Egypt has signed a strategic partnership agreement with Trafigura, a commodities trading company, to expand the Nag Hammadi Aluminum Complex. The investment range for this project is between US $750mn and $900mn.

The agreement was signed between Metallurgical Industries Holding Company (MIHC), through its subsidiary Egyptalum, and Trafigura in the presence of Prime Minister Mostafa Madbouly.

The project entails the construction of a new production line with an annual capacity of 300,000t. This expansion will double the complex’s total output capacity to 600,000t per year. Additionally, a 150,000t per-annum anode plant will be established.

A new joint venture company will be established to develop and operate the project. Financing will combine partner equity and debt from international financial institutions with EFG Hermes acting as financial adviser. Trafigura will secure long-term alumina supply and market the aluminium output under long-term off take agreements.

The expansion will be executed under a lump-sum turnkey EPC model to reduce risks related to cost overruns and delays. Officials said the expansion comes amid growing global demand for aluminium – projected to expand from 1.3% per annum to 2.1% per annum – driven by Electric Vehicles (EVs) and packaging industries.

The project will deploy energy-efficient and environmentally friendly technologies to reduce emissions and enhance competitiveness in markets with stringent carbon regulations. Additionally, the expansion is anticipated to generate direct and indirect employment opportunities in Upper Egypt.

EFG Hermes, which acted as the sole financial advisor to the MIHC and Egyptalum on the partnership, said in a separate statement that the newly incorporated project company will be majority-owned by MIHC and Egyptalum serve as the vehicle for developing, owning, and operating the new production facility.

Trafigura will play a significant role in the expansion project by participating as a substantial minority equity investor, providing debt, and serving as a long-term partner for offtake and feedstock supply. EFG Hermes is providing advisory services for both the equity and debt raising processes.

Egyptalum stands as the largest primary aluminum producer in North Africa, boasting a total annual capacity of 320,000t. Notably, 60% of its exports are destined for the European Union (EU).

Source: MEConstructionNews

Saudi-based Umm Al Qura For Development and Construction has announced that it has signed an agreement with global hospitality chain Kempinski Group to operate its first branded residences in Makkah.

Its debut residential project, Kempinski Residences, located in the Masar Haram area within Umm Al Qura’s prime destination (Masar) features 302 residential units of varying sizes and integrated amenities.

An urban project in the heart of Makkah, Masar Development is owned, developed and operated by Umm Al Qura.  On completion, it will boast a mix of hospitality, commercial, retail and residential offerings alongside cultural centres. Extending over 1.2m sqm, it will create an integrated gateway leading directly to the Grand Mosque.

Masar was recently awarded the Leadership in Energy and Environmental Design (LEED) Gold certification, one of the highest international certifications in sustainability and built environment.

One of the most prominent global certifications for evaluating green buildings and communities, LEED is awarded by the US Green Building Council (USGBC) to facilities that apply strict standards in areas such as energy and water efficiency, improved indoor air quality, resource management, and reduced carbon emissions, thereby enhancing environmental performance and achieving added value to the community.

The certification aligns with Saudi Arabia’s Vision 2030, supporting national objectives to create more sustainable, prosperous, and livable urban environments, it added.

Source: MEConstructionNews

Aldar Group recorded strong financial and operational results during the first quarter of 2026, with net profit after tax increasing 20% YoY to US $626mn, according to report from WAM.

This was driven by the realisation of development revenue backlog and resilient earnings from a diversified, defensive investment properties portfolio. Earnings per share for the Q1 2026 period increased 25% YoY to US $0.068.

The group achieved sales of US $1.8bn in Q1, with UAE sales contributing US $1.6bn. 2-projects were launched in the UAE in early Q1 2026: The Wilds Residences in Dubai and Baccarat Residences Saadiyat in Abu Dhabi. Sustained demand among international buyers, with UAE sales to overseas and expat resident customers reached US $1.6bn in Q1, representing 88% of total UAE sales, it said.

In April, Aldar launched Yas Park Place. Sales reached over US $218mn, with 80% of units released sold in the first week, highlighting sustained confidence in Abu Dhabi’s real estate market. Development revenue backlog rose to US $19.6bn, including US $16.9bn in the UAE, providing clear visibility on revenue recognition over the next 3 years, the firm said.

There was a Q1 landbank replenishment across the UAE with a Gross Development Value of US $16.6bn, including strategic land plots in key Abu Dhabi destinations, and the expansion of the Dubai Holding joint venture.

Aldar Investment’s adjusted EBITDA rose 18% YoY to US $246mn, supported by high occupancy and contributions from strategic acquisitions. Assets under management rose to US $14.2bn. The income-generating property portfolio remained resilient, supported by long-term leases and growth in the commercial, retail, industrial and logistics segments. Acquisitions of The Link at Masdar City and logistics assets at KEZAD further enhanced the platform.

Develop-to-hold pipeline expanded by US $762mn to US $5.5bn through a partnership with the Department of Municipalities and Transport to deliver 9,000 value housing units for rent in Abu Dhabi.

Aldar’s total available liquidity stood at US $9bn at March-end, comprising US $3.8bn in free and unrestricted cash and US $5.3bn in committed undrawn bank facilities. The developer said it closed a US $1bn public hybrid issuance in January, followed by a US $1bn hybrid issuance to Apollo in February. A US $1.4bn sustainability-linked committed revolving credit facility was completed in April, attracting strong demand from a broad group of regional and international banks.

In April, Aldar distributed a dividend of US $0.056 per share for 2025, representing a 10.8% YoY increase and a total payout of US $438mn.

Mohamed Khalifa Al Mubarak, Chairman of Aldar commented, “Abu Dhabi continues to demonstrate strong economic fundamentals, underpinned by policy clarity, long-term vision, and sustained investment across key sectors. The emirate’s resilience, coupled with its enduring global appeal as a destination to live, work, and invest, provides a solid foundation for continued growth.”

He added that Aldar’s Q1 performance demonstrates the strength of its business model, which has evolved over time to ensure it is well-positioned to navigate counter-cyclical pressures as well as unforeseen external events.

“The group delivered robust earnings growth while benefiting from the defensive characteristics of a diversified platform. The record development backlog of US $19.6bn, and a high-quality and growing base of recurring income assets now valued at US $14.2bn, provide strong clarity for future income generation,” he stated.

Talal Al Dhiyebi, Group CEO of Aldar added, “The UAE economy continues to demonstrate remarkable resilience, supported by decisive leadership and a coordinated policy response, including measures to reinforce market stability and confidence.”

He added that during Q1, revenue grew 12% to US $2.4bn and net profit rose 20% YoY to US $626mn, reflecting disciplined execution and the resilience of our diversified platform.

Al Dhiyebi commented, “Within Aldar Development, we continued to convert our record backlog into revenue. Underlying demand fundamentals remain robust, reaffirmed by the very successful recent launch at Yas Park Place. This supports our view that demand remains resilient for the right product, underpinned by a structurally under-supplied market in Abu Dhabi and strong long-term economic fundamentals.”

Aldar Investment continues to demonstrate its value as a defensive earnings platform, supported by high occupancy and long-term lease structures. Contributions from recent acquisitions, coupled with firm rental rates, have driven growth, and further expansion will be delivered through a develop-to-hold pipeline, which has grown to reach US $5.5bn.

Source: MEConstructionNews

AD Ports Group has announced a collaboration agreement with Azerbaijan Transport and Communications Holding (Azcon Holding) to explore opportunities across ports, shipping, logistics, and digital trade solutions in Azerbaijan.

The Memorandum of Understanding (MoU) establishes a framework for cooperation between the parties. It aims to identify investment opportunities and advance collaboration in integrated transport and logistics infrastructure, including maritime and digital solutions, in Azerbaijan.

This collaboration coincides with the official entry into force of the UAE-Azerbaijan Comprehensive Economic Partnership Agreement (CEPA). The agreement aims to expedite bilateral trade, foster new investment and joint venture opportunities, and expand market access and global reach for exporters in both nations.

This is achieved by eliminating or reducing tariffs on the majority of goods and services, as well as by promoting private sector collaboration and empowering entrepreneurs and small and medium-sized enterprises, as per the statement from AD Ports Group.

The MoU was signed by Abdulaziz Zayed AlShamsi, Regional CEO of AD Ports Group; and Vugar Mirzazada, the Deputy Executive Director of Azcon Holding in the presence of Saeed Bin Mubarak Al Hajeri, UAE Minister of State; and Yalchin Rafiyev, Deputy Minister of Foreign Affairs of the Republic of Azerbaijan as well as Mohammed Al Blooshi, UAE Ambassador to the Republic of Azerbaijan; Elchin Baghirov, Ambassador Extraordinary and Plenipotentiary of Azerbaijan to the UAE; and Shahin Babayev, Executive Director of Azcon Holding.

Abdulaziz Zayed AlShamsi, Regional CEO, AD Ports Group said, “Our deal with Azcon Holding marks a further step in advancing AD Ports Group’s corridor-focused strategy, strengthening trade links between Central Asia and Europe. Azerbaijan’s pivotal position bridging East and West offers strong opportunities, we look forward to leveraging our integrated capabilities across ports, maritime, logistics, and digital solutions to enable more efficient, connected, and commercially attractive trade routes.”

Vugar Mirzazada, Deputy Executive Director, Azcon Holding added, “This MoU with AD Ports Group marks an important step in exploring opportunities that can further strengthen Azerbaijan’s transport, trade and maritime ecosystem. We see strong potential in this collaboration to support trade facilitation, improve supply chain efficiency and reinforce Azerbaijan’s position as a key logistics hub.”

“As Azerbaijan continues to enhance its role as a strategic link between East and West, co-operation across port development, shipbuilding, logistics, digital integration and multimodal connectivity can contribute to the long-term growth and competitiveness of the national economy,” he added.

The UAE’s non-oil foreign trade with Azerbaijan has shown significant growth, highlighting the strength and resilience of this bilateral relationship. Over the past two years, non-oil trade has grown by 31.4%, surpassing US $2.2bn in 2025, as noted by the UAE’s official.

Source: MEConstructionNews

K Developments has launched Palencia Plaza, a mixed-use project in Shorouk City, east Cairo. The project is estimated to have investments of US $31mn.

This development is part of K Developments’ strategy to expand into commercial, administrative, and medical real estate, the firm said.

Chairperson Omar El-Fayoumi said the project reflects K Developments’ focus on areas with rising demand for non-residential property, particularly in new cities experiencing population growth and expanding service-sector activity. He noted that the location was carefully chosen within an established residential area in Shorouk, ensuring a stable user base and consistent activity.

The site also benefits from proximity to major roads, including the Suez and Ismailia highways, the Ring Road, and New Cairo, as well as destinations such as Madinaty’s Open Air Mall, the French University in Egypt, and the British University in Egypt, he added.

Palencia Plaza, a 6,000sqm development on Al Horreya Street, will offer a diverse range of commercial, administrative, and medical units in varying sizes. These units, including administrative and medical facilities, and will be fully furnished and equipped with air conditioning systems.

Operational and service facilities, such as parking spaces, elevators, security systems, backup generators, and retail areas, are also part of the development. Designed by YBA under the leadership of Eng. Yasser El-Beltagy, the project emphasises functional layouts and modern architectural standards.

K Developments presents flexible payment plans, starting with a 10% down payment and extending installments up to 8-years. Palencia Plaza is being launched concurrently with the company’s residential project, Palencia Al Shorouk, as part of a broader expansion strategy encompassing new developments in the North Coast and New Cairo.

Source: MEConstructionNews

DHG Properties has officially broken ground on Helvetia Verde, its second residential development in Dubai.

With piling and shoring now underway as the first phase of construction, the milestone marks the commencement of works on the 20-storey high-rise in Meydan Horizon, placing the project firmly on track for delivery to homeowners and investors in Q1 2028, said the developer.

Helvetia Verde is positioned within Meydan Horizon, a live-work-play district undergoing one of Dubai’s most ambitious redevelopments. Since launch, 60% of units have already been sold, reflecting strong and sustained market momentum, it added.

This is supported by broader infrastructure developments across Dubai, including the newly announced Metro Gold Line, which is expected to drive property prices and rental appreciation of up to 30% in communities along its route. The upcoming Metro Blue Line, along with future extensions of the Green Line, is also set to enhance connectivity across key districts.

Spanning a total built-up area of 21,807sqm, Helvetia Verde is defined by sleek, elegant architecture, adding a distinctive presence to the emerging Meydan Horizon skyline.

The development comprises 108 residences in a G+2P+17 configuration, offering a mix of 1-to-3-bedroom homes, including a limited number of garden residences and exclusive top-floor penthouses with panoramic views of Downtown Dubai and the Ras Al Khor Wildlife Sanctuary, said the statement.

With just 3-to-7-units per floor, the tower maintains a high level of privacy and exclusivity, complemented by access to a turquoise lagoon, shaded promenades, landscaped parks, cafés, restaurants, and retail, it added.

Commenting on the new project, CEO and Founder Blagoje Antic said, “Breaking ground on Helvetia Verde is an important milestone in our UAE journey. It is the point at which our ‘Swiss Precision, Dubai Vision’ approach to real estate development begins to take shape in one of the city’s most promising districts. It also reflects how we approach growth in the market – not simply by expanding our presence, but by maintaining a consistent level of quality and attention to detail across every project, including Helvetia Residences in Jumeirah Village Circle, which is approaching completion, and our third development on Dubai Islands, set to break ground at the end of May 2026.”

“Together, these developments represent approximately US $354mn in development value within a short period of time and reflect our continued execution of a focused UAE growth strategy, bringing the Helvetia brand to key growth districts across Dubai,” he added.

Milos Antic, Executive Vice Chairman continued, “Meydan Horizon is emerging as one of Dubai’s most forward-looking residential districts, supported by strong infrastructure investment and long-term urban planning.”

He concluded, “These major infrastructure investments are positioning the area closer to the city’s future transport corridors, enhancing its appeal for off-plan developments. For investors, this translates into strong long-term value, while for residents, it offers greater ease of connectivity across the city. Helvetia Verde was conceived with this trajectory in mind, and today’s groundbreaking reflects our confidence in both the district and the Helvetia brand in the UAE market.”

Source: MEConstructionNews

Durar Group has appointed Ali & Sons as the main contractor for its branded residential development – Moonstone Interiors by Missoni – coming up on Al Marjan Island in Ras Al Khaimah.

This appointment marks a critical milestone in the project’s progression and underscores Durar Group’s delivery strategy – anchored in partnering with contractors that meet the highest standards of quality, precision, and execution, said the company in a statement.

Moonstone Interiors by Missoni is being developed by Durar F5 with Octa Properties appointed as the exclusive sales partner. The upcoming project introduces a distinctive proposition to the UAE’s branded residential market, translating the design ethos of Missoni into a fully integrated living environment.

Conceived as a holistic lifestyle destination, the development seamlessly aligns architecture, interiors, and curated experiences to deliver a cohesive and elevated residential offering, the statement explained.

The project comprises 226 sea-facing residences, each designed to maximise uninterrupted views of the Arabian Gulf, while maintaining exceptional standards of detailing, materiality, and spatial efficiency.

On the contract award, Durar Group CEO Mohammed Miqdadi said: “This marks a defining milestone for Moonstone Interiors by Missoni. At Durar, we place a premium on execution, aligning with partners who have the capability to deliver with precision, consistency and accountability.”

He continued, “Ali & Sons embodies these qualities, and we are confident in their ability to bring this development to fruition at the level it demands.”

A carefully-curated suite of amenities – including infinity pools, refined communal spaces and bespoke lifestyle programming – supports a living experience defined by privacy, wellness, and design excellence.

Strategically positioned on Al Marjan Island, the development benefits from direct beachfront access and expansive sea views, the statement outlined.

The island continues to gain prominence as a high-growth investment destination within the Northern Emirates, supported by robust infrastructure, increasing tourism demand, and its proximity to Dubai, approximately one hour away, said the developer.

The selection of Ali & Sons reflects Durar Group’s focus on execution certainty. With a strong track record in delivering complex developments across the UAE, Ali & Sons brings the technical expertise, operational rigour and delivery discipline required to realize the vision of Moonstone Interiors by Missoni to the highest standards, it added.

Source: MEConstructionNews

First Avenue for Real Estate Development Company has announced that it had signed an addendum to its contract with Asas Makeen Real Estate for a key residential project in Al Hada District, setting the total project cost at about US $22.9mn.

The addendum was signed after completing detailed designs and defining technical specifications and quality standards, said First Avenue in its filing to Saudi bourse Tadawul.

The residential project is located on a land plot with a total area of 23,199.09sqm. The agreement follows the company’s earlier announcement in July last year, regarding the contract for the project’s execution.

The development aims to establish a townhouse residential compound within a fully integrated urban environment. The scope of the contract includes the full execution of the project on a turnkey basis, in accordance with the approved plans, and in compliance with the technical specifications and quality standards set for the project.

The total cost includes fees payable to Asas Makeen at a rate of 14.5%, it added.

Source: MEConstructionNews

Emirates Water and Electricity Company (EWEC) has announced it has extended its clean energy partnership with Mediclinic Middle East for a fourth consecutive year. The agreement ensures that 100% of Mediclinic’s Abu Dhabi and Al Ain Hospitals and Clinics will continue to be powered by clean electricity, verified using Clean Energy Certificates (CECs) issued by the Abu Dhabi Department of Energy (DoE).

The renewed agreement highlights EWEC’s ongoing success in facilitating the widespread transition to renewable and clean energy across Abu Dhabi’s critical industries. Operating 6 hospitals and more than 27 clinics nationwide, Mediclinic Middle East, a division of the global Mediclinic Group, provides world-class healthcare while championing environmental stewardship.

By deploying CECs to tangibly lower its Scope 2 emissions in Abu Dhabi, the organisation is demonstrating a profound understanding that the health of our environment directly impacts the health of our communities.

The partnership highlights the importance of science-led, measurable climate action. By relying on the robust, data-driven framework of the CEC scheme, EWEC and Mediclinic Middle East are championing evidence-based decarbonisation decisions that benefit both people and the planet, said a statement.

Mohamed Almarzooqi, Chief Assets Officer at EWEC said, “Mediclinic Middle East has helped pioneer the healthcare sector’s clean energy transition in Abu Dhabi from the outset, becoming the first healthcare institution to adopt Clean Energy Certificates, and the extension of this partnership for a fourth consecutive year reflects their continued leadership.”

“Through CECs, organisations can turn climate ambition into measurable outcomes, reduce Scope 2 emissions with confidence, and demonstrate clear progress against sustainability goals using an internationally recognised standard,” he stated.

Hein van Eck, CEO of Mediclinic Middle East added, “As a leading healthcare provider, we recognise that the health of our communities is intrinsically linked to the health of our environment. Renewing our clean energy partnership with EWEC for a fourth consecutive year underscores our unwavering commitment to sustainable operations.”

“By verifying our clean electricity consumption through CECs, we are taking tangible, science-led action to reduce our carbon footprint and set a benchmark for environmental responsibility within the regional healthcare sector,” he stated.

Issued by the DoE, CECs are the only accredited instrument in Abu Dhabi for certifying the environmental and economic benefits of clean electricity consumption in line with the internationally recognised International Renewable Energy Certificate Standard (I-REC Standard).

As the Single Registrant and Auction Operator, EWEC facilitates the adoption of renewable and clean energy across diverse sectors, including healthcare, digital infrastructure, retail, hospitality and heavy industry, enabling participants to transform their environmental impact and meet rigorous international ESG  standards, the statement concluded.

Source: MEConstructionNews

The 2026 edition of the Value Engineering Summit took place on 6 May at the Dusit Thani Hotel in Dubai and recorded an attendance of over 240 professionals from the built environment, the editorial team at Middle East Consultant confirmed.

“Despite regional uncertainty yesterday’s Value Engineering Summit was a resounding success, with positive feedback from delegates, speakers and sponsors. I couldn’t be happier with how the day panned out,” said Jason Saundalkar Editorial Director, Built Environment and Heavy Industry Divisions at CPI Trade Media.

“We had fantastic speakers who engaged in vibrant discussions around several incredibly topical issues, and I sincerely hope that everyone who attended came away enriched in terms of knowledge and a larger professional network,” he added.

The day-long event kicked off at 9am with registrations and featured 3-panel discussions, as well as 2-presenations. Tim Shelton, Operations Director – Technology & Advisory at Omnium International Limited served as the event’s MC.

The first panel discussion ‘The Right Partners to Drive True Project Value’ discussed a number of issues including: Dubai’s new law on building quality and safety and what it means for developers and construction companies going forward; the value and niche expertise specialist firms and especially those that are focused on delivering certain types of projects can bring to the table; the pros and cons of working with multi-disciplinary firms to deliver construction projects in the GCC region, and how mindsets be shifted from ‘how inexpensive’ to ‘how intelligently’ a project can be delivered through design optimisation, material substitution etc.

The session was moderated by Nicky Dobreanu, Board Member, Middle East and Africa World Regional Board (MEA WRB) at the Royal Institution of Chartered Surveyors (RICS). He was joined by speakers including: Allison Wicks, Quality Integration Specialist at Qualitaz Management Consultants; Lewis Matheson, Associate Director at Rider Levett Bucknall (RLB); Manika Dhama, Partner – Real Estate Advisory at Deloitte Middle East; Paul Kelly, Managing Director at C-Quest, and Roxy Reynolds, Managing Director at OVAL.

The first presentation of the day ‘Smart contracting – Enhancing competitiveness in a highly demanding market’ was presented by Gabriel Hebert, Business Development Manager at Engineering Contracting Company (ECC). His session explored the practical approaches to enhancing competitiveness and was structured into 2 key parts: Pre-contract: From design & pricing to award – the value engineering process and Post-contract: Driving time, cost, quality, and environmental performances during project delivery.

The second panel ‘Technology & Industrialised Construction, a Game Changer?’ examined common quality issues across building projects in the GCC/Middle East region, and why this issue continues to persist; delivering fast-tracked projects efficiently using technology such as AI-enabled BIM models and advanced digital twins; leveraging industrialised construction processes/techniques such as pre-fabrication, modular construction, and 3D printing to accelerate project timelines, reduce cost and enhance quality, and the common challenges associated with leveraging technology (out-of-date hardware or software, lack of understanding etc), and industrialised construction (limited design flexibility, consistent project volume to break even etc) to deliver projects, and how these issues can be addressed effectively, and more.

The session was moderated by Mohammad Hazem Soudan, Operations Lead, Climate Response + ESG Advisory, Strategic Consulting at Jacobs. He was joined by Casey D Rutland, Chief Data & Digital Officer at Property Cortex; Christopher Smeaton, Global Digital Design Director at HBA; Fady Kobersy, Sales Director MENA at RIB Software; Ihab Ramlawi, Co-Founder & Managing Director at DuPod – An AMANA Company; Sabarikrishnan Thirunavukkarasu, Regional Head – Connected Construction at Trimble, and Tim Shelton, Operations Director – Technology & Advisory at Omnium International Limited.

The second presentation ‘Presenting CRUX Insight’s 8th Report: From Insights to Foresight’ was delivered remotely by Nader Emile, Partner at HKA. His session shared an overview of the 8th Annual CRUX Insight report and explored the top 5 causes of claims and disputes globally and in the Middle East. Emile also used his time to demonstrate the CRUX Interactive Dashboard with sector and regional insights, and encouraged delegates to take advantage of the free service via HKA’s website.

Following a 1-hour lunch break, the third panel discussion took place. The ‘Mitigating Disruptions Caused by Extraordinary Circumstances’ session was moderated by Richard Edwin, Partner at HKA Global Limited (Dubai Branch), with speakers including: Benoit Meulewaeter, Director at Accuracy; Kate Blotskaya, Senior Director at FTI Consulting; Kirsten O’Connell, Partner at Allen Overy Shearman Sterling, and Suzannah Fairbairn, Partner at Dentons & Co.

The session delved into the implications of current regional developments on contractual arrangements for projects across the GCC region; force majeure across UAE legal frameworks and what drivers can trigger a force majeure clause when contractual performance is affected?; moving away from adversarial mindsets to a collaborative mentality where parties in the supply chain work to a ‘best for the project’ goal to ensure successful project outcomes during normal- and adverse-times, and much more.

The event was supported by:

Support Partners: DesertBoard, Engineering Contracting Company (ECC), HKA, RIB, PlanRadar and RICS
Technology Partner: Trimble

Read more about the 2026 Value Engineering Summit by clicking here.

Source: MEConstructionNews