foasummit – Page 125 – Energy & Sustainability Summit | 23 May 2023

Edward McCluskey has been appointed as the new Head of Contracts & Advisory service at Compass Project Consulting (CPC). The firm said the strategic addition strengthens its capabilities to provide expert-level support to contractors, consultants and project owners throughout the region.

With three decades of expertise in procurement, commercial management, and dispute resolution, McCluskey brings a wealth of knowledge that ensures clients receive comprehensive guidance on complex contractual, financial, and legal matters, particularly within the construction and real estate sectors, said a statement from CPC.

As both a Chartered Quantity Surveyor and a Chartered Arbitrator, McCluskey’s dual qualifications provide rare blend of technical and legal proficiency. His deep understanding of construction-related arbitration, mediation, and contract claims management has earned him repeated appointments by global institutions, including the Dubai International Arbitration Centre (DIAC), the firm explained.

“Edward’s expertise adds an additional layer of support for our clients. His extensive experience in both dispute resolution and proactive contract management allows us to offer a seamless service that anticipates issues before they arise and ensures timely, cost-effective solutions. With Edward on board, our clients can be confident that their contractual risks are managed efficiently, and any disputes are resolved with the highest degree of professionalism,” said Michael McGovern, Regional Director of Cost Management at Compass.

Having overseen over 40 complex cases, ranging from contract terminations to professional negligence, McCluskey’s meticulous and pragmatic approach ensures that disputes are resolved swiftly and effectively, allowing clients to focus on project success without being weighed down by legal uncertainties, CPC explained.

As a RICS-accredited firm, CPC continues to provide project development solutions that meet the highest industry standards. Under McCluskey’s leadership, the Contracts & Advisory service will offer tailored solutions, including contract drafting, arbitration, quantum and delay analysis, and expert witness testimony. This comprehensive approach helps clients minimise risks, preventing disputes from escalating, and safeguarding project timelines and financial outcomes, CPC clarified.

With McCluskey’s appointment, Compass strengthens its position as a trusted partner for navigating the GCC’s complex construction and contract landscape, ensuring that projects stay on track and disputes are efficiently resolved, the statement concluded.

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Source: ME Construction News

Aldar Properties has announced the successful completion of redevelopment work at Al Hamra Mall in Ras Al Khaimah.

The project enhances the mall’s status as a central hub for retail and dining in the emirate and is part of Aldar’s $272mn investment plan in key retail destinations, said a statement.

Situated in the heart of Al Hamra Village, the extensive redevelopment involved a complete overhaul of the mall’s external and internal spaces, and the creation of an innovative Central Atrium that combines natural light with modern aesthetics.

Designed for service-to-table restaurants and a versatile venue for hosting events and activations, the space adds a vibrant focal point to the mall, Aldar Properties noted.

Saoud Khoory, Chief Retail Officer, Aldar Investment said, “We are excited to unveil the newly enhanced Al Hamra Mall, a reflection of Aldar’s dedication to creating vibrant, world-class destinations that cater to the evolving needs of our customers.”

“As Ras Al Khaimah continues to grow as a key destination for hospitality, tourism, and residency, this re-imagined retail offering reinforces our commitment to elevating community experiences and delivering long-term value across the emirate,” added Khoory.

Offering a diverse mix of local and international brands, Al Hamra Mall now features more than 130 retail stores and eateries, 37 of which are new market entries, the statement concluded.

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Source: ME Construction News

P.O.B1 Properties, the newly established real estate development division by Saif Al Ghurair Real Estate Group (SAGRE), has announced its inaugural project, Serenova, which is billed as a community-driven residential project in Dubai Silicon Oasis.

The new project is said to reflect P.O.B1 Properties’ commitment to addressing the growing demand for urban convenience in Dubai’s key growth nodes, while creating sustainability and long-term value in real estate investment.

“P.O.B1 Properties represents a new strategic direction for the SAGRE Group, focusing on growth and innovation in Dubai’s fast-changing real estate landscape in line with the ‘Dubai 2040 Urban Master Plan’. With deep roots in the city’s development, at P.O.B1 Properties we want to emphasise our commitment to its future chapters, as we have in the past 60 years. With Serenova, we will showcase this fresh approach and our commitment to deliver destinations which appeal to evolving customers within Dubai’s new neighbourhood,” said Ghaith A. Shocair, Chief Executive Officer of P.O.B1 Properties, and Chief Executive Office and Board Member of the Saif Al Ghurair Real Estate Group.

Set for completion in Q2 2027, the US $56mn Serenova occupies a 7,850sqm plot, and aims to offer flexible living spaces that blend modern comfort living to meet the needs and preferences of families and young professionals. Serenova offers 222 apartments, from studios to one-, two-, and three-bedroom apartments, as well as designed premium two-bedroom apartments and four-bedroom penthouses. Its architectural design prioritises open spaces, uninterrupted panoramic views to Dubai’s skyline, and layouts that balance privacy and comfort.

Serenova will have easy access to highways, including Al Ain Road, Sheikh Mohammed Bin Zayed Road, and Emirates Road, while being close to Dubai International Academic City. Serenova will also benefit from Dubai Metro’s upcoming Blue Line project, with a station planned in close proximity to the project, offering enhanced connectivity and ease of transport for residents, said a statement.

Apartments will feature private balconies or terraces with views of Dubai’s skyline. A range of amenities will elevate everyday living, including a landscaped courtyard with spacious outdoor gardens, two family and children’s pools, a rooftop skyline pool for adults, sunset terraces, a wellness court, a rooftop gym and fitness centre. Residents will also benefit from 24/7 concierge services and security, the statement added.

Engel & Völkers has been appointed as the brokerage agency for the residential project. With over 1,000 offices, they will leverage their international network for buyers and investors through roadshows and their agent connections, as well as access to the local brokerage community.

P.O.B1 Properties is built on the legacy of its parent company, Saif Al Ghurair Real Estate Group (SAGRE), with a portfolio of over 1,800 residential units, offices, and pioneering retails projects, the statement concluded.

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Source: ME Construction News

ACCIONA has secured new sustainable financing worth US $317mn to fund key projects aimed at reducing carbon emissions and fostering sustainable growth in the Gulf Cooperation Council area (GCC).

The sustainable financing is structured as a green loan with local impact, aligned with ACCIONA’s Sustainable Impact Financing Framework. The margin of the financing is linked to a local impact initiative which aims to boost sustainable construction by supporting local suppliers to develop and produce lower or zero-carbon building materials, such as cement, steel and concrete, the firm said in a statement.

The financing underscores ACCIONA’s commitment to promoting environmentally responsible investment practices. The proceeds will be allocated to projects that contribute to climate change mitigation and environmental conservation and will be aligned to the EU Green Taxonomy, including renewable energy, energy efficiency programs, sustainable mobility, and sustainable water management initiatives, among others, it added.

The transaction is a further demonstration of ACCIONA’s leadership in the sustainable finance market. With a history of raising capital for environmentally beneficial projects, ACCIONA has attracted diverse groups of investors who are focused on aligning their financial interests with sustainable outcomes.

José Ángel Tejero, Chief Financial and Sustainability Officer of ACCIONA said, “This new financing underscores ACCIONA’s strength in diversifying its funding sources while reaffirming our commitment to leading the development of low-carbon solutions in the GCC. We appreciate the support of the banks involved in this transaction and we are proud to deliver the region’s first Green Loan with Local Impact financing. Our goal is to continue integrating sustainable structures into our corporate debt.”

Caroline Eber-Ittel, CEO France and Head of Banking and Coverage Europe at Standard Chartered added, “We’re delighted to provide ACCIONA with this important Green Loan to support the energy transition in Gulf Cooperation Council countries. In our first ever transaction of this kind with a Spanish client, it demonstrates our Iberian strategy to grow in the European sustainable finance space. It is also a reflection of Standard Chartered’s expertise to find opportunities and structured solutions that meet our client’s sustainability ambitions, and our commitment to mobilise $300bn of sustainable finance by 2030.”

ACCIONA issued its first green bond in 2016 and closed the first half of its 2024 financial year with 80% of its corporate debt in sustainable financing structures. First Abu Dhabi Bank and Standard Chartered acted as Green Loan Coordinators, SFI Markets as Arranger of the financing and Dentons as Legal Counsel, the statement concluded.

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Source: ME Construction News

Developer Dubai Investments has said significant progress has been made on Violet Tower, the residential development in Jumeirah Village Circle (JVC). The developer said that Violet Tower is nearing the completion of its foundation phase, with 99.3% of the piling work already finished, marking a major milestone in the construction timeline.

In terms of the project timeline and work hours logged, the firm said that enabling works are expected to be concluded by Q4 2024, and the anticipated overall project completion is set for Q4 2026. Approximately 58,000 working hours have been dedicated to the project so far, with an exemplary safety record and no reported incidents.

Located in the heart of JVC, this development is designed to cater to the rising demand for planned urban living spaces. The project will feature 27 residential floors, comprising 287 units that range from studios to two-bedroom apartments, all designed to maximise space efficiency and modern living standards.

Violet Tower is set to offer residents a contemporary living experience, featuring a unique steel canopy roof and a multi-functional entrance area that includes a co-working station along with essential amenities like 24/7 security systems.

The developer said that the project is backed by a variety of contractors and specialists — Al Ghurair Contracting is leading the main construction works, while Tech Foundation is managing the enabling works, and Arab Centre is appointed for pile testing to ensure standards of quality.

Upon completion, Violet Tower is expected to make a significant impact on JVC’s skyline, enhancing residential offerings with its strategic location and contemporary design. The project aims to provide a unique living experience while integrating seamlessly into the vibrant JVC community, the developer said.

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The Department of Municipalities and Transport Abu Dhabi (DMT) has launched the Building Occupancy and Legalisation Certificate Program as part of Administrative Decision No. (1) of 2024. This initiative aims to enhance building quality and safety, ensure regulatory compliance, and elevate the economic and social value of buildings, ultimately leading to increased real estate value while safeguarding long-term investments.

According to a statement, the programme safeguards real estate investments by increasing the design life through precautionary maintenance schedules; and enhancing property value, boosting confidence in the real estate market, reducing future expenses and emergency repairs. It will also contribute to improving residents’ quality of life by providing a safe residential environment that meets the highest safety standards, supporting the implementation of construction regulations and fostering a transparent legal environment for regulating construction and occupancy activities. This will help facilitate real estate transactions, promote sustainable construction practices, and minimise buildings’ environmental footprint.

DMT further clarified that the programme will be implemented in three stages to achieve gradual compliance with the required standards. The initial stage entails issuing a Conditional Occupancy Certificate, emphasising compliance with essential standards such as fire safety, gas installation safety, structural integrity, elevator safety, and child protection measures. During this stage, buildings are exempted from complying with the remaining standards, facilitating their gradual transition to full compliance, the statement explained.

Existing residential villas are exempted from the initial and subsequent stages’ requirements for a full occupancy certificate, except for villas that have exceeded their design life and pose safety risks to their residents. This approach allows for flexibility in addressing the unique challenges of each property.

H.E. Ahmed Al Kuwaiti, Executive Director of Building Permits Workstream at the DMT mentioned the department’s commitment to enhancing safety standards and ensuring compliance of all buildings in Abu Dhabi stating, “Our aim is to enhance confidence among residents and investors within the emirate through our commitment to deliver services that adhere to the utmost standards of security and safety, thereby fostering sustainable development.”

The DMT noted that the programme aims to raise compliance levels within the construction and real estate sectors. Property developers and owners will further benefit from the programmes implementation of smoother procedures with clear timelines for completing each step in the certification process.

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Moro Hub has signed a Memorandum of Understanding (MoU) with Urbi, a regional geospatial solutions provider. The MoU was signed by Mohammad Bin Sulaiman, CEO of Moro Hub, and Pavel Mochalkin, CEO of Urbi and aims to boost the development and implementation of smart city initiatives by offering advanced IoT (Internet of Things) solutions to enhance operational efficiency for businesses across the UAE.

“Our partnership with Urbi marks a significant milestone in our journey towards building smarter cities in the UAE. Together, we will leverage our combined expertise to deliver innovative IoT solutions that improve operational efficiency and contribute to a more sustainable and smarter urban environment,” said Bin Sulaiman.

Moro Hub and Urbi will jointly develop and deploy IoT solutions that address the complex challenges of urbanisation. The partnership will focus on integrating technologies across key sectors, including transportation, energy management, waste management, and public safety. By harnessing the power of IoT, the collaboration will enable real-time data collection and analysis, providing actionable insights to enhance the operations for businesses and optimise city operations.

“We are excited to collaborate with Moro Hub to create smarter and more efficient cities. Our geospatial integrated IoT solutions underpin Urbi’s commitment to collaborating with various regional sectors to achieve the highest performance. Our advanced technologies and services will efficiently enable smarter infrastructure and more resilient urban environments, completely benefiting the community by tackling key urban challenges that will raise the standard of living for all,” stated Mochalkin.

As part of this partnership, Moro Hub and Urbi will work closely with government entities and businesses to implement pilot projects and scalable IoT solutions across the UAE. The MoU sets the stage for ongoing collaboration, with both parties committed to exploring new opportunities and expanding their smart city initiatives.

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Select Group has awarded Arabian Construction Company (ACC) the construction contract for its ultra-luxury development, Six Senses Residences Dubai Marina, with a gross development value (GDV) of over US $1bn.

Located in the Dubai Marina district, the 122 storeys development embodies the essence of urban sophistication. It offers residents wellness and lifestyle experience amidst stunning panoramic views of Palm Jumeirah, Dubai Harbour Beachfront, Emirates Golf Course, Dubai Marina, Blue Waters, and Ain Dubai.

The development will feature over 61,000sqft of fitness facilities, specialised areas and landscaped social spaces. Amongst the amenities are cardio, strength and functional gyms, virtual cycling and boxing studios, an infinity pool, ice baths, salt room, infrared and bio saunas, sound healing room, massage suites, indoor and outdoor cinemas, and a longevity clinic providing a range of services.

Six Senses Residences Dubai Marina will feature 251 residences ranging from two- to four-bedroom deluxe residences, half-floor penthouses, as well as duplex and triplex Sky Mansions. Each residence aims to promote sustainability and well-being.

“We are delighted to partner with Arabian Construction Company on our flagship development, Six Senses Residences Dubai Marina,” says Israr Liaqat, the newly appointed CEO of Select Group. “We are excited to see ACC bring this iconic project to fruition, and we are confident that they will deliver with the level of excellence that surpasses industry standards.”

Ghassan Merehbi, Chairman and Founder of Arabian Construction Company added, “The contract award from Select Group for this iconic development aligns with our strategy to partner with high-quality clients. Six Senses Residences Dubai Marina will stand as a testament to ACC’s expertise in super high-rise tower construction, further reinforcing our reputation and pedigree in delivering landmark projects.”

The project is scheduled for completion in 2028, with main construction works to recommence on 1 November 2024, the statement noted.

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Following its groundbreaking ceremony, Lincoln Star Real Estate Development (LSRED) has announced that their new luxury residential project in Dubai South – Lincoln Star Residence – is expected to be handed over in Q4 2025.

The development will have a total of 48 residential units including townhouses, studio, one-bedrooms and two-bedrooms.

“Lincoln Star Residence is a testament to our belief in the potential of Dubai’s real estate market. We are confident that this project will set a new standard of luxury comfortable living, as well as offer a compelling investment opportunity, the luxurious residential development will focus on sustainability and innovation, which will redefine modern living in Dubai with its unique blend of innovative design and world-class amenities,” said Mr. Ovais Latif, CEO and Founding Partner, LSRED.

“We are thrilled to witness the commencement of construction on Lincoln Star Residence. This project represents our commitment to delivering exceptional living experiences to our residents. Our team has worked tirelessly to create a development that not only meets but also exceeds the expectations of buyers,” said Ankit Alagh, COO and Founding Partner, LSRED.

The developer conducted a plantation drive at the ground breaking ceremony, in line with its sustainability goals. The initiative aims to enhance the project’s environmental appeal and foster a sense of community, encouraging residents to contribute to a greener future.

The development will feature a range of luxurious amenities, including a state-of-the-art gym, swimming pools, landscaped gardens, event areas, and more. These amenities, combined with the project’s prime location and sustainable features, make Lincoln Star Residence an attractive investment opportunity for those seeking a high-quality, comfortable, and family- friendly lifestyle, the statement noted.

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