Mukesh Ambani, India’s second richest man and Chairman & Managing Director of Reliance Industries Limited (RIL), has bought Dubai’s most expensive villa for a record-breaking US $163mn.

The Indian billionaire bought the beach-side mansion – located at the heart of the Palm Jumeirah – from the family of Mohammed Alshaya, a Kuwaiti tycoon whose business conglomerate owns local franchises for retail brands including Starbucks, H&M and Victoria’s Secret. Recent reports from Savills named Palm Jumeriah as the district commanding Dubai’s highest property values.

The ten-bedroom residence, with a private spa and indoor and outdoor pools, is said to be a short walk from the $80mn home that Ambani purchased earlier this year for his son, Anant.

In September 2022, DAMAC said it was adding ultra-luxurious mansions to its DAMAC Hills development and, later in the month, Alpago Properties launched ‘Dubai’s only’ double signature villa on the Palm Jumeirah.

Earlier this week, the Dubai Land Department reported a property deal worth $163mn on Palm Jumeirah, without disclosing the buyer’s identity.

Mukesh Ambani, who has a net worth of $84bn, is said to have been snapping up properties overseas, increasingly looking westward for second homes. RIL reportedly also spent $79mn last year to buy the iconic UK country club, Stoke Park.

In October 2022, Savills revealed its top second home locations around the globe with an emphasis on wellness.

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Saudi-based Dar Al Arkan Global has kicked off sales of its Les Vagues residences by ELIE SAAB, which is located in Qetaifan Island North, Qatar, and developed in collaboration with Qatar-based Qetaifan Projects. The latter is a fully owned subsidiary of Katara Hospitality.

The project is being developed at a cost of US $275mn and aims to set new standards of luxury living in Doha, with an architectural design that enhances the appeal of seafront living, Dar Al Arkan said in a statement. The premium residential project includes one, two, and three-bedroom apartments with terraces offering uninterrupted views of the sea, the marina, and the Doha skyline.

The launch of sales was announced during an event held in Doha, in the presence of HE Sheikh Nasser Bin Abdulrahman Al-Thani, Managing Director and Chairman of Qetaifan Projects, Dar Al Arkan’s Chairman Yousef Al-Shelash, Ziad El Chaar, CEO of Dar Al Arkan Global, and fashion designer Elie Saab who designed the interiors of the residences.

In early October 2022, JLL signed an agreement with a Qatar real estate brokerage to boost property investments and, later in the month, Dar Al Arkan showcased the world’s first Pagani apartments in Dubai.

“The partnership with Dar Al Arkan Global exemplifies our concerted efforts to make Qetaifan Island North a preferred destination for a global audience, with its unique residential, entertainment, retail, and recreational offerings. With the sales launch of Les Vagues residences, as one of the most premium residential projects on the Island, we anticipate a strong positive response from the local community and international investors, further solidifying Qatar’s position as a global investment,” stated Al-Thani.

Covering 1.3m sqkm, Qetaifan Island North is said to be specially designed to be Qatar’s future iconic entertainment and luxury destination. Inspired by the rich culture and nature of the region, the island will feature a waterpark, a luxury hotel, residential accommodation, retail options, and facilities that make it a vibrant and attractive community, Dar Al Arkan noted.

El Chaar noted, “We’re marking our entry into Qatar with the most exceptional residential development in Doha. The sales launch of Les Vagues comes at an opportune time, as the country emerges as one of the most sought-after investment destinations in the region with many positive and attractive trends shaping this bourgeoning market.”

In mid-October 2022, Bevan Farmer was elevated to Head of Qatar at Addleshaw Goddard and Knight Frank said that Qatar’s hospitality sector was expected to grow by 89% by 2025.

Saab concluded, “We are thrilled to be working with Dar Al Arkan Global on a new lifestyle address. Les Vagues is our first project in Qatar, and it has been meticulously designed to complement the luxury island life of Qetaifan Island North. We are confident that this new project will appeal to our discerning clientele from around the world seeking bespoke seafront living spaces with magnificent views.”

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Raimondi Cranes has unveiled a new corporate identity and vision including extensive research into two core areas of its business.

Building on almost 160 years of manufacturing history, the company announced it had invested extensive resources into two core areas: a new production facility implementing lean-manufacturing innovative techniques, and the development of 14 new flat-tops that have been optimised according to customer feedback.

“We are delighted to present a new visual identity for Raimondi Cranes, one that builds on its long heritage within the global construction industry. For the past two years we have been working on reshaping our vision with heavy investments into a new manufacturing facility, and by allocating substantial resources to our R&D department,” said Diego Borgna, CEO, Raimondi Cranes.

In September 2021, contractor Urban Trading and Contracting WLL said 10 topless tower cranes from Raimondi were helping to build The Seef project in Qatar.

“The strategic decision to rebrand echoes recent innovations and encapsulates the company’s embraced vision of being the most responsive global leader in scalable heavy lifting solutions,” he added.

The overhaul of the company’s visual identity, a process that occurred over 16 months, represents a milestone for Raimondi as it is the company’s first full rebranding in decades. The new logo pays homage to Raimondi’s legacy by placing focus on one of its strongest design elements, the ‘R’ icon, while simplifying and modernising it to signify efficiency and innovation, it said.

“Retaining Raimondi’s heritage and values was a top priority. The new branding reflects our evolving positioning and growing market ambitions with the aim of raising expectations. We will use it to drive expansion into new markets together with a series of new products, services, and solutions,” Borgna remarked.

In July 2022, Raimondi said its cranes had been deployed for the construction of a residential project in Sharjah.

The rebrand will be rolled out over the next two weeks following the launch of Raimondi’s refreshed website. The official unveiling of the brand will take place at Bauma from 24-30 October 2022, in Munich, Germany.

In September 2022, the firm announced its extensive show plan for Bauma 2022.

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Sustainable energy firm Yellow Door Energy says it has successfully closed a $400mn equity raise, which will enable it to continue developing sustainable energy projects in the Middle East, Africa and beyond.

The investment includes a purchase of current shares, enabling the company’s initial investors to exit. The funding is substantially provided by YDE’s newest and now controlling shareholder, Actis, with existing shareholders International Finance Corporation (IFC), Mitsui & Co (Mitsui) and APICORP also increasing their equity commitments, the firm explained.

With the closure of this transaction, YDE’s business plan is said to be fully funded. The management team is now focused on executing sustainable energy solutions over the next five years, with a portfolio value expected to exceed $1bn, which will be funded through a combination of equity and debt securities, it elaborated.

In December 2020, the firm said it had won $41mn worth of new projects in the region in 2020 and, in May 2021, it said it won the solar contract for The Box Self Storage facility.

“This substantial investment will enable Yellow Door Energy to rapidly expand into new countries and deploy over $1bn in projects across the region. We wholeheartedly welcome Actis as our majority shareholder and look forward to a fruitful collaboration. We would also like to express our gratitude to our existing shareholders – IFC, Mitsui and APICORP – for their continued investment and support for our business model of providing affordable, reliable and sustainable energy to visionary companies in the MEA region and beyond,” said Jeremy Crane, CEO and Founder of Yellow Door Energy.

With operations in the UAE, Jordan, Pakistan, Saudi Arabia, Bahrain and South Africa, Yellow Door Energy is said to have one of the largest commercial & industrial project portfolios in the region, with 106MW in operation and 104MW awarded and under construction. The company says that it has key existing relationships with a large customer base of over 50 companies including multi-national businesses such as Nestlé, Majid Al Futtaim, DHL, Mondelēz and Unilever.

Nalin Nayyar, CFO of Yellow Door Energy added, “Our shareholders understand the importance of patient capital when investing in sustainable long-term infrastructure projects. With over $400mn in equity expected, Yellow Door Energy is fully funded and well positioned for the next phase of the company’s growth. We look forward to leveraging our shareholders’ expertise and benefiting from their continued synergies to add value to our business and customers.”

In June 2021, Majid Al Futtaim and YDE signed an agreement to build Bahrain’s largest private solar plant and, in November 2021, YDE said that ETG had awarded it a contract for the development of a solar project.

The company said its goal remains to be the sustainable energy partner of choice for leading businesses, helping them reduce costs and lower carbon emissions. This directly supports Net Zero emission targets set by countries and companies worldwide to mitigate the impacts of climate change, it pointed out.

Lucy Heintz, Partner and Head of Energy Infrastructure at Actis conclude, “We’re excited about the opportunity our partnership with Yellow Door Energy presents to contribute to the MEA region’s transition away from fossil fuels by deploying new solar PV technology. We see a clear opportunity to help Yellow Door Energy continue its growth journey and to build the region’s distributed solar sustainability leader.”

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$670mn worth of new contract awards were added to Orascom Construction’s backlog in Q3 2022, the firm has reported. The Cairo-based firm said that the new contracts brings its total awards in the nine months of 2022 to $3.1bn.

According to the construction major, projects in the Middle East comprised 70% of new awards during Q3 2022, mainly across the infrastructure, logistics and commercial sectors. The firm previously entered into a JV with Arab Contractors to build the country’s first monorail.

New awards signed by the firm’s US subsidiaries accounted for 30% of total during the quarter; the firm noted that projects in the data centre sector accounted for a significant portion of new awards, and said the performance demonstrated its successful efforts to expand across the fast growing sector. It added that its estimated consolidated backlog stood at $6.1bn as of 30 September 2022.

The New Delta Treatment Plant which is being developed by a JV comprising Metito, Orascom, Arab Contractors and Hassan Allam was shortlisted at the 2021 Big Project Middle East Awards in the Sustainable Project of the Year category.

The construction company explained that, in September this year, it signed an agreement with the Internal Trade Development Authority (ITDA) to build, own and operate a strategic warehouse in the Fayoum Governorate of Egypt.

The project is said to be the first phase of a larger program that will play an important role in providing modern logistics and warehousing of important commodities across Egypt. The project is set to leverage state-of-the-art technology and efficient operational methods to meet existing and future needs for these commodities, Orascom explained.

Construction is expected to start once financing is concluded and to take up to 15 months, after which operation of the warehouse will commence.

In July 2022, it was announced that the evaluation of prequalification bids for the $2bn Bahrain Metro project were underway; Orascom was said to have expressed interest in the project.

Discussing its financial performance in H1 2022, the firm said that revenue increased 13.6% y-o-y to $1.91bn and consolidated EBITDA decreased 7.4% y-o y to $92.9mn. It also said that it saw net income attributable to shareholders of $20.8mn in Q2 2022, and $33.9mn in H1 2022.

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Dubai-based MYCRANE has announced a partnership with PV-E Cranes of the Netherlands, allowing the company to offer zero-emissions cranes for sale and rent on its digital platform.

Engineered and manufactured in the Netherlands, PV-E’s emission-free crawler cranes are fully electric, battery-operated and can run for 10-12 hours on a single charge. The product range consists of 80, 100, 160 and 250-tonne crawler cranes, with several boom options such as fixed jibs, luffing jibs and heavy duty jibs.

As a result of the partnership agreement, PV-E’s crawler cranes will also be available to buy on the MYCRANE Marketplace, and can be rented through the MYCRANE platform.

At the 2022 Construction Machinery Middle East Awards, MYCRANE was shortlisted in the ‘Innovation of the Year’ category.

“There is a clear drive towards zero-emission working in the construction sector, as we will no doubt hear at Bauma,” said MYCRANE CEO and founder Andrei Geikalo, referring to the trade fair for construction machinery and vehicles, taking place in Munich at the end of October, where both companies will exhibit.

“We are delighted to partner with PVE Cranes Group to offer more choice for our clients, especially those who need to keep noise and emission values in mind, as they bid for projects. MYCRANE is keen to play our role in the transition from diesel to electric-powered electricity.”

Joost Bömer, CEO of PVE Cranes Group added: “Our innovative electric crawler cranes are helping to deliver clean, silent and safe job sites. By co-operating with MYCRANE, we can help contractors around the world to find the right emission-free crawler crane for their next lift.”

In August 2022, MYCRANE added new crane types for the short-term rental market and, in September 2022, it said its platform is servicing lifting projects around the globe.

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Savills Middle East has announced two key appointments to lead its property and facilities management functions in Saudi Arabia. The firm said that Laszlo Fulop joins as Head of Property Management and will oversee the department in Saudi Arabia, ensuring stability and consistency of the service for landlords and tenants, while Benjamin Blackaby will take over as Head of Facilities Management in the Kingdom.

In his new role, Fulop will focus on tenant relationship management, policies, and processes, EHS/ESG, cost management, and commercial lease negotiations, the statement said.

He brings more than 20 years of experience in managing and leasing properties across multiple asset classes, as well as providing consultancy services to developers and occupiers. Fulop was previously Head of Property Management at Budapest Airport where he oversaw the management of a portfolio of 80 assets across office, retail, and industrial sectors led to over 120 tenants, the firm noted.

In January 2022, Savills said three new locations were in operation in Pakistan.

Laszlo Fulop, Head of Property Management, Savills Saudi Arabia

Property management is an area of growing focus for Savills operations in Saudi Arabia. The project management team currently handles the Tadawul Tower in KAFD with a total GFA of 130,000sqm. Other assets under management include The Business District in Riyadh and other business and logistics parks around the Kingdom, the firm pointed out.

The firm stated that Benjamin Blackaby will oversee all aspects of implementation of the company’s strategy to ensure a smooth and seamless flow of operations. He joins from Savills in the UK where he had spent over six years and was most recently Operations Director.

Prior to this, Blackaby worked as the General Manager of The Royal Exchange, where his role encompassed management of service charge budgets and reconciliation, while preparing year-end packs.

In February 2022, the firm said it was bolstering its global residential development consultancy team with hires and restructuring.

Benjamin Blackaby, Head of Facilities Management, Savills Saudi Arabia

Welcoming the duo, Ramzi Darwish, Head of Saudi Arabia stated, “Savills Saudi Arabia is gearing up for the next stage of growth, and their appointment is testament to our expansion story. Both of them bring a high level of expertise to the business which will be an invaluable asset in further expanding their respective service lines.”

“Whilst our main focus has been on commercial assets, we have also built strong relationships across the residential sector with landlords of key compounds and have formed closed connections with top residential developers. The residential sector is key in expanding the breadth of PM and FM services that Savills has to offer,” he concluded.

In October 2022, the firm revealed its top second home locations with an emphasis on wellness.

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National Petroleum Construction Company (NPCC) has broken ground on a new 40,000sqm fabrication yard in Ras Al Khair port, in the Eastern province of Saudi Arabia.

In a statement, NPCC said the new yard will house the fabrication of jackets and platforms. It added that the state-of-the-art facility will include automated workshops and an advanced marine system, and noted it will provide fabrication, maintenance, rigging and erection services, and will be operational between all three phases of construction. Phase One of the project is expected to be complete by Q3 2023.

National Marine Dredging Group CEO Engineer Yasser Zaghloul said: “The new fabrication yard builds on our longstanding relationship, ongoing growth journey and expansion strategy in the kingdom and complements our current projects in Saudi Arabia, which will add to our local competencies.”

In April 2020, ADQ assumed full ownership of NPCC and, in August 2020, Senaat submitted offers to combine NPCC and NMDC.

The capacity of the fabrication yard is expected to reach 60,000 tonnes per year by the end of the final phase, scheduled for 2026, he added.

Ras Al Khair is Saudi Arabia’s newest industrial port that serves more than 100 manufacturing projects and has an area of 23km² and 14 berths equipped with assets to handle general and bulk cargos.

“We look forward to further broadening our level of collaboration with Saudi industry players, and solidifying our position as the EPC major of choice for global NOCs,” Zaghloul stated.

NPCC has had a long-standing presence in the Kingdom, and is a strong partner with key Saudi industry players. This has led to the company working on major projects including the extension works for a new condensate export terminal at the Jafurah field, and the engineering, procurement, fabrication, and installation of 14 SSS Jackets at Manifa field, the statement explained.

Engineer Ahmed Al Dhaheri, CEO of NPCC remarked, “This new milestone lays the foundation for our next chapter of growth in Saudi Arabia and is in line with our commitment to supporting the Kingdom’s localisation efforts and creating in-country value.”

“The new yard also signals our clients’ trust in NPCC’s capabilities and allows us to extend our expertise to new strategic infrastructure projects in the Kingdom, increase our regional market share, and reinforce our position as a trusted partner of choice across the EPC ecosystem,” he added.

In April 2022, a NPCC led consortium was awarded a major carbon capture and storage project contract.

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