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Architecture

Ferrovial purchases 24% stake in India-based infrastructure company

March 21, 2024 foasummit0

Infrastructure specialist Ferrovial, through its toll-road subsidiary Cintra, has invested US $802.3mn for a 24% stake in IRB Infrastructure Trust in India.

IRB is an investment vehicle that integrates road concessions and construction and has a portfolio of 12 toll road concessions in India, with a pipeline of three more to come. Since it was founded in 1998, it has built more than 18,500 lane kilometers of roads in India.

According to a report, Ferrovial is acquiring the stake from affiliates of GIC, which currently own a 49% stake of IRB Infrastructure Trust. After the transaction is closed, GIC’s affiliates will retain a 25% stake in IRB Infrastructure Trust and IRB Infrastructure Developers will maintain its current 51% stake. The total investment amount includes $105.2mn to fund outstanding equity commitments in projects being developed by IRB Infrastructure Trust.

“India’s infrastructure development plans have expanded substantially in recent years with planned capital expenditures of $260.2bn in roads and highways between the years 2020-2025, according to the Indian Department of Economic Affairs report on National Infrastructure Pipeline,” Ferrovial noted.

“In this context, IRB Infrastructure Trust is one of the leading platforms in the country with the ability to leverage synergies between a large Build-Operate-Transfer (BOT) developer, a leading financial investor, and a global strategic partner to optimise project planning and selection processes and maximize value creation,” the company concluded.

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Source: ME Construction News

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Architecture

Contracts awarded for Saudi Arabia’s Al Khuzama complex

March 21, 2024 foasummit0

Saudi Entertainment Ventures (SEVEN) has awarded a contract to Egyptian group Hassan Allam Holding for the construction of a major entertainment complex spanning 160,000sqm. A key hospitality project for PIF, the entertainment complex will built at Al Khuzama, in the Al Kharj region of Central Saudi Arabia.

The tender for the main contract was issued in August last year, and the bids were submitted in September.

US-based engineering firm Gensler and Lebanon’s Dar Al Handasah are the project consultants for the Al Kharj entertainment complex, while UK-headquartered Mace Group is the project management consultant.

The Al Khuzama contract is in line with PIF’s stated strategic objectives of creating a chain of major hospitality projects: it follows an earlier decision to invest in a large-scale leisure hub strategically located between the cities of Abha and Khamis Mushait near Abha International Airport. This will feature a built-up area of more than 79,000sqm.

In addition, PIF is also building an extensive entertainment destination in Yanbu, at an investment value of over US $293.27mn.

The post Contracts awarded for Saudi Arabia’s Al Khuzama complex appeared first on Middle East Construction News.


Source: ME Construction News

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Architecture

Nakheel and Meydan merged under Dubai Holding

March 20, 2024 foasummit0

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.

The post Nakheel and Meydan merged under Dubai Holding appeared first on Middle East Construction News.


Source: ME Construction News

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Architecture

New beaches announced for Yas Bay Waterfront

March 19, 2024 foasummit0

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.

The post New beaches announced for Yas Bay Waterfront appeared first on Middle East Construction News.


Source: ME Construction News

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