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Source: ME Construction News
Wynn Resorts has announced that Wynn Al Marjan Island has obtained a US $2.4bn construction facility syndicate of lenders to finance the development of Wynn Al Marjan Island, the first integrated resort in the United Arab Emirates. Wynn Al Marjan Island is located 50 minutes from Dubai International Airport in the emirate of Ras Al Khaimah.
The secured term loan facility, made available to Wynn Al Marjan Island FZ-LLC which is a subsidiary of the 40%-owned joint venture, is denominated in a combination of AED and USD currencies, reflecting the bulk of the expected development expenditures to be incurred in AED. The term of the loan is seven years at a competitive market interest rate and is structured as a delayed draw facility which provides significant financial flexibility to the joint venture partners, said a statement.
In the low-rise portion of the building, the concrete and steel structures are a combined 70% complete. Exterior facades and interior fit out have commenced, while elevator and escalator installation across the property are also progressing, said Wynn Resorts.
The bank syndicate includes a mix of regional and international lenders. Abu Dhabi Commercial Bank and Deutsche Bank AG acted as Joint Coordinators of the financing. The joint coordinators as well as First Abu Dhabi Bank, Emirates NBD Capital, and The National Bank of Ras Al Khaimah acted as Initial Mandated Lead Arrangers, Bookrunners and Underwriters, Sumitomo Mitsui Banking Corporation DIFC Branch, Dubai acted as Lead Arranger. First Abu Dhabi Bank is acting as Agent and Security Agent for the lenders.
Project construction is proceeding with 64% of the structural concrete completed up to the 34th floor of the main resort tower and elevator cores extending to the 36th floor. The construction team is completing one floor per week, working toward a topping off in December of this year. In the last 100 days, the resort tower has grown approximately 140ft.
The resort will offer 1,542 rooms and suites, and 80% of the tower structure is said to be completed. The exterior façade window glazing is progressing with 2,840 of 13,734 panels completed, which is more than 20% of the total. Fit out is underway in approximately 1,121 rooms – including walls, floors, and ceilings, as well as all mechanical, electrical, and plumbing services.
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Source: ME Construction News
Meraas has announced the launch of City Walk Crestlane, a premium residential development with panoramic water views of Dubai’s urban landscape. The initial launch comprises two mid-rise towers, City Walk Crestlane 2 and 3, offering 394 residences, against a backdrop of water features, pools and lagoons.
With exclusive terraces, premium apartments and duplexes featuring double height living spaces, City Walk Crestlane offers a diverse range of living options. Each unit is crafted with details in kitchens, bedrooms and bathrooms, ensuring comfort and style across, said the developer.
Khalid Al Malik, Chief Executive Officer of Dubai Holding Real Estate stated: “City Walk Crestlane marks a significant milestone in Dubai’s luxury real estate sector, introducing waterfront living at the heart of the city. This development represents a harmonious blend of modern design, connectivity and community, responding to the growing demand for premium urban residences while setting new standards in sustainable community design.”
The City Walk Crestlane masterplan comprises a mix of mid-rise and high-rise plots, parks and range of amenities like yoga studio, pool, play padel or tennis and water features. The new residential development will also feature a fitness centre and wellness centre, multiple swimming pools, playgrounds and outdoor sports facilities, jogging and cycling tracks, creating an atmosphere of movement and connection with nature.
The architecture of City Walk Crestlane emphasises human-centric design, integrating with the existing City Walk streetscape, with a metropolitan touch. The development’s thoughtful layout ensures a perfect flow between indoor elegance and outdoor vitality, enhancing the overall community experience.
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Meydan awarded a contract worth over US $270mn to Ginco General Contracting for the construction of Phase Two of District One West in the Mohammed Bin Rashid Al Maktoum City. This development presents the next stage in gated communities in Dubai, offering an exclusive lifestyle on the waterfront of Crystal Lagoon.
Ginco General Contracting, a construction company specialised in delivering large-scale luxury projects, has been awarded the contract for the construction of four-, five- and six-bedroom luxury villas as well as associated infrastructure and other works. The project is scheduled for completion in Q1 2028.
Khalid Al Malik, Chief Executive Officer of Dubai Holding Real Estate said, “District One West Phase Two at Mohammed Bin Rashid Al Maktoum City reflects our unwavering commitment to redefining luxury living within this prestigious master development. With world-class designs and exceptional quality, District One West Phase Two will set new benchmarks in premium residential experiences for our growing base of luxury homebuyers.”
Masood Gheyath, Managing Director of Ginco General Contracting said, “The construction and real estate sectors are a key driver of economic growth in the UAE, and we are proud to collaborate with Dubai Holding Real Estate on this prestigious project. District One West Phase Two will stand out as a model for excellence, reflecting our shared vision for delivering innovative and high-quality developments.”
District One West Phase Two offers 229 villas in a gated community, surrounded by parks and gardens overlooking the Crystal Lagoon, the development offers amenities for recreation and leisure, including a clubhouse, outdoor fitness centre, sports court, cycling and pedestrian trails, children’s play areas, shaded picnic areas and a boardwalk.
District One West Phase Two is located four kilometre from Downtown Dubai, minutes away from Meydan Racecourse and 20 minutes from Dubai International Airport, with its nature-focused planning allowing residents to enjoy being away from the bustle of the city. With 60% of the neighbourhood covered in green parks and community gardens, including over 8km of cycling and running tracks as well as 14k of shoreline living.
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Source: ME Construction News
Etihad Water and Electricity (EtihadWE), together with the UAE Ministry of Energy and Infrastructure (MoEI), RAK Municipality, and RAK Public Services Department, have unveiled a series of ambitious sustainability initiatives.
These initiatives support the resolutions of His Highness Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah, aimed at enhancing sustainability across the emirate. The announced investments include US $126.6mn for water network rehabilitation in the Northern Emirates, specifically allocated for network replacement in Ras Al Khaimah.
Additionally, more than $48.6mn has already been invested in the emirate’s current smart metering project. Also, provisions have been made to install 120 electric vehicle chargers in Ras Al Khaimah over the next five years, highlighting the commitment to expanding the electric vehicle infrastructure.
The initiatives are part of a comprehensive strategy to reduce electricity, water, and transportation fuel consumption by setting significant reduction targets and adopting best practices in green procurement. Notably, the resolutions call for a 30% reduction in electricity consumption and a 20% reduction in both water and fuel usage by 2030.
In collaboration with its partners, EtihadWE has successfully completed the replacement of approximately 42km of ageing pipelines with newer, more efficient technology, including ‘SmartBall’ and acoustic inspection tools.
To enhance energy efficiency within Ras Al Khaimah, more than 213,000 Advanced Metering Infrastructure (AMI) smart meters for electricity and water have already been installed, enabling more accurate monitoring and management. This infrastructure is complemented by smart technologies designed to help consumers optimise resource use, aligning with the broader goals of sustainability and technological advancement in the emirate.
Eng Yousif Ahmed Al Ali, CEO of EtihadWE, emphasised: “The directives from His Highness Sheikh Saud bin Saqr Al Qasimi reflect our shared commitment to a sustainable future. These initiatives not only support Ras Al Khaimah’s environmental goals but also foster economic growth, enhance community well-being, and position the emirate as a leader in sustainable development.”
“The support and collaboration with MoEI, alongside RAK Municipality, RAK Public Services Department, and other entities in Ras Al Khaimah, are pivotal in realising the vision set forth by His Highness Sheikh Saud bin Saqr Al Qasimi and the broader national sustainability objectives. We are proud to be part of such a dynamic alliance, which not only aims to achieve specific sustainability targets but also strengthens the fabric of our community.”
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Addleshaw Goddard has appointed Paul Prescott as a Partner in its Construction and Infrastructure practice, underscoring firm’s commitment to growing its expertise and footprint in the Middle East.
With more than 20 years of legal experience, including over twelve years in the Middle East, Prescott’s expertise spans the full lifecycle of construction projects, from non-contentious procurement strategies and live project counsel to the resolution of disputes through arbitration and mediation.
Prescott has advised projects such as Wembley Stadium in the UK, the London 2012 Olympics, Expo 2020 Dubai, and the FIFA World Cup in Qatar. He is also proficient in managing construction transactions involving a variety of contractual frameworks, including the FIDIC suite, NEC, and bespoke EPC agreements. His reputation is reflected in his Chambers Global rankings for Projects & Energy and his inclusion in the WWL Construction Guide 2024, said a statement.
Robin Hickman, Head of Middle East at Addleshaw Goddard said, “Paul’s arrival represents a significant enhancement to our Construction and Infrastructure practice in the Middle East. He brings invaluable expertise across complex, high-value projects and an in-depth understanding of the region’s construction landscape. His strategic approach to both contentious and non-contentious matters aligns perfectly with our mission to provide clients with end-to-end support across their most critical projects. We are thrilled to welcome Paul to the team and are confident he will play a pivotal role in driving our regional and sectoral growth.”
Commenting on his appointment, Prescott stated, “I am delighted to join Addleshaw Goddard, a firm renowned for its ambition and innovation in the legal space. The Middle East is at the forefront of groundbreaking projects, and I look forward to contributing to the firm’s growth by delivering exceptional service and value to our clients in the construction and infrastructure sectors.”
Paul’s appointment comes at a time when Addleshaw Goddard is reinforcing its market position in key practice areas, reflecting its commitment to meet the evolving needs of clients in the Middle East and beyond, the statement concluded.
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Dar Global announced it is working with AlixPartners to develop a roadmap for its global expansion goals. This follows a milestone year for Dar Global marked by the unveiling of ten luxury real estate projects valued at over US $1.9bn across international markets. The company is entering a new phase with plans for expansion across international markets, including KSA, UAE, Oman, Qatar, UK, USA, and Greece, within the next five years.
The developer will be targeting sites and architectural pieces, while continuing to deliver experiences that blend with the local culture and landscape. Whether it’s a beachfront villa in Greece, a desert oasis in the UAE, or a urban apartment in London, the company’s developments will be defined by its quality, design, and commitment to sustainability, setting new benchmarks for luxury living in each market.
This includes benchmarking against international real estate developers, defining an optimal target operating model, and developing a detailed roadmap for implementation, but also encompasses evaluating strategic options for structuring global operations, creating a framework for communication between the company’s headquarter and international offices, and designing a fit-for-purpose corporate structure.
Ziad El Chaar, CEO at Dar Global, commented, “Dar Global is committed to developing exceptional, high-quality properties in the world’s most sought-after destinations. Our work with AlixPartners is an important step in achieving our ambitious global vision and accelerating our growth trajectory. Their expertise in building scalable and sustainable operating models will provide us with the strategic framework and operational rigor necessary to navigate the complexities of international expansion, further solidifying our position as a leader in the luxury second home market.”
Samer Dada, Partner and Managing Director at AlixPartners added, “We are thrilled to be working with Dar Global on this transformative journey. This collaboration is a natural fit. Our expertise in helping businesses navigate the complexities of international growth complements Dar Global’s vision to expand worldwide across the second homes market.”
Furthermore, they will also oversee the development of detailed functional roles, resource plans, job descriptions, and key performance indicators, all underpinned by a robust change management strategy designed to manage rapid growth effectively.
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Kuwait’s project awards witnessed solid growth in 2024, jumping to US $6.5bn, up 44% over the previous year; its highest figure since 2017, according to a report by National Bank of Kuwait (NBK).
Of the total project awards, the majority (around 50%) went to the construction sector, with the Public Authority of Housing Welfare making progress on various housing projects, including the affordable housing project in Al Nayeem district. The power and water sector was then the second-largest, with nearly US $1.2bn in contract awards.
The year-end was particularly strong: in Q4, Kuwait’s project awards saw a solid rise, hitting $3.89bn – the best quarterly performance since Q2 2016. Meanwhile in the Oil & Gas sector, Kuwait Oil Company’s project to drill 141 wells helped push the industry’s awards to a significantly high level.
NBK pointed out that another factor responsible for the growth experienced in 2024 was the range of government initiatives designed to strengthen the domestic electricity grid, and the variety of awards that these then provided.
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SSH announced its latest addition to its master plan portfolio, The Mangrove. The mixed-use development is set to redefine urban living in Karachi, located along the Korangi Creek. Designed with a focus on balancing modern urban living and the serenity of nature, The Mangrove is a project that promises to create a thriving and sustainable community.
Spanning a 40ac triangular plot divided into 17 subdivisions, the master plan integrates a diverse range of elements, including retail, leisure, dining, housing, hospitality, and office spaces. With its designed infrastructure, landscaped environments, and a creekside boardwalk overlooking the mangrove forest, the development offers residents an unparalleled opportunity to live, work, and play in harmony with their surroundings.
SSH’s Architecture Director, Shane Lahiff, presented the architectural vision for The Mangrove and explained, “At SSH, we’ve crafted a master plan that seamlessly integrates cutting-edge design with the natural beauty of Korangi Creek. Our collaboration with TPL has enabled us to design a landmark project that sets a new benchmark for mixed-use developments in the region, while creating a thriving community with a distinct identity and character”.
Danny Warde, Chief Strategy Officer at SSH, commented, “The Mangrove is a testament to SSH’s commitment to delivering innovative, sustainable, and community-driven master plans. This project not only enhances Karachi’s urban landscape but also emphasises the harmony between modern development and nature.”
SSH’s work includes master planning while also serving as the Lead Design Consultant for the project assets. The design reflects SSH’s expertise, infrastructure, landscaping, and sustainability, ensuring a holistic approach to this project, the statement concluded.
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Sharjah Investment and Development Authority (Shurooq) unveiled Mawj and Ghadeer, two residential towers at Ajwan Khorfakkan.
Ahmed Obaid Al Qaseer, Chief Executive Officer of Shurooq said, “Mawj and Ghadeer offer a harmonious blend of sophisticated design and natural beauty, and an incredible investment opportunity in scenic Khorfakkan. These distinctive residences reflect Shurooq’s vision for community-centric developments, with their world-class amenities, superb connectivity, and a lifestyle enriched by nature.”
Each residence within the Mawj and Ghadeer towers are crafted to maximise views of either the Arabian Sea or Khorfakkan’s dramatic mountain landscape. These designed residences include two, three and four-bedroom apartments, as well as premium three and four-bedroom duplexes. The development’s location combines the serenity of beachfront living with easy access to urban amenities, making it an ideal choice for both end-users and investors.
Ajwan Khorfakkan Phase 2 is a cornerstone project within Shurooq’s portfolio, which also includes Maryam Island and Sharjah Sustainable City, the first sustainable master-planned community in Sharjah.
Sharjah Real Estate Registration Department data reveals robust market performance in the Central and Eastern regions, with transactions reaching US $351bn in the first nine months of 2024. Khorfakkan alone contributed $70.85mn to this figure, demonstrating the area’s growing appeal to investors and homebuyers.
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Source: ME Construction News