a property in a vibrant destination situated among breathtaking nature, overlooking picturesque sea views and with the convenience of first-class facilities at the doorstep.

In mid June 2022, JIIC awarded CSCEC ME a $60mn contract to build the Souk Al Jubail townhouses.

It will offer potential buyers from all nationalities a wide range of luxury housing units distributed over low-rise buildings consisting of three or four floors known as Jubail Terraces. The structures will feature a variety of units including studios, one-, two- and three-bedroom apartments, in addition to duplexes, it stated.

As well as the exceptional location which combines the lively atmosphere of the city with the tranquility of nature, the Jubail Terraces residential units will be characterised by their modern architectural designs, created in harmony with the natural surroundings. This is combined with spacious interiors, and wide terraces overlooking the skyline of Abu Dhabi as well as the town centre, the firm pointed out, the developer concluded.

In mid December 2022, ADM awarded Jubail Island and LEAD Development for achieving a significant safety milestone.

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SSH has announced that it is leading the design and construction of the new J1 Beach, which will replace La Mer South as “the region’s flagship beach destination” that offers visitors a “unique and unforgettable experience by the beach”.

J1 Beach is located on about 500m of beachfront in the suburb of Jumeirah 1, Dubai, and forms a section of two Dubai Development Authority (DDA) plots, which comprise a total area of approximately 103,550sqm.

Construction of the new beach area has already begun, with the new destination set to welcome guests by the end of 2023, SSH noted. The construction works follows the demolition of La Mer South in early December 2022, with Merex Investment saying that a major rework was planned – the first since the beach destination opened for business in 2018.

The Merex Investment Group is a Dubai-based JV of Dubai Holdings and Brookfield Asset Management, which also owns and operates City Walk and The Beach JBR, also located in Dubai.

In mid March 2022, SSH said it was appointed as the lead consultant for the Hessah Gardens Residential Towers project in Kuwait and, later in the month, it unveiled the concept design of the Diriyah Sales Centre in Riyadh.

J1 Beach is expected to feature three beach clubs, all with regional and international acclaim behind them, and ten upscale, licensed restaurants where guests can dine with sea views from sunrise to sunset.

The rework aims to offer convenient connectivity to visitors and will include valet services and ample parking, golf cart shuttle services and green pathways. The pathways will be shaded in the day and illuminated at night to create an ideal ambience for beachgoers. Visitors can also arrive by sea via a dedicated reception area.

SSH is proud to be working with Merex Investment Group as the lead consultant on J1 Beach, delivering design and construction supervision, the firm concluded.

In early October 2022, the Dubai Municipality said its beach rehabilitation project was nearly complete.

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Azizi Developments has signed with KEO International Consultants for the masterplan consultancy of its recently acquired 15m sqft plot of land, in the Golf District of Dubai South.

The master developer will lead the development of buildings, roads and all infrastructure of the US $5.4bn mixed-use development that will feature luxury villas, residences, commercial and entertainment space.

The newly acquired plot of land is said to be strategically positioned in the emirate’s growth corridor, with Dubai currently expanding to the – as yet – less developed areas to the south.

Situated alongside Emirates Road (E611), the plot of land is among the best connected in this southern part of the emirate, said the statement from Azizi.

In mid June 2022, Azizi began handing over homes in Creek Views I in Dubai Healthcare City and, in early August 2022, it said it was making rapid progress on its Park Avenue residential community.

With just a five-minute drive to the Al Maktoum International Airport, also known as Dubai World Central DWC, and few minutes away from the VIP Terminal – but without any air traffic above it – the land is outstandingly well positioned for a luxury community to be developed, it noted.

A key highlight of the project will be a one-of-its-kind 2km-long air-conditioned, glass-covered, pedestrian-friendly boulevard which will have shopping areas, commercial space and movie theatres, as well as restaurants featuring a wide  range of world cuisines.

Azizi’s vision for the project is for it to become an innovative landmark destination – one of the UAE’s most unique and distinguished attractions – visited by over 100,000 people from outside of the community on a daily basis, said its Founder and Chairman Mirwais Azizi after signing the deal with KEO International Consultants’ COO, Gregory Karpinski.

“We are delighted to have KEO onboard for the masterplan consultancy of our next flagship project in the highly growth-inclined Dubai South. We now embark on this new, exciting master development journey, which is an integral part of the next era of our growth trajectory and that of Dubai, with the renowned KEO consultants by our side,” concluded Azizi.

In early January 2023, the developer said it would deliver 11,000 units in Dubai in 2023.

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Bahrain-based GFH Financial Group has acquired a majority stake in Big Sky Asset Management, a US-based real estate asset manager focused on the healthcare sector.

The firm said that the acquisition of a majority stake helps further its presence in the US and builds on its thematic focus on attractive and defensive markets. The group holds interests in key sectors such as real estate and asset management.

The transaction follows an earlier acquisition in May 2022, of SQ Asset Management, another US-based firm that specialises in student housing in prime US states and cities. With the stake in Big Sky, GFH said that it has established a strong foothold in the growing, defensive healthcare market, making the group one of the early pioneers in the region to penetrate this segment, it stated.

Big Sky brings more than 20 years of experience in investing and managing healthcare assets in the US, with more than US $2bn in cumulative transaction value and 130 in medical facilities.

In early February 2020, GFH Capital acquired a diversified US hospitality portfolio worth $250mn.

“We are looking forward to this partnership with an established and well positioned expert such as Big Sky, and believe it gives GFH a unique approach to the market by bringing together our regional expertise with Big Sky’s extensive know-how in the US healthcare market,” said Nael Mustafa, Co-Chief Investment Officer at GFH.

“This partnership will further strengthen our real estate offering and allow us to introduce unique and attractive products to our investors,” he added, pointing out that Big Sky has strong capabilities in sourcing, acquiring, and managing healthcare assets with a specialised focus on medical clinics and life sciences real estate.

Big Sky seeks premier medical facilities where it can directly add value through active and enhanced asset management, he explained.

“This acquisition is instrumental to the future growth of GFH by giving us strong management teams that are able to execute our growth strategy and give us a local presence, which in today’s market is a key ingredient to success,” stated Mustafa.

In early March 2020, GFH Properties signed deals with international brands for the Harbour Row project.

“Big Sky’s strong track record further complements our strong performance in the US markets and boosts our market know how,” he noted.

Led by Jason L Signor, Founder and CEO, Big Sky has an extensive track record of investing in the healthcare real estate sector and is supported by a strong management team across the US. Signor has successfully grown a predecessor real estate company to become of the largest healthcare real estate platforms in the US. Following the transaction, the company will be owned by GFH alongside the founders.

“Having GFH as a strong partner will enable Big Sky to further offer unique investment opportunities to investors in the US and the GCC. Big Sky is well positioned to grow its AUM and become one of the largest healthcare real estate investors by combining our market capabilities with GFH’s strong global access,” remarked Signor.

Mustafa highlighted that GFH would be keen to collaborate with Signor and his team to grow the platform and find unique ways of generating value across the spectrum of healthcare.

In mid April 2022, GFH’s UK subsidiary concluded an off-market sale of Tesco Distribution Centre for $135mn.

“The platform will be instrumental in providing institutional quality real estate to the top hospital groups and doctors in the US. We believe the healthcare real estate sector through Big Sky will present attractive returns for our investors. GFH has completed acquisitions of two medical clinics portfolios through a joint venture with Big Sky that is valued in excess of $800mn as part of our investment strategy of acquiring portfolios of stabilised assets supported by strong market fundamentals and operating growth,” he stated.

“We are strong believers in the healthcare market, which is positioned for steady, resilient growth following the shift in outpatient services and subsequent demand for quality medical clinics assets,” Mustafa concluded.

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China’s first deep-sea floating wind power platform has completed its floating body assembly, it has been announced.

Invested in and built by the China National Offshore Oil Corporation (CNOOC), the milestone is said to be an important step in the construction of the world’s first offshore wind power project with a water depth of more than 100m, and an offshore distance of more than 100km.

According to local media, the platform will be installed in an offshore oil field, which is located 136km from Wenchang, in China’s southern island province of Hainan. The report added that strong winds and big ocean waves posed a major challenge to the design of the wind power platform.

In early November 2022, Red Sea Wind Energy broke ground on a new 500MW wind farm in Egypt and, later in the month, XCMG set a new wind power hoisting record with its XCA2600 all-terrain crane.

Once the project is put into operation, the electricity generated by the turbine will be connected to the power grid of the offshore oilfield group for oil and gas production. It will have an annual power generation capacity of 22m kw/h, saving 7.73m cu/m of fuel gas and reducing carbon dioxide emissions by 22,000t.

The floating body assembly is the first in China and comes equipped with a 35m central column flanked by three side columns. It is capable of being operated in water depths of 120m.

Known as Haiyou Guanlan, construction of the platform was carried out by the Chinese offshore contractor Offshore Oil Engineering Company (COOEC).

In early January 2023, the Ducab Group said it was supplying 633km of cabling for an Egyptian windfarm project.

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Voting for the Truck and Fleet Awards 2023 has now opened across a wide range of categories, including the coveted Truck of the Year Award, the magazine’s editorial team has revealed.

To pick your favourite truck, van or service, you simply have to visit the award’s website before 13 January. Everyone that votes will also be able to participate in a special draw to win a prize – at the 2022 awards the winner picked up a much-coveted Apple iWatch.

The winner of the draw and the awards will be announced at the gala Truck and Fleet Awards 2023 ceremony at the Ritz Carlton JBR on the 25 January. The awards celebrate the fleets and vehicles which play a key role in the operations, logistics and projects at the heart of the GCC economy. The awards stands as a unique entity in the region to recognise the collaboration between manufacturers, distributors and fleets to create solutions that tackle the harshest transportation, logistics and mobility environment in the world.

The product awards vote includes not just vehicles and solutions launched in the past year, but any adaptation, customisation and revision making a difference to fleets where it matters – out on the road.

Over the next few weeks, Truck and Fleet Middle East will be profiling potential winners and nominees as the competition heats up. Fleet companies wishing to be considered for the nominations for the Truck and Fleet Middle East Awards 2023 have until 13 January to submit their entries. On the other hand, fleet companies keen to take part in any of the categories can continue to go to the award’s site to place themselves up for nomination.

“Fleets in the region have endured and even flourished over the past couple of years, and this is their opportunity to get the recognition they deserve,” explained Stephen White, Head of content, Truck and Fleet Middle East.

“Launching the voting for vehicles, products and services that they are using is the start of an exciting month for us. We know that each vehicle and solution can be unique for every fleet buyer, and we know that requires the very best in customer service, innovation and consultations, even in the most remote parts of the region. The awards celebrate the trucks and vehicles that have truly made a difference to the region’s operators – and the awards ensure your vehicles get the credit they deserve. The 2023 edition of the award’s site is live – so go ahead and submit your business’ nomination!,” added White.

Almost 4,000 people voted for categories in the last awards with Scania scooping the prestigious Heavy Truck of the Year and DSV winning Fleet of the Year awards, White stated.

Returning after a successful first event in early 2022, the 2023 event will once again invite the market to vote for the best fleets, products and services in the region.

To see the categories and to nominate yourself for the 2023 Truck and Fleet Middle East Awards, visit the site today.

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Source: MEConstructionNews

As Dubai’s Burj Khalifa celebrated turning 13, its residential units were said to be enjoying a 16% increase in sales. Property specialist Knight Frank said 94 apartments were sold in the tower in 2022, valued at US $130mn, accounting for 3% of all home sales in Dubai’s Downtown district.

The most expensive sold for $1,089 per sqft, which is said to be well above Dubai’s average of $899 per sqft for prime properties in 2022.

Premium neighbourhoods like Downtown have seen the strongest price growth, Knight Frank said, with Downtown seeing a 16.7% increase, Palm Jumeirah 17.3% and Dubai Hills 19% in 2022.

In August 2022, Emaar bought out Dubai Holding’s stake in Dubai Creek Harbour for $2.04bn.

Faisal Durrani, Partner, Head of Middle East Research, Knight Frank, said Burj Khalifa had accounted for $2.15bn worth of home sales since its opening, which is 7% of all sales value in Downtown and 0.25% of sales in Dubai since 2010.

Downtown prices are said to have increased by 27.6% since the onset of the pandemic, with it becoming the second-best performing market in Dubai behind the Palm Jumeirah, where prices have increased by 36.6%.

Durani added that with yields standing at around 6%, Dubai has seen “the overwhelming majority” of buyers in this property cycle buying second or holiday homes, rather than making speculative purchases.

In late November 2022, Sobha Realty unveiled a new interconnected tower development in Dubai.

Prime residential values in Dubai including Palm Jumeirah, Emirates Hills and Jumeirah Bay Island, have seen record growth during 2022, albeit from a low base, Knight Frank says.

Knight Frank’s 2023 global prime residential markets forecast positions Dubai in first place at 13.5%, on the back of an estimated 50% rise in prime residential prices in 2022.

In early December 2022, DAMAC launched Cavalli Couture at Safa Park in Dubai.

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Cable manufacturer and supplier Ducab Group has said that it is supplying 633km of medium voltage and earthing cables to a new Egyptian 70-turbine windfarm.

In a statement, Ducab said that the Gulf of Suez project, which is being developed for Egypt’s New and Renewable Energy Authority, will play a key role in the country’s commitment to generating 42% of all electricity from renewable energy by 2035. It will save around 600,000t of CO2 emissions every year, it added.

As one of the largest developed utility scale wind power plants in Egypt, the project will contribute 250MW of renewable energy generation to the country’s energy mix. The 70 turbines are being installed in an area of 57sqkm.

Group CEO of Ducab, Mohammed Almutawa said, “We are committed to supporting countries to achieve their sustainability ambitions and our solutions are in high demand for solar and wind power projects around the world.”

In early March 2020, Ducab said it was consolidating its metal operations into a new subsidiary – DMB (Ducab Metal Business), a dedicated business unit within the Ducab group of companies.

“Ducab already supplies solutions to landmark renewable energy infrastructure in 55 countries but we are proud that demand for our expertise, experience and quality solutions is experiencing significant growth as more and more countries, such as Egypt, decarbonise and transition to renewables,” he added.

Ducab said it has partnered with Vestas, an EPC contractor and supplier of the 70 wind turbines.

In addition to the Gulf of Suez windfarm, Ducab has provided solutions for a wide range of milestone renewable energy projects in the Middle East including the Mohammed bin Rashid Al Maktoum Solar Park, the Shams 1 project and the Al Barakah nuclear plant in the UAE, the statement said.

The company has also initiated renewable energy projects across 55 countries and in April this year announced its first solar park partnership in Mexico.

Later in March 2020, the firm said it recorded a 5% growth in overall profits for 2019.

Ducab is said to be proudly aligned with ‘Operation 300bn’, the UAE’s national strategy to increase the industrial sector’s contribution to GDP from US $36.23bn to $81.74bn by 2031.

In mid January 2021, Mohammed Abdul Rahman Al Mutawa was named as the first Emirati CEO of the Ducab Group.

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The Dubai Economic Agenda ‘D33’ has been unveiled by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The primary goal of the agenda is to double the size of Dubai’s economy over the next decade, and consolidate its position among the top three global cities.

“In line with our long-standing tradition of launching key new initiatives on 4 January, today we approved the Dubai Economic Agenda ‘D33’ that aims to double the size of Dubai’s economy in the next decade and consolidate its position among the top three global cities. The Dubai Economic Agenda ‘D33’ includes 100 transformative projects, with economic targets of US $8.71tn over the next 10 years, doubling our foreign trade to reach $6.96tn and adding 400 cities as key trading partners over the next decade,” said Sheikh Mohammed.

He continued, “Dubai will rank as one of the top four global financial centres with an increase in FDI to over $176.9bn over the next decade and an annual $27.2bn contribution from digital transformation. Over 300,000 global investors in Dubai today are helping build Dubai into the fastest growing global city.”

“2033 will mark 200 years since the foundation of Dubai: the year in which Dubai will be the most important global business centre, and by then we would have completed the D33 Agenda. We know our economic path over the next decade. The world makes way for those who know what they want,” he stated.

The launch of the ‘D33’ Agenda formed part of Sheikh Mohammed’s annual address on the anniversary of his Accession Day on 4 January. The comprehensive agenda includes the launch of innovative projects that will help achieve Sheikh Mohammed’s vision to make Dubai the world’s best city to live and work in, and will drive sustainable economic growth through innovative approaches.

The agenda outlines growth by investing in human development, skillsets and advanced technology and consolidating Dubai’s global competitiveness, innovation and knowledge-based economy. The agenda will also invest in enhancing the advantages gained from Dubai’s strategic location and its advanced infrastructure to raise the city’s status as a preferred destination for major international companies and investments.

In mid December 2022, the Top City Destinations Index ranked Dubai No.2 globally.

D33 will see a growth in government expenditures from $139bn in the past decade to $190.5bn in the next decade, with increased investment in future growth sectors and further development of traditional trade and economic sectors.

According to the Dubai Media Office, one of the pivotal goals of the agenda is to raise the competitiveness of the city’s business sector, which will enable the increase of private sector investment from $215bn in the past decade to $272.2bn by 2033. It also aims to increase the value of domestic demand of goods and services from $599bn in the past decade to $816.7bn in the coming decade, in line with Dubai’s vision for enhancing its trading sector and diversified economy.

One of the other key objectives of the agenda is generating new economic value from digital transformation. The digital economy is a major pillar in the agenda, with Dubai embarking on a new phase in which it seeks to pioneer and sustain the growth of an economy based on knowledge, innovation and future technologies.

The agenda will also focus on raising the value add of the industrial sector and promoting export growth, contributing to  sustainable economic growth, and achieving self-sufficiency in a number of key sectors and industries, including manufacturing. Other key priorities include making Dubai one of the five leading logistic hubs in the world, and one of the top four global financial centres. The agenda also seeks to increase the productivity of Dubai’s economy by 50% through innovation and digital solutions.

It also aims to integrate Emiratis into the private sector, making Dubai a hub for skilled workers, the fastest growing and most attractive global business centre, and an international hub for global multinational companies (MNCs) and national SMEs. The agenda will also focus on transforming Dubai into one of the top three international destinations for tourism and business by providing a globally competitive environment for business sustainability and driving down the cost of doing business across a number of sectors. In addition, the agenda outlines the bolstering of Dubai’s position as a fast growing and attractive business hub with world-class quality of life and the highest levels of security and safety for Dubai’s citizens and residents.

The agenda’s first set of projects including adding 400 cities as key trade partners and launching the Dubai Economic Corridors 2033 initiative, which will enhance existing foreign trade relations with Africa, Latin America and Southeast Asia.

Late in December 2022, the Dubai Land Department unveiled its new strategic plan for 2023-26.

The agenda is said to comprise a programme to support the growth of 30 companies in new sectors to become global unicorns, and integrate 65,000 young Emiratis into the workforce and the private sector. The Dubai Traders Project (DT33) meanwhile will empower a new generation of Dubai traders in various major growth sectors, driving growth in the city’s vibrant trading hub, the statement from the Dubai Media Office said.

The first set of projects of the agenda also include the Dubai Unified License that will provide a unique commercial identity for all companies across economic zones, and ‘Sandbox Dubai’, which aims to make Dubai a major hub for incubating business innovation by enabling the testing and marketing of new products and technologies.

The agenda also calls for the launch of the ‘Dubai Project’ to attract the world’s best universities, as part of the broader aim of making Dubai a leading global hub for higher education, and a programme to promote the growth of SMEs by identifying 400 high-potential companies and supporting their capacity-building and global expansion.

In early January 2023, Realiste predicted that Dubai’s current real estate boom will continue in 2023.

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Global air and travel services provider dnata has broken ground on a $14mn cargo warehouse at Erbil International Airport (EBL) in Iraq. The firm says the warehouse will support the expansion of its operations at the terminal and will create 50 new direct jobs with dnata in the country.

The cargo warehouse is scheduled for completion in September 2024 and will be capable of processing 100,000t of cargo annually including perishables, pharmaceuticals and dangerous goods. dnata said it will also implement its advanced ‘OneCargo’ system within the facility, digitising processes and maximising efficiencies across its cargo operations in the country.

The foundation stone for the facility was recently revealed by dnata’s Senior Vice President for UAE and Iraq Airport Operations, Jaffar Dawood.

In early November 2021, the Mheila Reverse Osmosis WTP was completed in Iraq’s Basra region.

Dawood said, “We are delighted to expand our operations in response to the growing demand for our reliable and safe cargo services in Erbil. Our new facility will incorporate cutting-edge technologies and the latest carbon reduction initiatives in design and operation, ensuring the highest level of operational and environmental efficiency for our customers. We stay committed to the Iraqi aviation industry and continue to invest in our operations to contribute to the development of Erbil as a regional cargo hub.”

According to dnata, the facility will be equipped with the latest technologies including thermal insulation to reduce the building’s environmental impact by maintaining low CO2 manufacturing emissions and operating costs. In addition, the facility’s environmentally sustainable features include a water harvesting system, which recycles condensed water, low energy skylighting, and an all-electric forklift fleet.

dnata’s latest expansion follows the opening of a new, advanced cool chain facility and a bus maintenance facility in 2022 at the airport. The company said it is currently provides ground handling and cargo services to over 25 airlines with a team of over 400 aviation professionals.

In mid July 2022, Saudi Arabia and Iraq said they were moving forward on an electricity interconnection project.

The air services major said it has, in recent years, made a number of strategic investments in new cargo facilities in London and Manchester (UK), Karachi and Lahore (Pakistan), and additional cargo capacity and infrastructure in Brussels (Belgium), Sydney (Australia) and Toronto (Canada).

Last January, it announced an investment of over US $212mn in one of the world’s largest and most advanced cargo facility, dnata Cargo City Amsterdam, at Schiphol Airport in The Netherlands.

In early November 2022, construction work on Kuwait International Airport achieved significant headway.

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Source: MEConstructionNews