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Developer Damac Properties has awarded a US $326.7mn contract to Darwish Engineering Emirates for the main works package for 275 villas in the Venice cluster in its Damac Lagoons community. The developer says that it has so far awarded contracts totalling $1.90bn for the master development.
The developer said that $272mn worth of contracts have been awarded for infrastructure, in addition to over $1.52bn in contracts for villa construction. In the first half of this year, Damac awarded contracts worth $653mn which the developer says is a testament to the project’s steady construction momentum.
“We are immensely proud and delighted to see the progress our third and most exclusive master development is making. Since we launched the project in 2021, we have made significant progress, with an impressive 20% construction well underway for 6,459 villas spread across 13 clusters. We will continue to keep pace with this progress and ensure timely delivery,” said Muhammed Tahaineh, General Manager of Projects at Damac.
Additionally, 1,432 villas (across two clusters) are said to be in the final stages of appointing the main contractor, while 1,025 villas (across two clusters) are in the final stages of design. More than 2,600 villas have already reached the ground floor or above. The project employs a daily workforce of more than 14,000 individuals, supported by over 100 excavators and more than 850 vehicles entering the site daily, the developer pointed out.
Damac Lagoons is said to have achieved over 19.6m safe man-hours without any lost time incidents; the developer says this achievement demonstrates its commitment to the safety and well-being of its workforce.
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The Egyptian Ministry of Transport has signed an agreement with Egis and Setec for the second phase of Cairo Metro Line 6 studies. The agreement was signed in the presence of Transport Minister Kamal El Wazir and the French Ambassador to Egypt, Marc Baréty, as well as senior officials from the Ministry of Transport (MOT), and the National Authority for Tunnels (NAT).
The Cairo Metro Line 6 Project is a pivotal component of Egypt’s comprehensive plan to revolutionise its public transport system.
The project will extend over 34km, traversing North to South through various Greater Cairo neighbourhoods, aimed at expanding capacity and providing seamless transportation services for millions of citizens.
The agreement solidifies the commitment to the continued development of Egypt’s public transportation network, a statement said.
Kamal El Wazir said, “As we embark on this visionary project that not only pledges to transform Cairo’s urban mobility, but also holds the potential to enhance the quality of life for our citizens in profound ways, we take immense pride of this partnership between Egypt and France. We are delighted by this collaboration between Egypt and France with both the Egis-Setec JV, as well as the French Treasury.”
The Egis-led JV conducted the first phase of studies for the Cairo Metro Line 6, which plans to alleviate congestion on the existing Cairo Metro Line 1, while granting commuters more choices for efficient travel throughout the city and connecting with the Metro Lines 1, 3, and 4.
By expanding and modernising the public transport network, the Egis-Setec JV and the Egyptian Ministry of Transport are collaboratively working towards a sustainable, eco-friendly, and passenger-centric transportation system.
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Cemex has announced it is providing its low-carbon Vertua concrete for the construction of Houston Methodist’s Centennial Tower, which is said to be part of the world’s largest medical complex.
The firm said it will be providing more than 15,000m3 of low-carbon concrete for the 26-storey tower, which is taking shape in Texas, in the United States, and is due for completion in 2027.
The firm notes that it has already contributed around 8,400m3 of lower carbon concrete for the tower’s foundation, which was delivered in a single 20-hour pour. Cemex noted that the pour threw up a number of logistical challenges for the on-site team from Vaughn Construction, as access to emergency services within the complex had to be maintained at all times.
“Cemex’s purpose of building a better future comes to life when we participate in projects that improve people’s quality of life, particularly in the area of health services, in the communities in which we serve. Not only are we providing expert logistics and resilient materials, but we are also providing an alternative to lower the carbon footprint of the project with our more sustainable solutions,” stated Jaime Muguiro, President of Cemex USA.
Cemex said the rollout of Vertua is part of its Future in Action programme, which aims to see it become a Net Zero CO2 company by 2050.
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ACWA Power is said to have achieved the financial close for projects with a combined value of over US $14bn. The firm said it has had an exceptional 12-month period and notes the projects, which are spread across Saudi Arabia, Egypt and Uzbekistan are amongst the largest in the company’s history.
The projects sit across the breadth of ACWA Power’s project portfolio spanning renewables, water desalination and green hydrogen and include the $8.5bn NEOM Green Hydrogen project under construction in the Kingdom, which is said to be the world’s largest utility scale green hydrogen production facility.
“The past 12 months marks a historic milestone for us, as it represents the highest number of projects we have ever successfully achieved financial closure for within 12 months. It demonstrates our agility, resilience, and unwavering commitment to creating a sustainable future for generations to come. It not only validates our expertise as a developer and operator of strategically vital projects but also speaks highly about the trust our investors and partners place in us,” said Abdulhameed Al Muhaidib, CFO of ACWA Power.
In addition to the NEOM Green Hydrogen project, ACWA Power said it also achieved financial closes of the Ar Rass solar PV and the Al Shuaibah 1 and Al Shuaibah 2 solar PV projects, which form a critical part of Saudi Arabia’s National Renewable Energy Program (NREP); three wind projects in Uzbekistan – Bash, Dzhankeldy and Nukus; the Kom Ombo solar project in Egypt; the Shuaibah 3 IWP, and most recently the Rabigh 4 IWP in Yanbu.
“The financial execution base shows the accelerated rate of development underway across countries when it comes to energy transition. We expect this to ramp up even further in the coming years as governments realise the additional economic benefits of changing their energy mix beyond the climate and environmental ones,” said Al Muhaidib.
The firm noted that financing for the projects has been sourced from several local and international financial institutions and infrastructure development funds, thus highlighting ACWA Power’s market credibility and innovative approach to financing, but also speaking to the growing appetite of institutions in supporting energy transition projects.
Over the coming months, ACWA Power said it will continue to pursue new opportunities and partnerships that align with this mission, to scale up its project footprint both within Saudi Arabia and globally.
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Oman’s real estate market has seen steady growth over the past two years, driven by a notable increase in the expatriate population and continuing strategic investment in the economy. These are among the key findings from the newly-released Oman Property Report 2023, compiled by Savills.
The report highlights the country’s public debt decreasing from 65% of GDP in 2020 to approximately 40% in 2022, the positive shift in macroeconomic fundamentals, and the government’s focus on pro-growth initiatives, infrastructure, diversifying the economy, investing in green energy, and creating long-term economic opportunities.
Meanwhile, there has been a turnaround in trends impacting the expatriate population in Oman; this had been steadily growing until 2016, but faced a marked downward trend starting in 2017. This decline was further exacerbated by the COVID-19 pandemic, leading to a sharp drop of nearly 12% in the total population of 2020. Although there was a modest decrease in expatriate numbers in 2021, 2022 marked a turning point, with the expat population increasing by an impressive 20% due to the improved economic conditions.
The trend has continued in 2023, with a 5% rise so far compared to 2022. As a result, the expatriate population in the Sultanate has surged by 33% from a low point of 1.63m in September 2022 to 2.17m in May 2023.
The Muscat residential rental market has begun to reap the benefits of this notable growth in the expatriate population. Rental values have been stabilising, and in some areas, there are even signs of growth. Key localities such as Al Mouj, Qurum, Shatti Al Qurum, Madinat Al Sultan Qaboos, and others have experienced increased demand due to their central locations, amenities, and the quality of properties they offer. In particular, Al Mouj has seen rental values rise by approximately 10-to-20% over the last 18 months, while Qurum has witnessed a 5-to-15% increase.
“Over the coming 12 months, we would expect rental values for mid-to-high-end units to remain relatively stable (and even show moderate increases in some locations), but that moderate downward pressure will remain for low-end properties,” said Matthew Wright, Head of Consultancy, Savills Oman.
Other initiatives are also helping: in June, the Omani government awarded a $6.7bn contract to build the world’s largest green hydrogen plant in Duqm. It is also working towards growing the country’s rail and metro capacity, as well as pushing ahead with a crucial passenger and freight rail link connecting the country’s industrial hub in Sohar to the UAE.
For the rental sector, despite the ongoing supply and demand imbalance in Muscat, achievable rental values for mid-range to higher-quality office spaces have remained largely stable over the last 18 months. Landlords, whilst not lowering headline rents, have been offering incentives to attract and retain tenants, such as extended rent-free periods. In the coming year, the market is expected to remain tenant-favoured, with rental values remaining stable, especially for mid-to-high-end units. However, there may be moderate upward pressure on rental values in some locations.
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The planet’s resources are finite, and it’s our responsibility to use them wisely while maximizing their benefits.
Volvo Construction Equipment (Volvo CE) is committed to promoting a circular economy approach that not only conserves resources but also offers significant advantages such as cost savings, reduced lead times, and enhanced machine uptime – all while ensuring the quality and warranty of brand new machines and parts.
Here are three ways to get involved.
- Choose Volvo Approved Used Equipment
When expanding your equipment fleet, consider opting for a used machine from Volvo CE’s Approved Used Equipment service.
A Volvo Approved Used A40G articulated hauler, for example, saves approximately 100 tonnes of CO2 emissions versus buying a new machine.
Beyond the environmental benefits, opting for used machines comes with financial advantages, as they are more budget-friendly than brand new ones. Plus, you won’t have to wait for extended delivery times.
Volvo-trained technicians thoroughly inspect the machines to ensure quality, performance, and reliability. Each purchase also includes a Volvo Approved Used warranty, providing you with peace of mind knowing you’re investing in a high-quality, ready-to-work machine.
- Get a second life for parts with Volvo Reman
Instead of purchasing new parts, consider replacing them with refurbished ones from Volvo Reman. The process takes used, worn parts and often improves them by incorporating available updates and the latest specifications.
This not only benefits the environment by reusing 85% of the original materials and recycling the rest but also significantly reduces CO2 emissions, as it requires 80% less energy than manufacturing new components.
Volvo Reman also offers quicker delivery and replacement compared to traditional repair methods, resulting in improved machine uptime. With the added benefit of a warranty equivalent to that of a brand-new component, all at an attractive price, it’s a popular choice among Volvo customers.
- Extend the life of your machine with a Volvo Certified Rebuild
Don’t retire your machine prematurely; give it a second or third life with a Volvo Certified Rebuild.
In Volvo certified workshops, worn parts are refurbished or replaced with Volvo-approved used parts. The process can also incorporate updates such as air conditioning or new seating to meet your unique requirements, ensuring that your machine is up-to-date with the latest technical specifications.
Contact your local Volvo CE dealer today to explore these options for improving both sustainability and your bottom line.
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Roshn Group has announced the opening of sales for Warefa, its new mixed-use residential community in Riyadh. The project is said to place residents at the centre of the city’s new growth story and is within easy reach of the capital’s key locations.
Building on the success of Roshn’s flagship Sedra development, Warefa will offer Saudi residents high quality, integrated living in the rapidly developing district of Al Janadriyyah. To support the Warefa community and facilitate property ownership, Roshn has inaugurated a dedicated sales centre, located in the eastern part of Riyadh. It features a detailed model of the project and various interactive technologies to showcase the community, units, and facilities.
In addition, there are dedicated offices and representatives of local banks within the sales centre. These bank representatives play a crucial role in providing financial planning services to customers, ensuring that their financial budgets align with the available options. They also offer advice on suitable payment methods and future commitments. Their role extends to assisting sales advisors by providing insights into the amount a customer is willing to pay, ensuring that Roshn customers get precisely what they need and can afford. Furthermore, they facilitate the home financing process in the most convenient way possible, the developer explained.
Roshn’s goal is for the centre to be a comprehensive, one-stop shop, addressing all customer needs and providing the best services to facilitate long-term property ownership. Customers can schedule a visit to the center through the website.
Warefa will offer 1,609 units for the first phase of the project, varying between villas, townhouses, and duplexes will be available for purchase, all supported by Roshn’s mix of civic amenities and attractive public spaces.
Developed over six neighbourhoods – and set over 1.4m sqm – 11% of Warefa’s total footprint is also dedicated to open and green spaces, with an accent on fine landscaping and close proximity to recreational facilities.
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Saudi Arabia Railways (SAR) has launched hydrogen train tests in the Kingdom, following the signing of an agreement with Alstom. It will conduct the operational tests and studies necessary for preparing the train for the extremes of the Kingdom’s environment, in readiness for future entry into service.
The early works are in compliance with the memorandum of understanding signed by the Ministry of Energy and SAR, on 20 January 2022.
Trials started this October, and SAR emphasised that such trains are the first to be used in the Middle East and North Africa region.
Minister of Transportation & Logistics and SAR Chairman, Eng. Saleh Al-Jasser, said the step is part of the objectives of the National Transport and Logistics Strategy and wider plans to move to a more sustainable transport system that adopts the latest smart technologies.
He added that SAR is committed to its leading role in achieving the Saudi Green Initiative, stemming from the Saudi Vision 2030, which stipulates increasing the Kingdom’s reliance on clean energy, reducing carbon emissions and protecting the environment.
SAR CEO, Dr Bashar Al-Malik, commented on the company’s commitment to implementing initiatives that align with the National Transport and Logistics Strategy, noting that the hydrogen train is one of the most important innovations in sustainable transport – since the energy needed for the operation and movement of these trains is generated without emitting carbon.
The certified trials of hydrogen trains began in 2018 in Germany and continued until 2020. Commercial operations, limited to passenger transport, then commenced in 2022.
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