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His Highness Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai has announced that Nakheel and Meydan are to be merged under the umbrella of Dubai Holding. Accordingly, the boards of directors of Nakheel and Meydan will be abolished.
The two companies will join forces with Dubai Holding in an effort to sustain and advance growth through a unified and integrated vision that builds on gains, spurs efforts and boosts Dubai’s global competitiveness, the Executive Office added. The entity will be led by Sheikh Ahmed bin Saeed, as per the Executive Office.
“In a new milestone to reinforce and boost our economic growth, today we directed the inclusion of Nakheel and Meydan companies under the umbrella of Dubai Holding, forming a global economic entity with a diverse portfolio in sectors such as technology, media, hospitality, real estate, retail, and more, led by Sheikh Ahmed bin Saeed Al Maktoum. The goal is to create a more financially efficient entity, owning assets worth hundreds of billions, and comprising global expertise across various sectors with which we can compete regionally and globally, achieving our national objectives, and realising the Dubai Economic Agenda D33,” said Shiekh Mohammed.
He added, “Wishing all the best to the team on this new mission. We are optimistic about an upcoming phase where we will multiply our growth, compete with our ambitions, and achieve our economic vision for our people.”
Since its establishment in 2004, Dubai Holding has aimed at fostering an innovation-driven knowledge-based economy, the Executive Office said. Dubai Holding’s portfolio includes Jumeirah Group, Dubai Properties and Tecom Group.
Nakheel and Meydan have previously unveiled several projects in sectors including property, retail, hospitality, food and beverage, leisure and entertainment and health care. They now join Dubai Holding to develop a highly diversified conglomerate operating in several sectors across property, tourism, hospitality, leisure and entertainment, and investments, the Executive Office said.
“This move is set to combine a complementary suite of services and expertise to diversify the economy and maximise their competitiveness in the global marketplace. This strategic vision will provide an ideal platform to address the growing demand for specialised services globally and seeks to leverage new opportunities that are emerging and serve the global demand expected in the long term,” it added.
The beginnings of Dubai Holding are said to be strongly interlinked with the emirate’s strategies in positioning itself as a global business and tourism centre. The entity has interests in areas including hospitality, property, asset management, entertainment and investments, and is the personal corporate portfolio of Sheikh Mohammed, with Sheikh Ahmed as its Chairman.
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Miral has announced the development of two beaches at Yas Bay Waterfront, a day-to-night hospitality destination on Yas Island. Complementing the existing lifestyle and leisure offerings, the beaches will have a combined length 560m.
Located on the west side of the pier, the West Beach has been designed as a family destination and will feature beachside play areas for children, world-class dining outlets, food trucks, pedestrian walkways, as well as rest and recreation facilities.
East beach, located on the east side of the pier and just across the Etihad Arena, will feature outdoor fitness spaces and sports zones for beach football and volleyball. Open seating areas, coupled with a sunset lounge, will allow visitors to experience a variety of sports, entertainment, and music events.
Jonathan Brown, Chief Portfolio Officer said, “We are pleased to enhance our leisure and lifestyle offerings at Yas Bay Waterfront with the announcement of two beach developments. These upcoming experiences are an extension of our vision to enrich the diverse and unique experiences available to visitors on Yas Island, positioning it as a top global destination for leisure and entertainment while further contributing to Abu Dhabi’s wider tourism growth.”
Both developments will be located minutes away from Yas Island’s well-known raft of award-winning attractions and experiences, including SeaWorld Yas Island; Ferrari World Yas Island; Warner Bros. World Abu Dhabi; and Yas Waterworld Abu Dhabi.
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The Heavy Equipment and Truck (HEAT) Show, a premier event in the world of commercial vehicles and heavy machinery, is set to take place from 18-21 November 2024 at the Dhahran Expo in Dammam, Saudi Arabia.
The landmark exhibition, the largest of its kind in Saudi Arabia, is strategically positioned in the epicentre of the oil and gas industry and aims to showcase the latest in heavy equipment, trucks, and transportation solutions, reflecting the need for dynamic innovations at a time of unprecedented growth in the Kingdom.
Over four days, the HEAT Show will bring together manufacturers, distributors, industry experts, and key stakeholders from across the region and beyond to explore the latest trends, technologies, and advancements in heavy machinery and vehicles. The event is designed to encourage business opportunities, networking, and knowledge exchange, catering to the growing demands and challenges of the exciting Saudi Arabian market.
Exhibition Highlights:
Regional Participation: An international platform for attendees from various sectors, including construction, logistics, and energy, to source new technology and create strategic partnerships.
Local Support: Tailored to meet the unique needs of the construction and oil & gas sectors, showcasing specialised heavy equipment and vehicles.
Innovative Solutions: Discover cutting-edge technologies and solutions designed to enhance efficiency, safety, and sustainability in operations.
Live Demonstrations: Witness the power and capabilities of the latest heavy machinery and trucks through live demonstrations.
“The HEAT Show is more than just an exhibition; it’s a pivotal gathering where the paths of innovation, industry, and technology converge,” said Stephen White, Head of Content, Construction Machinery Middle East and Truck & Fleet Middle East. “Given the critical role of heavy machinery and transportation in the Saudi Arabian economy, this event promises to offer a wide variety of solutions that will drive efficiency, safety, and sustainability for operators across a huge number of sectors including construction, oil & gas, mining, logistics, transportation, and more.”
Dammam, the gateway to the Eastern Province of Saudi Arabia and a hub for the oil and gas industry, offers the perfect backdrop for the HEAT Show. The event underscores Saudi Arabia’s commitment to innovation and growth in alignment with Vision 2030, aiming to diversify the economy and promote sustainable development.
Read more about the event here.
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In the dynamic realm of the UAE’s construction industry, strategic decisions in property enhancement emerge as a top priority. Amidst various factors influencing construction value, paints often remain an underestimated element. Quality paint is an integral component in construction that transcends mere aesthetics to substantially contribute to property valuations.
Transforming Exterior Aesthetics into Construction Value
Having engaged in a plethora of projects with Jotun, it is understood that colour selection extends beyond personal preference and emerges as a strategic decision influencing the perceived value of a property. In a competitive market like the UAE where first impressions carry immense weight, the exterior paint of a structure not only enhances architectural features but also effectively communicates durability and modernity.
Properties with well-chosen exterior colours have shown a notable increase in perceived value, attracting a broader range of potential buyers and quickening the sales process. At times property developers can leverage the brand positioning built from the painting of one project to build on its success and construct additional properties that are painted in a similar style, thus creating its own brand identity and increasing its value from the paint design and matching colours.
Colour Psychology between Interior and Exterior Spaces
A vital consideration for designers in construction projects is the general ambiance of the structure crafted by the paint colours. Leading paint brands recognise that the strategic deployment of colour psychology establishes visually pleasing connections between interior and exterior spaces, ensuring a seamless transition that appeals to potential stakeholders. For example, the subtle influence of earthy tones or neutral hues contributes to an overall calming effect, making spaces more inviting and desirable. In this regard, homes with well-coordinated interior and exterior colour schemes can witness a reduction in the time spent on the market, due to increased demand and value.
Spaciousness through Colour
Creating a sense of spaciousness is integral to maximising construction value as buyers are generally more willing to pay more for larger spaces or the perspective of spaciousness. In this regard, paints advocating for white and light neutral tones prevent spaces from appearing cluttered and help areas look more open and airier. Paint colour choices like this can increase value through perspectives of spaciousness and provide future occupants the flexibility to personalise their rooms with a relatively adaptable paint colour. Such hues align with trends of property buyers seeking homes that exude a sense of freedom and openness. Moreover, properties with strategically chosen colours that highlight spaciousness may have a faster sale rate compared to those that don’t.
Building Structural Resilience through Paint
In the UAE’s hot climate, durability is non-negotiable in the construction equation. Innovative paint solutions from credible brands offer a range of external coats designed to withstand the region’s harsh conditions. Light colours such as white, beige, or grey provide a contemporary aesthetic and contribute to reducing heat absorption, enhancing the longevity of structures.
Svein Johan Stub, General Manager, Jotun Paints Abu Dhabi.
Textured paints with features like crack bridging further exemplify the commitment to longevity and low maintenance, thereby helping construction build value through improved durability from specialised paints. It can also often happen that one does not associate beauty with protection, where homeowners or property buyers might assume that one is exclusive to the other. Hence, developers must choose paints that can do both to add to the property value by relieving homeowners’ concerns of aesthetics along with durability.
Navigating Local Regulations
Navigating local regulations is an essential aspect of any construction project in the UAE. By aligning with local guidelines and paint colour codes, properties become less prone to maintenance from mediocre compliance and present ready opportunities for potential buyers to purchase. This foresight alleviates concerns of additional paint jobs thereby positioning painted structures as hassle-free investments. Compliance with local regulations can reduce the likelihood of negotiations related to exterior appearance, contributing to a smoother sales process ultimately increasing the value of the property.
Meeting Certification Standards
Innovative paints can also help achieve building certifications that improve the overall positioning and construction value. For example, using certified paints that exceed benchmark standards can not only meet proven performance criteria and increase the building’s reputation as an innovative structure, but also contribute towards meeting green building standards – which if achieved, can increase the property’s value due to increased energy efficiency and durability.
In conclusion, as the UAE’s construction industry continues to evolve, innovative paint solutions stand as pivotal players in elevating construction value. Through strategic colour choices, durability considerations, and compliance with local regulations, paint contributes to the long-term viability and attractiveness of properties in the competitive marketplace. For B2B and B2C stakeholders, embracing innovative paint solutions ensures that construction projects not only meet industry standards but exceed expectations, setting new benchmarks for excellence and added value in the vibrant construction landscape of the UAE.
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Madrid’s international airport, Adolfo Suárez-Madrid Barajas Airport, is to undergo an expansion, with the goal of enhancing its role as Europe’s primary gateway to Latin America. Operations at the expanded airport – Spain’s busiest – are also expected to bolster the country’s connection to Asia.
Announcing the investment initiative for the airport, potentially totalling US $2.6bn, Spain’s Prime Minister, Pedro Sánchez said, “This will be the airport with the greatest growth potential in Europe.”
The sum is said to represent the largest infusion of funds into Spanish airport infrastructure in the past decade.
Sánchez also said that the expansion initiative is expected to generate thousands of direct and indirect job opportunities, while further bolstering Madrid’s gross domestic product (GDP).
The airport’s operator, AENA, says no new terminals are planned; instead the project will focus on refurbishing and expanding the existing facilities.
Scheduled to begin operations in 2031, the project aims to expand the airport’s capacity to 90m passengers per year.
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Oman’s Ministry of Housing and Urban Planning (MoHUP) has announced plans for a concept-led waterfront project, Al Khuwair Muscat Downtown and Waterfront Development, to be built in the capital at a total investment of US $1.3bn. Spanning 3.3m sqm, the project has been designed by Zaha Hadid Architects (ZHA).
The sustainability-led design is said to prioritise the well-being of residents and visitors, and will redefine urban living in Oman at a time when Muscat’s population is anticipated to almost double from 1.5m to 2.7m inhabitants by 2040.
The city is also increasingly popular with international visitors, welcoming over three million tourists last year. Responding to this rapid growth, ZHA’s design will transform this existing administrative and industrial area of Muscat into a vibrant new urban district with an expected population of 64,500, said a statement.
The district will comprise five key areas – a marina, a recreational waterfront lined with beaches and sports facilities, a canal walkway, a cultural quarter and a Ministry campus. Continuing Muscat’s rich tradition as a historic port city, the Al Khuwair development is informed by local culture, with the marina acting as the cornerstone of the project, catering to residents, visitors, and tourists.
It will feature a range of attractions while emphasising green spaces and community activity areas along the waterfront, including destination dining experiences, luxury retail outlets, health and wellness facilities, hotels, and residential spaces, said the statement.
ZHA has worked with Buro Happold to implement a materials strategy that factors in the impact of an extreme coastal climate, including mitigating any ‘urban heat island’ effects, stormwater management and breakwaters. The project prioritises material re-use, including recycled construction materials and responsible procurement, and buildings within the Ministry campus will be retrofitted and reused through a programme of refurbishments.
Throughout the compact and walkable development, the use of public transport is encouraged, with good connections to transit services underpinning smart mobility, including light rail transit, bus rapid transit and water taxis. Pedestrian activity is also helped by passive shading, and a cycle infrastructure helps improve on carbon savings by cutting back on private vehicle use, the statement outlined.
Dr. Khalfan Al Shueili, Minister of Housing and Urban Planning remarked, “This visionary project will bring us another step closer to realising the Oman Vision 2040 and delivering a sustainable and prosperous future for the people of Oman. It will help shape the future of both Muscat and Oman more broadly, creating a new destination to welcome visitors from across the globe to our capital city. We trust this project will serve as an exemplar of our ambition to improve human and environmental well-being and our commitment to collaborate with leading international partners during this period of unparalleled development and growth for our nation.”
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Construction firms in the Sub-Saharan Africa and Middle East and North Africa (MENA) region are expecting a ‘busy and profitable 2024’. The majority of players in the segment are anticipating ‘an increase in revenue and projects’ according to the results of a survey conducted by RIB Software in November 2023.
The survey comprises 292 responses from industry players, with 75% in Sub-Saharan Africa and 25% in Middle East and North Africa. The majority of responses were gleaned from building (31%), civil (27%) and general contracting (17%) operations. The majority of companies (87%) said they had recovered from the COVID-19 pandemic, citing rising input costs (51%), margin pressures (39%) and attracting and retaining qualified individuals (30%) as their three greatest challenges over the past 12 months.
RIB Vice President MEA, Peter Damhuis noted that rising input costs can largely be attributed to supply chain disruptions following the pandemic and exacerbated by the turmoil in Ukraine and Gaza. “This has led to an increase in prices of key construction materials such as cement, diesel, and asphalt, affecting initial budgets and resulting in even thinner margins for the industry,” he outlined.
Going forward, construction companies expect an increased order book pipeline (45%), increased private sector work (43%), sustainability (39%), worker productivity enhancements (37%) and government-led infrastructure spend (29%). Projections for 2024 in terms of revenue and project pipeline are cautiously optimistic. Some 39% of respondents expect to increase their revenue by between 5% and 10%, while 27% expect increased revenue of 15% or more, RIB said in a statement.
In terms of project pipeline projections for 2024, 29% of respondents expect an increase of 15% or more, another 29% expect an increase of between 5% and 10% and 24% expect an increase of between 10% and 15%, it added.
Economist Dr Roelof Botha, a compiler of the Afrimat Construction Index (ACI), is said to echo the sentiments shared by RIB Software, driven by the focus on renewable energy, the need to overcome logistical challenges, government spending on various projects ahead of the election, and sustained growth in new capital formation as key drivers for the sector in South Africa.
The rising price and demand for oil could see some Middle East countries benefit from future oil and gas construction projects, with construction expected to increase steadily in Qatar, UAE/Dubai, Bahrain and Kuwait in the year ahead and beyond.
In 2024, 53% of industry players will focus on digital transformation as a key strategic initiative, while 50% intend to implement LEAN construction principles, 44% will look at expanding their business offerings and 38% intend to expand their geographical reach, RIB Software explained.
Given his firm’s specialisation in digital transformation, Damhuis noted that RIB welcomes the focus on digital transformation. He remarked, “The construction industry is notorious for being somewhat behind the curve when it comes to digital transformation. A well-thought-out digital transformation strategy can help construction companies improve their margins and ensure they meet budget and time deadlines.”
When choosing construction software, respondents will be prioritising functionality (31%), ease of use (32%) and cost (13%) in 2024. 52% of respondents said their companies will spend more on IT in 2024 than they did in 2023 and 30% said their spend will be the same as 2023. The technologies they intend to focus on in the year ahead will be on estimating and planning software (37%), cloud and real-time collaboration (26%) and project management software (10%), RIB outlined.
When asked whether they would be exploring ISO19650 standards and compliance to the standard ISO, 38% of respondents affirmed they would be. In addition, 52% of respondents said they expected the number of projects involving Building Information Modelling (BIM) to increase. In response to questions about the greatest risk factors relating to their businesses in the year ahead, 76% of respondents cited rising costs due to global unrest as the greatest risk factor, followed by fuel prices (51%) and construction mafia (50%).
Only 0.02% of respondents in the MENA region said the construction mafia represented a risk, while 48% of respondents in the SSA region cited it as a significant risk to their operations. In addition, 42% of respondents said they have carbon reduction strategies in place, with 41% saying that progress in the carbon reduction space remained the same as in the previous year and 26% saying more progress was made over the past 12 months.
Concluding, Damhuis pointed out that the overall industry outlook is positive for 2024. “This is encouraging, especially for Sub-Saharan Africa where the industry has been faced with significant challenges such as the construction mafia, rising costs, a dearth of talent and projects not coming to fruition quickly enough.”
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Dubai’s Roads and Transport Authority (RTA) has completed construction works on the internal roads at Margham, Lehbab, Al Lesaili, and Hatta regions, spanning a total of 35km.
This comes close on the heels of RTA’s recent completion of the construction of internal roads at three residential districts – Al Quoz 2, Nad Al Sheba 2 and Al Barsha South 3 – extending 37km across the three districts.
In addition, RTA has already started further road works at both Lehbab and Al Lesaili, designed to significantly improve traffic flow-through and enhance local residents’ access.
The Margham project covers roads extending 5km along Dubai-Al Ain Road, near Skydive Dubai. The work includes road pavements, rainwater drainage networks and streetlights. The project will serve more than 1,100 local residents.
Meanwhile, the Lehbab project scope includes paving roads extending 4km, as well as infrastructure work for rainwater drainage and streetlights. The project will directly serve more than 3,000 residents.
The Al Lesaili project will cover street lighting works for the existing roads at Saih Assalam near the Last Exit, and Al Qudra Lakes, extening over 7 km. The project, which serves about 2,900 residents, will focus on improving the entry/exit points of the area.
Announcing the project completion, Mattar Al Tayer, Director-General, Chairman of the Board of Executive Directors, RTA said, “The project reflects RTA’s commitment to upgrading the infrastructure of roads, streetlights, and rainwater drainage systems in residential communities. The project covers the construction of roads extending 2km at Suhaila in Hatta in addition to infrastructure works that include rainwater drainage and streetlights. It serves about 6,000 residents and improves the entry/exit points as well as the connection of the newly developed residential community with the road network.”
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