MERED has officially announced its entry into the UAE market, choosing Dubai as its headquarters for crafting exclusive and opulent destinations. With a dedicated team of industry experts, artisans, and craftsmen, MERED is focusing on delivering human-centric experiences, environmental sustainability, cutting-edge technology, and  design and architecture.

Dubai, known as one of the world’s fastest-growing cities, has been selected as the home for the international real estate developer ambitious projects. The company’s core mission is to create luxurious places that not only enhance people’s lives but also stand the test of time in terms of both value and building quality. MERED’s commitment to excellence has attracted global attention, and it aims to transform each real estate asset into a timeless masterpiece cherished by generations of buyers.

The ultra-luxury real estate sector in Dubai is experiencing a remarkable resurgence this year, setting unprecedented records on a global scale. According to data from the Dubai Land Department, the first half of 2023 witnessed apartment sales more than doubling, with a year-on-year growth rate of 63% over 2022. A total of 46,166 apartments were sold, amounting to a staggering AED 92.5 billion. Notably, the five most expensive apartments sold during this period ranged from AED 78 million to a staggering AED 410 million, with Dubai Marina continuing to feature prominently in this exclusive list. The prices of super-luxury apartments continue to rise quarter by quarter, with the fifth most expensive apartment of Q1 2023 being sold at AED 65 million, compared to Q2’s AED 78 million apartment sale.

In conjunction with its launch, MERED is preparing to unveil its flagship project in Dubai Internet City, the region’s premier technological hub, seamlessly connected to Dubai’s major attractions, including Palm Jumeirah, Dubai Marina, Mall of the Emirates, and Jumeirah beaches.

This cutting-edge development, designed by the renowned architectural firm Pininfarina, will showcase world-class architecture and amenities that align with MERED’s visionary approach to the city.

Pininfarina originally began in the automotive world over 90 years ago, collaborating with iconic car brands such as Ferrari and Alfa Romeo. Today, it has evolved into a sought-after architecture and lifestyle design house, setting global standards for Italian design aesthetics.

With a portfolio of award-winning projects around the world, including Brazil, Spain, Singapore, Florida, and Washington, Pininfarina is set to create a breathtaking architectural icon on Dubai’s skyline in partnership with MERED.

Ramil Guliev, CEO of MERED, expressed his excitement about the company’s launch in the UAE, a region known for its forward-thinking innovation and grandeur. He emphasized MERED’s dedication to building excellence and delivering unparalleled living experiences, stating: “Our projects are not just buildings; they are unique places designed around the aspirations and needs of our discerning customers, reflecting our genuine care about the long-lasting impact on the community and the city.”

Guliev added: “As we embark on this journey, MERED envisions exponential growth, driven by our unwavering dedication to our customers and to the vision of Dubai. With our team’s focus and history of exceeding expectations, we aim to reshape the country’s luxury real estate landscape and leave a lasting legacy of extraordinary living experiences.”

MERED’s announcement marks a significant development in Dubai’s real estate sector, promising a new era of opulence, innovation, and architectural excellence. More details about MERED’s flagship project and future endeavors are expected to be revealed soon, further fueling anticipation for the company’s transformative impact on the UAE’s luxury real estate landscape.

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Plans to establish the ‘Global Water Organisation’ have been announced by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, the Crown Prince and Prime Minister of Saudi Arabia. The organisation will aim to integrate and enhance the efforts made by governments and organisations in securing global water sustainably, and will have its headquarters in Riyadh.

According to a report by the Saudi Press Agency, one of the organisation’s most important goals is to establish quality projects and facilitate their financing, in an effort to ensure the sustainability of water resources and to enhance access to them for all. It also plans to exchange expertise, advance technology, foster innovation, and share research and development experiences. Moreover, it will promote the establishment and funding of high-priority projects, ensuring the sustainability of water resources and their accessibility for everyone.

The report noted that, over the years, the Kingdom has spent over US $6bn on a number of water and sanitation projects covering four continents, highlighting its notable achievements in water production, transportation, and distribution, leveraging locally developed innovative solutions.

On 6 September 2023, Big Project Middle East will host its inaugural Future of Water Summit at the Habtoor Grand Resort, JBR, Dubai. Registration is complementary but mandatory for industry professionals. Click here to register.

According to senior Saudi officials, these achievements have been internationally recognised. “Additionally, Saudi Arabia plays a key role in ensuring that global water issues remain a top priority on the international agenda,” they stated.

The organisation aims to collaborate with countries facing water-related challenges and those prioritising such projects on their national agendas. This collaboration will also involve countries with significant expertise and contributions to water solutions. Such cooperation becomes even more vital with projections of the global water demand doubling by 2050, in light of the anticipated growth of the world population to 9.8bn, the officials noted.

The Kingdom, with all of the organisation’s member countries, seeks to contribute to achieving the water security-related sustainable development goals, creating an integrated and long-lasting impact by bringing the international community together to ensure global water sustainability for humanity, the report explained.

By initiating the establishment of the organisation, Saudi Arabia is said to be showcasing its commitment to addressing global water supply challenges. The initiative is aligned with Saudi Arabia’s dedication to environmental sustainability.

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In response to the underreported but fast-growing global water challenges, the Big Project Middle East (BPME) editorial team has announced that water efficiency in the built environment will take centre stage at its forthcoming Future of Water Summit (FOW Summit).

The summit is scheduled to take place on 6 September 2023 at the Habtoor Grand Resort, JBR, Dubai; registration is complementary but mandatory for industry professionals. Click here to register, spaces are extremely limited.

The event has officially been endorsed by the Dubai Supreme Council of Energy and Chartered Institute of Building (CIOB).

Other topics that the FOW Summit will focus on include: governance on water usage in the built environment and progress on regional water management strategies; strategies and tactics cities and structures can use to capture water from other sources (rain/humidity); enhancing water security; public and private sector projects to enhance water security (desalination facilities etc); technology that can boost water efficiency and conservation efforts; greywater reuse in structures; water distribution networks and technology to enhance their efficiency; wastewater treatment plants and sewage networks. Read more about the agenda here.

“I’m pleased to confirm that 23 senior executives are confirmed to speak at our inaugural Future of Water Summit on 6 September. The agenda covers a broad array of topics connected to the central themes of water security and resilience, which are critical topics that unfortunately do not get the attention they deserve. We’re hoping to highlight and debate a number of key issues, and hope to spur far reaching debate and collaboration,” says Jason Saundalkar, Head of Content, Big Project Middle East.

The event is being sponsored by:

Bronze Sponsors: Atkins and Thinkproject
Supporting Partners: Culligan, Hansgrohe and Polypipe
Hydration Partner: Wisewell
Endorsed by: CIOB, Dubai Supreme Council of Energy

Read more about the Future of Water Summit by clicking here.

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Acube Real Estate Development has announced its entry into Dubai’s property market with the launch of Adhara Star, a 17-storey luxury tower, the first of several luxury residential developments being planned within the next three years.

The firm is a new subsidiary of Acube SFO DMCC, a single-family owned group of companies, with over 20 years’ global commercial and residential development expertise, including major construction projects throughout the GCC. Acube is on a forward trajectory to develop and sell one million sqft of residential property in Dubai by 2025, with Adhara Star tower being the first of two developments being announced in 2023.

Ramjee Iyer, Chairman and Managing Director of Acube Real Estate Development said, “Our mission is to create exceptional living spaces that transcend the ordinary, enrich lives and reshape the concept of modern living, infused with innovation and guided by sustainable practices; we are dedicated to crafting developments that mirror our unwavering commitment to excellence and integrity. We have a deep understanding of global real estate dynamics along with a strong vision for our role in Dubai’s continued transformation towards better, smarter, more sustainable developments.”

The group’s debut project, Adhara Star, comprises 113 fully furnished luxury one-, two- and three-bedroom units and retail spaces, is set for handover by Q1 2025. Located within the Arjan community – Al Barsha South, it will be the developer’s first tower and epitomise the group’s commitment to style, quality, and affordability.

“The 17-storey vastu-compliant tower offers fully furnished units with the finest materials and fixtures including high quality porcelain and ceramic tiling, Bosch whitegoods, as well as Roca sanitary ware for the bathrooms. Adhara Star offers residents all the amenities of community living, with dedicated facilities including pools, basketball court, padel tennis court, jogging track, indoor and outdoor gyms, sauna, jacuzzi, steam room, yoga room, BBQ, kids’ playground, and a Japanese garden,” added Iyer.

He concluded, “As Dubai’s growth momentum and its appeal as one of the happiest, safest cities in the world continues to attract global property buyers, we will see demand for high-quality, well-built residential units remain high. This gives us the opportunity to demonstrate our capability and to amplify Dubai’s urban evolution through the creation of spaces that reflect the essence of luxury, functionality, and elegance.”

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Abu Dhabi-based developer Aldar Properties has launched Gardenia Bay, an extensive residential community on Yas Island. The development features 2,434 homes with a mix of studios, one-, two-, and three-bedroom apartments.

Construction of the first phase of Gardenia Bay, located opposite Yas Park, will begin in Q1 2024, with handovers expected in Q2 2027.

Approximately 210 of the community’s homes will be made available to buyers in the first phase of the development, starting from 8 September. Aldar says the residential community aims to connect residents with nature and brings urban tranquility and waterfront living into Yas Island.

Buildings will be oriented to maximise shade and reduce heat, with additional cooling from water features and significant emphasis on landscaping and planting selection.

There will also be community activities and amenities across the development, courtesy of ‘The Bay View’, a social clubhouse with co-working spaces and outdoor working pods, community farming, zen gardens, barbecue areas, educational kids’ play areas, an amphitheatre, and an urban beach club.

Chief Commercial Officer Rashed Al Omaira said, “In response to the growing demand for sustainable and wellness-focused communities, we are delighted to unveil Gardenia Bay, our latest product offering, building on wellness, nature and the best of waterside living on Yas Island. Residents at the development will enjoy varied urban amenities and facilities, and most importantly, a sense of community that we believe will pique the interest of existing and new customers.”

Residents will have a central amenity building and secondary amenities, including a gymnasium, cycling and jogging tracks, a café, and a multi-purpose area. A mosque will also be built to accommodate over 2,000 worshippers.

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Abu Dhabi International Airport has announced that its new terminal – Midfield Terminal Building or Terminal A – is to begin operations in early November of this year.

The opening of the facility will mark a significant milestone for the emirate. It has the potential to transform the local aviation ecosystem, strengthen Abu Dhabi’s growing reputation as a destination of choice for travellers, and further boost its position as a global hub for trade and business, according to Abu Dhabi Airports.

Covering 742,000sqm of built-up area, Terminal A is among the largest airport terminals in the world and will significantly increase Abu Dhabi International Airport’s passenger and cargo capacity. Once operational, the new terminal can accommodate up to 45m passengers per year, process 11,000 travellers per hour, as well as operate 79 aircraft at any given time.

“As Abu Dhabi’s new gateway to the world, Terminal A is an embodiment of Abu Dhabi Airports’ commitment to support the emirate’s sustainable economic development. The opening of the facility, which is on par with the largest and grandest on our planet, turns over a new page in Abu Dhabi’s 55-year aviation history. A beacon of modernity and sophistication, it be a will be a pivotal driver for our emirate’s growth by spurring tourism and trade,” said His Excellency Sheikh Mohammed bin Hamad bin Tahnoon Al Nahyan, Chairman of Abu Dhabi Airports.

Equipped with the latest technologies, Terminal A boasts a range of interconnected biometric systems that will invite passengers to enjoy the speed and comfort of a seamless, digitised journey from pre-travel to boarding gate, facilitated by self-service kiosks, streamlined security checkpoints and state-of-the-art baggage handling systems, Abu Dhabi Airports explained.

Blending modern, lightweight aesthetics with functional brilliance, the building’s glass exterior maximises natural light, while creating a monumental civic space inside the terminal. In line with the UAE’s sustainability aspirations and targets, the building features energy-efficient lighting, advanced Heating, Ventilation and Air-Conditioning (HVAC) systems and has incorporated sustainable materials in its construction, it added.

As a major step towards realising Abu Dhabi Airports’ commitment to limiting its operational carbon footprint, a fully integrated solar photovoltaic system on Terminal A’s car park roof is currently powering a three-megawatt (MW) solar photovoltaic (PV) plant saving nearly 5,300T of CO2 annually.

Elena Sorlini, Managing Director & Interim CEO added, “Terminal A underscores our dedication to providing our international passengers and partners with a premium airport experience. The terminal exemplifies our commitment to excellence and offering exceptional services that meet the evolving priorities of today’s travellers. Through leveraging the latest technologies, Abu Dhabi’s reimagined airport experience will offer a seamless passenger journey, fostering connectivity, interactions, business, trade and tourism, all of which are essential elements in strengthening Abu Dhabi’s position on the world stage.”

The terminal will feature an array of amenities, including luxurious lounges, relaxation zones, and spa facilities, where travellers can rest and rejuvenate before or after their flights. With 163 retail and food and beverage outlets catering to a wide variety of tastes and preferences, the retail offering within Terminal A will appeal to both leisure and business travellers.

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Alantra, an independent global mid-market financial services firm headquartered in Spain, has opened a new office in Dubai International Financial Centre (DIFC) to provide investment banking services to its clients in the region, further strengthening its global reach via deep, local market penetration.

The global firm, which has received authorisation from the Dubai Financial Services Authority (DFSA) to conduct financial services within and from DIFC, comprises over 650 professionals across 25 offices in 22 countries.

Alantra’s move to the region is strategic, and DIFC will provide the firm with direct access to diverse trade and investment opportunities within emerging markets, as well as access to top talent from across the world. This will broaden the firm’s regional offering with a robust team of sector-specific experts.

Saad Ashraf has been appointed as the Senior Executive Officer (SEO) of Alantra DIFC and has been entrusted with the job of spearheading the firm’s operations and growth strategies in the region.

Alantra initiated its coverage of the Middle East at the end of 2021, mainly focusing on the maritime and offshore sector through its Maritime and Shipping team based in Athens, which will now also be based in the DIFC, having executed approximately 20 deals worth over $1bn in the region.

Commenting on the Dubai initiative, Saad Ashraf said, “DIFC was a natural choice for Alantra when we decided to set up our investment banking activities in the Middle East, given Dubai’s strategic location, top-notch infrastructure, and availability of specialised talent. We have also domiciled and relocated a significant part of our global Marine & Shipping Investment banking sector team to DIFC in light of the region’s strong relevance for this growing sector. We believe that our specialisation in key sectors such as FIG, consumer, real estate, healthcare & technology will add meaningful value to our clients’ strategic objectives.”

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Dubai master developer Emaar has said that its board of directors is developing a long-term expansion plan which will encompass the next 15 – 20 years. The plan will specify new projects in the pipeline, as well as fresh countries and markets targeted for expansion.

Mohamed Alabbar, Founder of Emaar Properties and noon.com, highlighted how the UAE’s highly competitive economy and its stable and optimal investment landscape for both investors and business leaders is based on its visionary leadership directives.

He emphasised that the country’s leadership has consistently prioritised enhancing the business environment to attract investors of varying scales and sectors, a strategy that has borne substantial fruit for enterprises such as Emaar Properties, noon.com and Americana.

Alabbar highlighted Emaar Properties’ positive financial performance during H1 2023, driven by the thriving national economy and the upward trajectory seen across the real estate and tourism sectors.

He anticipated that Emaar Properties would continue to achieve favorable financial results in the upcoming quarters, supported by a strong sales track record, indicating sustained growth.

As a next step, the investors will submit a proposal to Emaar Properties’ Board of Directors to discuss increasing dividends for shareholders in 2023, in line with the company’s commitment to shareholder rights, he added.

Regarding noon.com, there are no current plans for noon to go public or list shares on financial markets; such a step will, however, be taken into consideration in the future, especially as the Arab world is in need of a publicly listed e-commerce entity.

Mohamed Alabbar also underscored noon’s proven six-year track record, marked by growth across various sectors. He added that “noon Minutes”, a fast e-commerce delivery service, and “noon Food”, a food delivery service, have gained significant traction in Dubai, Abu Dhabi, Sharjah, and Saudi Arabia since its launch a year ago.

Also the Chairman of the Board of Directors for Americana Restaurants, Mohammed Alabbar then underscored how the company’s listing of its shares on the Abu Dhabi and Saudi Arabia stock markets signified a monumental turning point in its history. This achievement followed its significant growth, establishing the company as a premier entity across the Middle East, North Africa, and Kazakhstan.

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Heavy Engineering Industries & Shipbuilding Company (Heisco) said that its Saudi-based unit has secured a US $133mn contract to provide main civil and mechanical construction works for a major project for Saudi oil firm Aramco.

The contract was awarded by Engineering for the Petroleum and Process Industries (Enppi), the main contractor of the overall project. The entire project work will be completed within a 28-month period, it stated.

In its filing to Boursa Kuwait, the Kuwait headquartered firm said the project is related to the installation of C3/C4 refrigeration units and storage tanks at Juymah in the Saudi industrial city of Ras Tanura.

A major engineering, procurement and construction (EPC) contracting company based in Kuwait, Heisco caters to a diversified range of businesses, including oil and gas, petrochemicals, power, pressure equipment manufacturing, shipbuilding and repair, dredging and marine construction, civil construction and maintenance as well as other industrial services including heavy industry projects.

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Construction of the fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park (MBR Solar Park) is said to be moving at a steady pace. According to the Dubai Electricity and Water Authority (DEWA), work on this phase is likely to be complete in Q1 next year. Once complete, the fourth phase of the project, which has a capacity of 950MW, will provide clean energy to over 320,000 homes, DEWA said.

Sharing an update on the MBR Solar Park, DEWA said the first phase has been fully completed, covering 100% of the 100MW from the solar tower, 200MW from the parabolic basin complex, and 217MW from photovoltaic solar panels. The second phase, with 200MW from the parabolic basin complex, is 98.5% complete, while the third phase comprising 200MW from the parabolic basin complex and 33MW from photovoltaic solar panels, is 87.1% ready.

The project is being implemented by Noor Energy 1, a consortium comprising DEWA and Saudi utility developer Acwa Power along with the Chinese Silk Road Fund.

Saeed Mohammed Al Tayer, MD & CEO of DEWA, inspected the work progress on the fourth phase of the MBR Solar Park. “The commissioned solar energy projects within the park currently total 2,427MW, contributing to approximately 16.3% of Dubai’s energy mix. This percentage will increase to 24% by 2026 upon the completion of the sixth phase and the ongoing construction of subsequent phases,” stated Al Tayer.

According to Al Tayer, the fourth phase of the solar park uses three hybrid technologies to produce clean energy: 600MW from a parabolic basin complex (three units of 200MW each), 100MW from the world’s tallest solar power tower at 262.44m (based on Molten Salt technology), and 250MW from photovoltaic solar panels.

During his visit, Al Tayer was also briefed by Noor Energy 1 officials on the work progress in the fourth phase, which is the largest single-site project that combines Concentrated Solar Power (CSP) and photovoltaic technology. Al Tayer was accompanied by Nasser Lootah, Executive Vice President of Generation; Hussain Lootah, Executive Vice President of Transmission Power; Yousef Jebril, Executive Vice President of Power, Water & Planning; Mohammad Jame, Acting Vice President of Clean Energy and Diversification, as well as other DEWA officials.

DEWA and the Acwa Power-led consortium, established Noor Energy 1 as a project company to design, build, and operate the fourth phase of the MBR Solar Park. DEWA holds a 51% stake in the company, while Acwa Power holds 25%, and the Chinese Silk Road Fund owns 24%.

Al Tayer explained, “So far, 717MW have been commissioned from this phase, which will have the largest thermal storage capacity in the world of 15 hours, allowing for energy availability round the clock. The fourth phase will provide clean energy for around 320,000 residences and reduce 1.6m tonnes of carbon emissions every year.”

The fourth phase included the installation of more than 790,000 photovoltaic solar panels and more than 63,600 parabolic trough collectors (PT). The project integrates 70,000 mirrors (heliostats) that track the sun’s movement, he concluded.

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