Saudi-based Dar Al Majed Real Estate Company has announced the signing of an addendum to the credit facilities agreement previously established with Banque Saudi Fransi (BSF). This addendum increases the credit limit of the facilities granted to the company from US $146.4mn to $182.2mn.

The company, in its filing to Saudi bourse Tadawul, stated that the funding will primarily be utilised for Dar Al Majed’s expansion plans, and the development of its real estate projects. The amended financing agreement will remain in effect until 31 December 2028.

The original facilities agreement with Banque Saudi Fransi was signed in November 2023 and was disclosed in the company’s prospectus. The new addendum extends this agreement and establishes a credit ceiling for project funding, as mentioned in the statement.

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Source: ME Construction News

Aluminium Bahrain (Alba) has initiated a controlled and safe shutdown of Reduction Lines 1, 2, and 3, the firm said. These lines collectively account for 19% of Alba’s total production capacity, which is 1,623,000 metric tonnes per annum. This operational measure is taken to ensure business continuity amidst ongoing supply and transit disruptions affecting the Strait of Hormuz.

The company said it specifically targeted these line-specific actions to optimise the utilisation of its existing raw materials inventory. This approach prioritises operational stability across Reduction Lines 4, 5, and 6. Alba’s highest priorities remain the safety of its employees and contractors’ personnel, the protection of its assets, and the reliability of supply to customers, the firm said.

By concentrating strategic raw materials’ inputs on the most sustainable operating configuration, Alba aims to maintain production resilience. Additionally, the company intends to manage working capital prudently and develop alternatives to reduce exposure to near-term supply volatility.

As part of the controlled and safe shutdown strategy, Alba plans to use this opportunity to implement structured asset care and maintenance for Reduction Lines 1, 2, and 3. This includes housekeeping and cleaning activities to maintain equipment integrity. These measures lay the foundation for the decision to safely restart the affected lines once overall conditions improve.

Alba emphasises that the controlled and safe shutdown strategy is executed in a manner that minimises health, safety, environmental, and operational risks. The company is committed to safeguarding the long-term performance of the affected assets.

The company said that it is continuing to monitor and respond to the situation, and will provide updates to the market as necessary. The company is also working closely with suppliers and customers to manage commitments and mitigate disruptions.

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Source: ME Construction News

The US $3bn low-carbon steel project being developed by Jindal Steel in Duqm Special Economic Zone has moved into the equipment installation stage, following the arrival of a key reactor at the Port of Duqm. This marks a major construction milestone for one of the region’s largest green steel investments, said a statement.

The arrival of the 935t reactor signals the transition from heavy civil construction to the fitting of core process equipment at the site. The first phase of the project is expected to begin operations in early 2027, according to company officials.

Jindal Steel Duqm, a unit of India’s Naveen Jindal Group, is building a low-carbon steel complex with annual production capacity of 5m tonnes in Duqm. The project is designed around 2 direct reduced iron (DRI) plants, each capable of producing 2.5m tonnes a year, using gas-based technology aimed at reducing carbon emissions compared with conventional blast furnace steelmaking.

The DRI units will deploy Energiron technology developed by Italian engineering groups Tenova and Danieli Group, which uses natural gas or hydrogen to convert iron ore into high-purity metallic iron, eliminating the need for coal in the reduction process.

The technology package for the second DRI plant was confirmed last year, featuring zero-reformer Energiron design intended to achieve a metallisation rate of 94%, while integrating carbon capture systems to support the project’s low-emission steel strategy.

The project is expected to draw on Oman’s natural gas resources and expanding renewable energy capacity, including future hydrogen integration, as the country positions itself as a regional hub for low-carbon industrial production.

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Source: ME Construction News

Dubai authorities closed several roads early on 16 March due to a drone-related incident at the Dubai International Airport, during the ongoing conflict between Iran, Israel and the United States.

Dubai Police said that Airport Street and the Airport Tunnel were temporarily closed and advised motorists to use alternative routes. Authorities also said that Al Garhoud Bridge heading towards Casablanca Street was also closed, alongside closures at the Cargo Village and Marrakech Street intersections toward the airport. Residents were advised to use alternative routes to ensure safety and reduce congestion.

The fire also forced a temporary suspension of flights, though no injuries were reported according to a report by Khaleej Times. Several flights bound for Dubai International Airport were rerouted to Al Maktoum International Airport.

The Dubai Media Office (DMO) quoted Civil Defence teams as saying that the situation remains under control, with no spread of the fire, which was successfully contained.

The incident on Monday is the third at the airport, which is one of the busiest international hubs in the world.

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Source: ME Construction News

Farhad Azizi, Group CEO of Azizi Group said that despite the current geopolitical situation, over US $100mn in property deals are being signed every day.

Azizi also said work on 200 buildings is continuing, and he expects demand for property to remain strong.

“We have almost 200 buildings under construction, and another 120-130 are in the design stage. All of those projects are progoressing as normal, and the demand is there. We’re not building homes for ourselves. We expect the demand to continue. Obviously, there are cycles for any industry in any mature market. Now, we’re at the peak, and it will continue to be so,” he said in a recent interview with Khaleej Times.

Speaking about the company’s month-long sales event in Meydan Hotel, during Ramadan, Azizi added, “The turnout at our sales event was a bit low in the first 2-days when the conflict started, but then people came back, and sales are happening. Banks are offering mortgages to end-users and investors,” he added.

On the first day of the event, the developer sold over $101mn worth of properties. On average, it is selling $41mn to $51mn in units every day. “In the last 20 days of Ramadan, we have had approximately $500mn  worth of sales. For us, it’s business as usual,” he noted. He also added that up to 2,000 people turned up for the event on some days.

In addition to ongoing projects, the developer also announced plans to develop 151 hotels, including 100 4-star hotels, 50 5-star hotels and a 7-star hotel, with 90% of the portfolio based in Dubai. On completion, this will add 60,000 room keys and more than 75,000 jobs in the hospitality sector of the emirate.

He reiterated that there are no delays on projects in the region and the supply of construction material, MEP materials and elevators is arriving as expected. He explained, “There has not been a hiccup despite the regional geopolitical situation, which shows the resilience of the city, and that is boosting the demand.”

Azizi thinks the ongoing regional concerns are a “temporary challenge” and Dubai and the UAE will quickly get over it. Hailing from Afghanistan, Azizi has made the UAE his home for the last 30 years.

“We have 4 generations living in Dubai. We come from Afghanistan, a war-torn country. For us not to be discriminated against and to be accepted with an open heart, this means a lot to us. We started with a very humble beginning, and today we have a multi-billion dollar business, with 45,000 people working for our company. We’re very proud of this city and country,” he stated.

He added that the company has given US $1bn in donations to different charitable causes in the country. “We make money in the city, and we have to give back to society,” he concluded.

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Source: ME Construction News

Umm Al Qura for Development and Construction Company has extended 2 reservation agreements with Mousa Abdulaziz Al Mousa & Sons Real Estate Holding Group for the sale of 2-plots within its premium Masar Destination in Makkah.

The Masar Destination, billed as a landmark urban project being developed by Umm Al Qura, offers a diverse range of amenities, including hospitality, commercial, retail, and residential spaces, as well as cultural centers. Spanning over 1.2m sqm, it serves as an integrated gateway directly leading to the Grand Mosque, said a statement.

The extension of the reservation agreements was made due to procedural reasons related to the 2-plots of land, as stated by Umm Al Qura for Development and Construction Company in its filing to Saudi bourse Tadawul.

The agreement was reached in collaboration with Al Inma First Development Company, the special purpose vehicle for the Al Inma Makkah Development Fund I, a unit of Umm Al Qura.

This transaction is closely linked to the development of hospitality units within Masar development. The reservation agreements have been extended until 9 April, provided that the final sale agreements will be executed within the validity period of the reservation agreements.

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Source: ME Construction News

First Avenue has awarded a contract to Jadwa Al Shorfa Real Estate Fund for a mixed-use project in Riyadh, featuring a mix of commercial, residential and office units along with key amenities.

Located at the intersection of the Eastern Ring-Makkah Khuris Road, the project, Capital Avenue – Al Rayyan, will come up on a 38,950sqm area.

The agreement represents a continuation of the company’s expansion strategy, which focuses on investing in promising real estate opportunities located in highly attractive and strategic locations, said First Avenue for Real Estate Development Company in its filing to Saudi bourse Tadawul.

The project scope includes preparation of detailed architectural designs, supervision of construction works and marketing of the project.

For the project, the development fee amounts to 15% of the actual project cost, estimated at US $49.2mn.

The building permit has been issued for the project, which will have a total built-up area of 110,738sqm.

The project will be completed within 30 months, the statement noted.

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Source: ME Construction News

Saudi Arabia’s Ministry of Defense intercepted three drones heading towards the Shaybah oil field yesterday, according to a post by the Saudi Press Agency on social media platform X.

The attack during the second week of conflict in the war between Iran, Israel, and the United States is the latest targeting critical energy infrastructure in GCC countries.

The facility was previously targeted by two drones, both of which were destroyed. Saudi Arabia said that the facility is crucial to the country’s oil production.

Earlier in the week, the Abu Dhabi Media Office said in a post on X on 10 March that a drone attack caused a fire to break out at a facility in the Ruwais Industrial Complex in Abu Dhabi on Tuesday. No injuries were reported.

The Ruwais complex has a refining capacity of about 922,000 barrels of crude oil and condensate per day, making it one of the largest oil refineries in the Middle East, and amongst the largest single-site refineries in the world. Ruwais is located about 240km west of Abu Dhabi city in the Al Dhafra region.

On 9 March, the Bahrain News Agency noted that Bapco Energies declared a force majeure situation on the group’s operations, as operations were disrupted due to an attack on its refinery complex. The attack prompted the group to issue a formal force majeure notice, and said the declaration relates specifically to operational disruptions linked to the conflict and the recent attack on the refinery complex, which forms a key part of Bahrain’s energy infrastructure.

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Source: ME Construction News

Abanos has secured a contract to deliver the fit-out and joinery works for Palace Residences Creek Blue, a residential development by Emaar located within Dubai Creek Harbour.

With a total built-up area of 98,243sqm, Palace Residences Creek Blue is a waterfront property, set within a modern, stylish and pedestrian-friendly neighbourhood, that aligns with Dubai’s sustainable urban character, said a statement from Abanos.

The development will feature a collection of 2- and 3-bedroom apartments, thoughtfully crafted to blend contemporary aesthetics with expansive outdoor spaces, creating a seamless indoor-outdoor living experience, it stated.

The project is being developed by Emaar/Dubai Creek Harbour Development and designed by Mirage/SSH. Contracting works are being delivered by Engineering Contracting Company.

Abanos said the project scope includes the fabrication and installation of wooden doors, wardrobes, kitchen cabinets, vanity units and other miscellaneous joinery items.

“Each of the residences is being designed as a refined retreat, showcasing quality finishes, contemporary kitchens, luxurious bathrooms, and spacious living areas complemented by expansive windows that invite abundant natural light and frame stunning views,” said a spokesman.

“Private balconies extend the living space outward, enhancing the connection between elegant interiors and the surrounding waterfront landscape,” he added.

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Source: ME Construction News

Developer Aldar has allocated US $27.23mn to the ‘Mother of the Nation Endowment for Orphans’ initiative, a collaborative effort between the Endowments and Minors’ Funds Authority – Awqaf Abu Dhabi.

This initiative aims to provide sustainable and long-term support to enhance the well-being and future prospects of orphans throughout the UAE. It also builds upon the UAE’s longstanding humanitarian approach, which has established the country as a force for charity and solidarity, guided by the wise directives of its leadership.

The announcement coincides with the UAE’s Year of Family, a celebration of the significance of strengthening family cohesion and reinforcing the values that form the foundation of resilient societies. Aligned with the values of the Year of Family, this initiative reaffirms Awqaf Abu Dhabi’s commitment to aligning its initiatives with national priorities, serving the best interests of society.

Through a well-structured institutional framework, contributions to the endowment are transformed into investment assets, ensuring that the returns are allocated to support orphans’ education, healthcare, and basic living needs. This approach guarantees the long-term sustainability of the support provided. Aldar’s contribution exemplifies the company’s dedication to creating positive and enduring impacts in the communities it serves, said a statement.

Mohamed Khalifa Al Mubarak, Chairman of Aldar said, “In line with UAE’s Year of Family, The ‘Mother of the National Endowment for Orphans’ reflects the principles that guide Abu Dhabi’s continued development and the UAE’s enduring values of compassion, responsibility, and commitment to social cohesion. As part of this national journey, Aldar carries a responsibility to strengthen our society. The endowment reflects the importance of collective action in shaping a future defined by shared progress.”

Talal Al Dhiyebi, Group Chief Executive Officer of Aldar added, “At Aldar, we believe that sustainable progress must be reflected in the way we support our communities. The ‘Mother of the Nation Endowment for Orphans’ reflects the UAE’s deeply rooted values of solidarity and social responsibility. Through this partnership, we are supporting the long-term approach to providing essential care and opportunity for young people, aligned with national priorities and our shared ambition to foster an inclusive and resilient society.”

The announcement coincides with Zayed Humanitarian Day, which honours the generosity and humanitarianism established by the UAEs Founding Father. The contribution was announced at the Zayed National Museum.

This initiative embodies the values and principles championed by Sheikha Fatima bint Mubarak, Mother of the Nation, Chairwoman of the General Women’s Union, President of the Supreme Council for Motherhood and Childhood, and Supreme Chairwoman of the Family Development Foundation, the statement concluded.

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Source: ME Construction News