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November 18, 2024 foasummit0

Al Seeb Developers has announced the launch of Royal Regency Suites, a residential development in Dubai’s Business Bay area that aims to establish new benchmarks in both residential quality and investor returns.

The developer said that it has collaborated with industry partners to ensure seamless project execution, delivering quality across construction, design, and management. Every detail of Royal Regency Suites has been curated to reflect Al Seeb Developers’ high standards, with Italian-made entrance doors, fully fitted kitchens with premium appliances, and advanced home automation systems available in select units.

The residential project includes a lobby lounge area offering panoramic views, a café on the ground floor and a fine dining restaurant on the first floor. Health and wellness facilities such as a state-of-the-art gym with an acoustic system, a temperature-controlled swimming pool, a Jacuzzi, and gender-specific steam rooms and saunas will be featured, said a statement from the developer.

In addition, it includes sustainable and convenient features like dedicated EV charging stations, a service lift, and access and intercom systems. It will also have landscaped recreational areas that will enhance residents’ lifestyle with serene outdoor spaces and premium interiors with smart home automation options in select units, bifold doors in three bedroom apartments, and Jacuzzis in balcony layouts.

“Royal Regency Suites is an embodiment of our vision to redefine the standards of luxury living in Dubai. This project not only represents a prime investment opportunity but also aligns with our commitment to delivering exceptional value, design, and sustainability to home buyers. We are confident that Royal Regency Suites will set a new benchmark in the vibrant Dubai real estate market offering an equally attractive product to investors as well as end users,” said J P Kalwani, Founder Chairman & CEO, Al Seeb Developers.

Set for completion on 31 March 2027, Royal Regency Suites will offer investors and residents a blend of luxury, convenience, and return on investment. The project will expand Al Seeb Developers’ footprint within Dubai, in delivering value, investor-centric, quality developments that align with the UAE’s progressive real estate vision, the statement concluded.

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Source: ME Construction News


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November 15, 2024 foasummit0

HIVE, Rafal Real Estate Development Company and FIM Partners announced their intent to establish a fund of US $150mn. The fund will be managed by FIM Partners, which will support the development of six to eight new co-living projects in Riyadh, aimed at meeting the rising demand for modern, adaptable living and working spaces. The announcement was made at Cityscape Global Riyadh.

The partnership marks an important milestone in Saudi Arabia’s real estate market evolution under Vision 2030. By focusing on innovative co-living developments, it offers investors a valuable entry point into an underserved, high-growth sector while addressing the Kingdom’s growing demand for flexible and affordable housing solutions, said a statement.

“With our first co-living development in Riyadh already announced earlier this year, we are excited to expand our portfolio alongside FIM Partners and Rafal. HIVE’s modern, flexible living solutions will cater to the evolving needs of urban residents, delivering convenience and community in a forward-thinking environment,” said Bass Ackermann, Founder of HIVE.

Elias Abousamra, CEO of Rafal Real Estate Development Company added, “Riyadh is ready for growth in the co-living sector, and this initiative allows us to scale up developments to meet this demand. We are committed to creating communities that offer a combination of modern living solutions and a strong sense of community, aligning with Saudi Arabia’s long-term vision for the housing market.”

The investment strategy aims to create high-quality living environments with long-term value for investors. By capitalising on the demand for modern and affordable co-living spaces, this partnership is well-positioned to offer attractive returns, helping meet both the Kingdom’s housing needs and investor expectations, the statement explained.

Fares Bou Atme, Director of Real Estate at FIM Partners stated, “Saudi Arabia’s real estate sector is undergoing rapid transformation, with co-living playing an essential role, given the substantial need for such an asset class in the market. This partnership will provide investors early access to a promising segment of the market, ensuring substantial returns as the sector matures.”

The co-living strategy targets Riyadh’s growing population of professionals, expatriates, digital nomads, and entrepreneurs, addressing the rising demand for adaptable, community-oriented living and working solutions. With a diverse and mobile workforce driving the demand for such spaces, this initiative offers a unique opportunity for investors to engage with a high-growth market primed for sustained growth, the statement said.

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Source: ME Construction News


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November 15, 2024 foasummit0

Abu Dhabi Future Energy Company (Masdar) and Korporata Elektroenergjitike Shqiptare (KESH) – Albania Power Corporation – have signed a joint venture (JV) term sheet agreement to explore the development of gigawatt-scale renewable projects in Albania. The signing ceremony took place in Baku, Azerbaijan on the sidelines of COP29.

The JV term sheet agreement aims to develop, construct, and operate renewable energy projects utilising a range of renewable technologies, including solar PV, wind, and hybrid solutions, with potential integration of battery storage. The energy produced is expected to be supplied to the Albanian market and exported to neighboring countries.

Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, COP28 President and Chairman of Masdar said, “This agreement is a testament to the UAE’s unwavering commitment to pioneering clean energy solutions on a global scale. By leveraging the UAE’s world-class expertise in renewable energy and Albania’s abundant natural resources, our purpose-built, future-ready infrastructure will deliver more energy with fewer emissions to more people than ever before. Agreements like these will help realise the ambitious goals of the historic UAE Consensus, aimed at tripling renewable energy capacity by 2030, and driving low-carbon socio economic progress.”

Belinda Balluku, Deputy Prime Minister & Minister of infrastructure and Energy, commented, “The partnership between KESH and Masdar is a significant moment not only for Albania’s journey towards a sustainable and secure energy sector, but also embodies the spirit of the strategic partnership between Albania and the United Arab Emirates and underscores the importance of international cooperation in achieving a green, sustainable future. By combining Albania’s rich renewable energy potential with Masdar’s global expertise, we are not only advancing our domestic energy goals but also positioning Albania as a key player in the European energy market, while enhancing our energy security, creating new economic opportunities, and contributing to our efforts to meet global climate goals.”

The partnership aims to leverage KESH’s position as Albania’s energy producer and Masdar’s global expertise in renewable energy development to accelerate Albania’s clean energy transition. A landmark in the development of renewable energy capacity in Albania, the potential joint venture will benefit from Masdar’s relationships with technology providers and financial institutions, as well as its operational expertise, while capitalizing on KESH’s local market knowledge and existing infrastructure. Through this collaboration, Masdar and KESH are advancing Albania’s decarbonisation initiatives and contributing to the broader European energy market, said a statement.

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar commented, “The joint venture term sheet with KESH will mark a significant milestone in Masdar’s expansion into the Balkans and Southeast Europe. By combining our expertise in large-scale renewable projects with KESH’s deep understanding of the Albanian energy market, we are poised to make a substantial contribution to Albania’s clean energy transition. As Masdar targets 100GW by 2030, this joint venture with our partner KESH exemplifies the scale and ambition needed to advance the global energy transition and we look forward to further collaborations in Albania and the Eastern Balkans.”

Erald Elezi, Chief Executive Officer of KESH added, “This joint venture with Masdar is a pivotal advancement in Albania’s renewable energy journey, underscoring KESH’s commitment to sustainable development and energy diversification. Although Albania already benefits from a predominantly green energy mix, this partnership will enhance our energy resilience, improve stability, and open avenues for clean energy exports to the region. By working with a global leader like Masdar, we are poised to bring innovative renewable technologies to Albania, supporting our role as a clean energy leader in the Balkans and strengthening the country’s position within the broader European energy landscape.”

The joint venture is a component of the broader strategic partnership between the UAE and Albania. It will play a vital role in increasing Albania’s renewable energy capacity, meeting local demand while supporting its energy export capabilities to neighboring countries, and contributing to the region’s energy security and sustainability goals.

Masdar strengthened its presence in Southeast Europe with its proposed acquisition of TERNA ENERGY, the developer and investor in renewable energy projects in Greece with a target capacity of 6GW by 2029. In addition, Masdar increased its investment in the Balkans with the recently announced financial close on the 154MW Čibuk 2 project in Serbia, adding to its existing 158MW Čibuk 1 wind farm and bringing its total capacity in the country to over 300MW.

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Source: ME Construction News


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November 15, 2024 foasummit0

Khalifa Economic Zones Abu Dhabi (KEZAD Group) has announced the signing of a 50-year land lease agreement for the establishment of a plant in ICAD III (KEZAD Musaffah) area to serve the requirements of the oil and gas industry.

To be developed with US $13.5mn in investment by Delmon Industrial Complex, the plant will manufacture and supply products to service the needs of oil and gas companies in the region and beyond. Delmon Industrial Complex is part of Delmon Group and is an established name in mining, oil and gas, chemicals, construction and logistics services sectors. It also offers efficient solar solutions as part of its product portfolio.

The set up of the new Delmon Industrial Complex plant in KEZAD is part of Delmon Group’s strategy to expand into the UAE, and be an integral part of KEZAD’s industrial zone for the oil and gas sector to support their UAE projects. Spanning around 59,000sqm, the proposed plant will undertake exploration, extraction and refining activities to process minerals into specialised products suited to the oil and gas industry.

The entry of Delmon Industrial Complex in ICAD III is a testament to KEZAD’s growing client base of manufacturers servicing the oil and gas industry, and adds impetus to local manufacturing initiatives in KEZAD. Joining hands with AD Ports Group and KEZAD Group is reflective of Delmon Group’s commitment towards industrial development, while upholding the sustainable manufacturing practices and operational standards prevalent in KEZAD.

Abdullah Al Hameli, CEO, Economic Cities & Free Zones, AD Ports Group said, “The agreement with Delmon Industrial Complex opens another new chapter in our history of partnerships with well-established manufacturers expanding into the UAE. We look forward to the beginning of a long and successful journey with them, and hope that this undertaking will support industry requirements adequately. The collaboration is part of our strategy to meet sustainable manufacturing goals in alignment with the wise leadership’s vision and enable further diversification of our economy towards resilient development and growth.”

Ahmed Sulaiman Alghunaim, Founder of Delmon Industrial Complex added, “The establishment of the Delmon Industrial Complex, affiliated with the Delmon Group of Companies, in the Kingdom of Saudi Arabia is an important step towards developing and expanding our business in the oil and gas sector in the United Arab Emirates. Our choice of the Emirates was based on several factors, the most important of which is the importance of this sector in the Emirates, and the good reputation of KEZAD Group in providing the best services to investors.”

Oil and gas manufacturing involve complex processes across upstream, midstream and downstream services and require the support of smart industrial systems that make extraction, production and distribution reliant and seamless. As an experienced and capable industrial solution provider, Delmon Industrial Complex will leverage its world-class facility and KEZAD’s services to provide clients with innovative products, efficiency in services and speed-to-market, the statement said.

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Source: ME Construction News


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November 13, 2024 foasummit0

Compass Project Consulting (CPC) has promoted Richard Cushnan to Managing Director of its UAE business. The promotion is said to highlight CPC’s commitment to growth and evolution, and ensure that its leadership matches the standards its clients across the region have come to expect.

Cushnan assumes the role with immediate effect following a transformational tenure as Regional Director of Construction Management, a design and build service line he launched in 2023 that has since become a cornerstone of CPC’s business. His client-centered leadership has redefined CPC’s approach, and delivered seamless, agile solutions that prioritise the needs of project owners and stakeholders across the UAE and KSA, said a statement from the company.

Under Cushnan’s guidance, CPC set new standards for efficiency and value in project delivery. Clients have experienced the direct benefits of Richard’s approach – streamlined processes, proactive management, and a commitment to clear, consistent communication. Driven by his dedication, CPC’s Design & Build offering has evolved into a solution that not only anticipates client needs but also consistently meets them, ensuring projects are delivered on time and within budget, the statement said.

“I am honored to step into this role and continue building on the solid groundwork we’ve laid at Compass, since our inception in 2014. With our talented team continuing to grow, we’ve got the trust of our partners across the UAE and KSA. My goal is to further align our service lines across the business and push forward with practical, effective solutions that tackle our clients’ real needs head-on. The project landscape today isn’t simple but we’re ready to deliver the clarity, flexibility, and results our clients depend on to get their projects completed on time, in budget and to a very high quality,” said Cushnan.

With Cushnan at the helm, Compass’ UAE operations are primed for growth, as the team leverages its expertise and united spirit to elevate every project. His market insight and leadership further reinforce Compass’ reputation as the trusted partner that clients depend on for integrity, insight, and strategic success from start to finish, the statement explained.

Nassib al Sibassi, Group Managing Director concluded, “Richard’s journey with Compass exemplifies his drive and vision. From building a successful service line from the ground up, he has consistently redefined possibilities for our clients. As Managing Director UAE, Richard will undoubtedly extend our reach, working closely with our Saudi board to align strategies and drive value across borders.  Together, we’re bringing our client-centered approach to an even broader array of transformative projects. This marks an exciting new chapter for both Richard and Compass.”

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Source: ME Construction News


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November 13, 2024 foasummit0

Procore has appointed Lee Miles as General Manager for the Middle East and North Africa (MENA) region. In his role, he will oversee the company’s growth and expansion efforts to empower construction professionals with innovative tools and solutions that enhance project efficiency, collaboration, and profitability across the region.

With over 25 years of experience in the software industry, Miles brings expertise in revenue growth, high-performance team building, and customer-focused solutions across diverse markets, said a statement from Procore.

As Procore deepens its commitment to supporting the construction industry in MENA, Miles will spearhead its growth strategy in the region. To support this expansion, Procore aims to connect stakeholders across the construction sector through a global platform, enabling construction leaders to deliver projects on time and within budget.

Miles will focus on tailoring Procore’s go-to-market strategies to the unique needs of the MENA region, fostering innovation, and enhancing customer success. He remarked, “Procore has already laid a remarkable foundation for construction technology in this region, and I’m eager to drive the growth plan for the success of our customers.”

Previously, Miles served as Chief Customer Success Officer at Sitecore, where he led sales, customer success, and professional services in a cohesive strategy to drive revenue throughout the customer lifecycle. His leadership played a pivotal role in Sitecore’s transformation, particularly in customer engagement and experience within the dynamic SaaS landscape.

Earlier in his career, Miles helped steer cloud transformations as Vice President for Central Europe, the Middle East, and Africa at Red Hat. He also held senior roles at Infor, overseeing the Middle East, Turkey, and India, and at SAP across EMEA, the statement concluded.

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Source: ME Construction News


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November 13, 2024 foasummit0

Emirates Nuclear Energy Corporation (ENEC) and the Arab Youth Center (AYC) signed a Memorandum of Understanding (MoU) to enhance mutual collaboration and provide more opportunities for young people to become involved in the nuclear research and development (R&D) sector. The MoU was signed by Ahmed Al Mazrouei, Nuclear Research and Development Vice President at ENEC, and Sadiq Jarrar, Executive Director of the Arab Youth Centre.

Developing skills, assisting with research projects and helping to develop technological innovations within the nuclear energy sector are some of the opportunities that this MoU provides to young people in the UAE. The MoU also includes a strong focus on sustainability and its pivotal role in new technologies and solutions, said a statement.

“Institutions play an important role in supporting the UAE’s efforts to engage young people with a number of vital sectors, including nuclear research and development, and help to nurture the next generation of innovators. This partnership, which is facilitated by the Emirates Nuclear Energy Corporation, will help to provide vital employment and training opportunities,” said His Excellency Dr. Sultan Alneyadi, Minister of State for Youth and Vice Chairman of the Arab Youth Center.

“It will also provide more investment into youth projects and will support groundbreaking innovations within the nuclear energy sector. “Forward thinking initiatives like these not only benefit the individuals involved, but their countries too and play a vital role in helping to address pressing challenges such as the future of energy supplies and the impact of climate change,” added Alneyadi.

Mohamed Al Hammadi, Managing Director and Chief Executive Officer, ENEC noted, “The Emirates Nuclear Energy Corporation has been committed to providing academic scholarships and training programmes to continue developing Emirati talents in this advanced scientific and technical sector since the launch of the UAE Peaceful Nuclear Energy Program. This new commitment seeks to ensure the sustainability of the program by cultivating and supporting developing the future leaders of the nuclear energy industry in the UAE. This approach is based on the belief that youth must play a leading role in the UAE’s transition journey to clean energy as part of the Nation’s  Net Zero 2050 targets.”

Based on the MoU, ENEC and the AYC will work together to promote and enhance the effective use of facilities, resources, and joint projects to develop collaborative educational programs, training and workshops that are designed to develop knowledge and skills. This will include engaging with members of the Arab Youth Initiative and other experienced Arab youth groups in the region, offering partnership opportunities with the Arab Youth Council for Climate Change and the Barakah Youth Council, established by ENEC.

ENEC and the AYC will further collaborate to launch joint projects that are dedicated to supporting youth communities in the region, fostering constructive discussions, and the provision of specialised training sessions and workshops through the Arab Youth Council for Climate Change.

These measures will be supported by the launch of youth forums to improve understanding and awareness of nuclear energy aspects and the development of a research paper to further raise awareness about civil nuclear energy. Members of the Arab Youth Initiative and the Technical Fellowship Programme for Arab Youth will jointly contribute to this project to attract and empower more young promising talents into this sector.

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Source: ME Construction News


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November 12, 2024 foasummit0

The Kingdom of Saudi Arabia’s Vision 2030 is unfolding at a critical juncture for the planet, a time where the entire world is facing the devastating realities of climate change, environmental damage caused by human activity like mass tourism and the impacts of unchecked industrial growth. If sustainable practices aren’t prioritised now, the region risks severe repercussions, from dwindling natural resources to loss of biodiversity, potentially compromising the very goals Vision 2030 seeks to achieve.

In Saudi Arabia, the challenge is clear: to drive forward its ambitions while fully aligning with environmental directives, such as the Saudi Green Initiative and the United Nations’ Sustainable Development Goals (SDGs). This balance is essential to foster economic growth without compromising the natural heritage and environmental health of the nation. Achieving this requires an innovative, collaborative approach that not only involves government mandates but also mobilises the private sector and NGOs towards a shared commitment to responsible, sustainable development.

Saudi has every opportunity at its door, to forge for themselves a positive position as a world leader in balancing growth with sustainable practises. Vision 2030, a transformative blueprint designed to position the country as a global leader in tourism, infrastructure, and economic diversification, is merely the springboard for even greater achievements. The challenge is in ensuring that today’s developments remain resilient, sustainable, and future proof. As we move forward, we must really be considering: what will Vision 2050 look like?

Quick wins for long-term solutions

Saudi Arabia can take steps now to implement ‘quick wins’ that yield immediate benefits while setting the stage for long-term sustainability. For example, adopting stricter operational guidelines and clear, measurable metrics will hold stakeholders accountable throughout a project’s lifecycle. International best practices, such as Europe’s lifecycle assessments and the UK’s Net Zero standards, can offer valuable lessons and could be adapted to fit Saudi’s specific context.

The private sector will also play a critical role in achieving these goals. By creating incentives – whether through ESG targets, carbon taxes, or science-based approaches – Saudi can motivate businesses to actively prioritise sustainability. While the government has already made significant infrastructure investments, private companies are equally vital in ensuring projects meet both today’s demands and future challenges.

Saudi Arabia is already making strides in this direction. The Saudi Green Initiative demonstrates the country’s commitment to sustainability. However, to truly establish itself as a global leader in sustainable tourism and infrastructure, there must be tighter regulations, more comprehensive reporting, and stronger incentives to encourage widespread adoption of sustainability practices.

Circular economy: The cornerstone of sustainability

At the heart of long-term sustainability is the concept of the circular economy, which emphasises reusing, recycling, and reducing resource consumption. For Saudi Arabia’s Vision 2030, which involves resource-heavy projects, a circular economy is critical to alleviating environmental strain and ensuring long-term viability.

European nations like the Netherlands have implemented robust frameworks designed to reduce waste and boost recycling efforts, setting a standard for sustainable economic models. Japan, too, has pioneered circular economy principles through its Sound Material-Cycle Society initiative, focusing on waste reduction, resource recovery, and eco-friendly product design.

These global examples illustrate how a well-executed circular economy can deliver both environmental and economic benefits. For Saudi Arabia, embedding these principles will not only meet current sustainability targets but also ensure that future generations inherit a resilient and sustainable economy.

The economic case for sustainability

One common misconception is that sustainability comes at a higher cost. However, investing in sustainable practices often results in long-term savings by reducing resource dependency and lowering operational expenses. For example, implementing renewable energy solutions in tourism developments not only cuts emissions but also provides a reliable, cost-effective energy source for decades to come.

Building the infrastructure needed to support a circular economy is also not just a sustainability initiative; it is also a smart economic investment. Creating the infrastructure for a circular economy – waste collection, treatment and recycling centres, for example, all contribute to the economy. In reducing waste and optimising resource use, Saudi Arabia can bolster its economic resilience while meeting environmental targets.

The role of the private sector

While the government should drive sustainability mandates, the private sector must turn these into action. Everyone has a collective responsibility to protect and improve our planet for generations to come. This should be evident in the entire lifecycle of projects, from design to long-term operations, align with stringent environmental standards.

Advisory and consultancy businesses can craft the sustainability roadmaps, ensuring large-scale projects balance growth with environmental responsibility. International developers accustomed to strict sustainability regulations in other markets should bring the same diligence to their work in Saudi, even as local directives evolve and ensure the transfer of their knowledge and experience to local enterprises. This also ensures that the workforce is sustainable, creating career paths through roles in ESG for future generations.

Companies with specialised expertise in sustainable operations as well as an advisory offering, like +impact, can guide both public and private stakeholders in creating future-proof infrastructure. Early engagement with the private sector will encourage all of this and ensure projects not only meet ESG standards but exceed them.

Saudi’s Vision 2030 offers an unprecedented opportunity to set a global example of how rapid development can coexist with sustainability. By implementing responsible roadmaps from today, Saudi can ensure its infrastructure and tourism developments achieve their ambitious goals and help to design a sustainable future for the country and set an example for the region and world.

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Source: ME Construction News