According to intelligence platform ABiQ, over US $41bn worth of leisure and entertainment projects are underway across the Middle East. After a few difficult years the leisure and entertainment industry, particularly in the GCC, is now regaining the growth momentum, the report noted.

“Looking back, I’d like to phrase 2022 as the grand reopening for the entertainment sector, the journey from the ‘new norm’ to the ‘back to norm’,” said Fernando Medroa, Vice President – Entertainment & Hotels for Kuwait-based Alshaya Group.

He added, “In Kuwait we’ve noticed a shift in seeking entertainment locally therein intensifying efforts by both public and private sector entities through initiatives such as Winter Wonderland, Cirque du Soleil, Disney on Ice, Disney Princesses and Shrek making appearances in the country.”

Commenting on Bahrain’s leisure and entertainment industry, Mohammed Khalifa, Manager, Seef Entertainment commented, “the average revenue generated by the entertainment sector ranges between $15.9mn to $21.2mn annually, and this by a country with a population of 1.7m.”

In late January 2023, Saudi Arabia’s new Event Investment Fund said it would develop 35 venues by 2030 and, in early February 2023, Majid Al Futtaim Entertainment opened Snow Oman.

Bahrain attracts significant tourist numbers with a target to attract 14.1m tourists by 2026 as part of the Kingdoms’ Economic Recovery Plan. This is expected to fuel more leisure and entertainment focused offerings, the report stated.

“Indoor entertainment centres in good locations are recording robust performance and have in most cases exceeded pre-Covid levels already. Less attractive locations have not fared quite as good,” explained Silvio Liedtke, CEO, Landmark Leisure.

He added, “Overall, longer dwell time and rise in spending indicate growth meaning customers who make their way into entertainment spaces spend more time and money than pre-Covid in the same locations. The indoor leisure and entertainment market in the GCC is at inflection point. Disruptors like VR and AR, strong IP-led product ranges and social entertainment are changing the landscape of our industry leading to a vibrant and dynamic market with new ideas, innovations and new concepts springing up almost daily.”

“It’s certainly an amazing time to see the creativity and diversity at play. Landlords are keen to fill their malls with more than just retail. The choices for customers are now enormous and will continue to grow. This of course puts pressure on the traditional FEC model to stay relevant and profitable, particularly given cost pressures on rents, utilities and staff, coupled with inflationary pressures on the asset purchasing front,” he concluded.

In early February 2023, Miral opened the Yas SeaWorld Research & Rescue facility.

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Saudi Arabia’s Municipal, Rural Affairs and Housing Ministry has announced that all new residential buildings across the Kingdom will only receive approval if they include earthquake resistant designs.

The new instructions were issued by the ministry to its affiliated agencies and engineering offices for new residential buildings in various regions and governorates across the country, it has been reported.

The ministry said it is keen to ensure and enforce the construction of quake-resistant, sustainable and safer buildings, adding that the move is in line with the implementation of the Saudi Building Code and its amendment through two royal decrees.

In early October 2022, the DGDA and NHC said they would collaborate on mutual areas that serve the housing sector and, in early November 2022, Dar Al Arkan said it completed Saudi Arabia’s first 3DCP villa.

Moreover, the ministry has now included these specific amendments for earthquake resistance within the new Saudi Building Code Application Law.

Typically, the phrase ‘earthquake resistance design’ has referred to the use of a stronger core framework for the building – extending vertically and horizontally from floor-to-floor, as well as deeper and stronger foundations on any property exceeding four floors in height.

The more advanced use of insulated foundations, ‘floating’ in a gimble-type design, is typically only used for skyscrapers, but there is ongoing debate in the Kingdom – and elsewhere in the GCC – that it should become mandatory for all new properties with a height exceeding 150m.

In mid February 2023, Doosan Bobcat said it would provide $1mn worth of equipment to help earthquake relief efforts.

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The Saudi Ports Authority (Mawani) has signed an agreement with Jeddah Chamber of Commerce and Industry to set up an integrated logistics park at Al Khumrah in the south of Jeddah, at a total cost of US $266mn.

In a statement, Mawani said that the key facility comprises of three zones that include shared warehouses, medium-sized storage yards, and single warehouses, as well as large storage yards and on-demand warehouses.

In addition, the logistics park will have dedicated administrative, commercial, and residential use areas, as well as a one-stop services centre. Mawani added that the various zones will fulfill the needs and requirements of importers and exporters with regards to multipurpose cargo, chilled and frozen goods, food commodities, and fragile goods. The highest standards of safety and efficiency will be maintained, it continued.

“The park offers move-in-ready warehouses, storage yards, re-export zones, custom storage, logistics amenities, commercial units, residential units, and staff accommodation in addition to state-of-the-art infrastructure like roads and green spaces as well as a host of other essential services,” a company spokesman said.

In late December 2022, it was announced that an integrated Metal Park will be developed at Khalifa Economic Zones Abu Dhabi and, AD Ports Group signed an offshore logistics deal with the Kazakh National Oil Company subsidiary.

He added that the logistics development will further bolster Mawani’s role as a key player in the national transportation ecosystem and boost its drive to position the kingdom as a global logistics destination.

“This in line with the ambitions of the National Transport and Logistics Strategy (NTLS), alongside realising the outcomes of the National Industrial Development and Logistics Program (NIDLP) that aim to transform Al Khumrah into a world-leading platform for logistics and supply chain activities,” he stated, adding that it has been designed for optimum asset utilisation.

The park is predicted create over 10,000 direct and indirect job opportunities in the logistics sector, and  will strengthen Jeddah Islamic Port’s position as a major maritime hub that delivers top-tier services and increased throughput capacity, the statement concluded.

In mid February 2023, Mawani and Maersk broke ground on a $346mn logistics park.

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Estative, which is billed as a first-of-its-kind real estate platform, is primed to launch in Dubai. Designed to act as a ‘pivot’ in the world of real estate marketing, Estative is said to be the world’s only real estate social media platform, combining all social media marketing tools – including technical and visual content, podcasts and social influencers – enabling it to be at the service of the real estate market.

The launch of the Estative platform will be a key element in the The Estative Real Estate Conference and Exhibition, a regional industry event held in Dubai, which aims to introduce investment opportunities that may otherwise have gone ‘under the industry’s radar’.

The event will cover many areas relevant to real estate professionals and investors, including investment trends in major markets around the world and exploration of new markets. It will also enable the building of communication bridges between industry stakeholders including real estate developers, brokers, investors, design, construction and building material companies.

In late February 2023, Al Andalusia entered Dubai’s residential real estate market and, Sobha Realty launched Verde by Sobha in Dubai’s JLT district.

On the new platform, CEO Ayham Jbara said, “The launch of Estative comes at a time when the real estate market is very much in need of new investment opportunities that align with current market conditions in local and global markets alike. Our vision is to revitalise the real estate industry by offering products that address current challenges, by future-proofing our businesses and industry, and by enabling confidence in the industry as a whole.”

The conference and exhibition will also create an interactive climate that will offer the opportunity for government sector entities to meet and network with real estate investment professionals in the private sector; an opportunity intended to lead to positive impact on the real estate scene in the short and medium term.

Jbara concluded, “It will bring together developers and brokers and potential clients from all over the world, and will act as a meeting point for hundreds of prominent regional and international stakeholders.”

In late February 2023, W Capital’s CEO said that the Golden Residency Visa could boost Dubai’s real estate sector.

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In his capacity as the Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, has issued directives to allocate 8,500 land plots to Emirati citizens in the Al Yalayis 5 area.

These plots, which are spread over an area of 120m sqft are being handed over to key beneficiaries of a national housing programme.

The first phase of allocation of land plots will begin immediately (slated for 28 February). Citizens who have received the approval of the Mohammed bin Rashid Housing Establishment are eligible to obtain land plots.

In mid September 2022, Sheikh Hamdan launched an integrated housing plan for Dubai nationals and, in early January 2023, Bahrain invited developers to bid for the construction of 700 residential units.

The development of the Al Yalayis 5 area is designed not only to provide high-quality housing, but to encourage and facilitate recreation and wellness. It will include 10km of green areas for walking and sports activities, as well as a gym and cycling and running tracks. These tracks will use the latest technologies to offer ideal conditions for exercise and are located in a purpose-designed enclave secluded from traffic.

The area will also evolve into a complete mixed-use community, offering a range of high-quality entertainment and retail offers. It is being developed as an integrated, ‘greenfield’ site and is one of a planned series of housing opportunities being offered to nationals by the UAE government.

In late January 2023, Saudi’s PIF and Samsung C&T partnered to develop construction tech and modular housing.

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The Government of Ras Al Khaimah (RAK) intends to launch the ‘world’s first free zone dedicated to digital and virtual asset companies’. RAK Digital Assets Oasis will be a purpose-built, true innovation-enabling free zone for non-regulated activities in the virtual assets sector, RAK said.

According to a statement, the free zone is intended to be the only free zone in the world solely dedicated to digital and virtual assets service providers innovating in new and emerging sectors of the future including metaverse, blockchain, utility tokens, virtual asset wallets, NFTs, DAOs, DApp, and other Web3-related businesses.

RAK Digital Assets Oasis will open for applications in the second quarter of 2023, it added.

“We are proud to further the UAE’s position as a primary destination for innovation with the launch of RAK Digital Assets Oasis. We are building the free zone of the future for the companies of the future. As the world’s first free zone solely dedicated to digital and virtual asset companies, we look forward to supporting the ambitions of entrepreneurs from around the world with our progressive, supportive, and quick-to-adapt approach, and our innovation-enabling environment,” said Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, Chairman of RAK ICC and Chairman of RAK Digital Assets Oasis.

In early December 2022, KEZAD Communities and EAJ merged to form a new $1.9bn staff accommodation company.

Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, Chairman of RAK ICC and Chairman of RAK Digital Assets Oasis

Making the announcement, Dr. Sameer Al Ansari, CEO of RAK ICC and CEO of Digital Assets Oasis stated, “I’m privileged to help implement the forward-thinking vision of the leadership of Ras Al Khaimah to enable, foster, and promote innovation in new and emerging sectors of the future. With the UAE’s established reputation as an innovation hub, RAK Digital Assets Oasis delivers a truly unique offering to global entrepreneurs bringing together an unmatched combination of accessibility and liveability, supported by Ras Al Khaimah’s business-friendly infrastructure, progressive policies, and an international lifestyle offering.”

Ras Al Khaimah has established a reputation as a global business-friendly hub with political stability, a progressive, supportive, and quick-to-adapt approach, and an innovation-enabling environment in a strategic time-zone that fills the gap between financial centres in the West and the East, the statement noted.

RAK Digital Assets Oasis’ unique lifestyle proposition will support companies with robust, innovation-enabling adoption frameworks, advisory and professional services, hybrid workspaces, accelerators and incubators, sandboxes, access to funding, and an environment that encourages entrepreneurs to imagine, create, and evolve, it added.

Dr. Al Ansari remarked, “We look forward to welcoming the world’s brightest Web3 minds with their most disruptive ideas that uncover new approaches to creating a better future. We are committed to empowering the next generation of global entrepreneurial talent to build transformative solutions and create impact, while shaping the future of businesses and economies.”

In late December 2022, Hassana said it had invested in JAFZA.

Dr. Sameer Al Ansari, CEO of RAK ICC and CEO of Digital Assets Oasis

The free zone aligns with the UAE’s position as a primary destination for innovation. RAK Digital Assets Oasis will be a remote-work friendly, globally connected destination for digital and virtual asset companies building innovative business models for the future that will be well positioned to tap into the region’s emerging markets, the statement concluded.

In late January 2023, a Knight Frank report showed Grade A warehouse lease rates were continuing to rise.

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The Dubai real estate sector is expected to benefit from the impact of the 65,000 people who recently received the Golden Visa, according to Walid Al Zarooni, CEO of Dubai-based real estate brokerage W Capital.

He added that global research indicates that Dubai is expected to attract a large share of the citizenship market through global investment, which is expected to grow five-fold to $100bn by 2025.

Walid Al Zarooni added that ‘golden card holders’ are always potential investors for Dubai real estate, and each of them may be planning to buy a family property. This means potentially huge economic returns on the golden card, resulting from the activity of multiple sectors such education, consumer expenditure and health.

He said, “Dubai is keen to enhance its population growth through various measures and attract investors with high net worth and skills, which will have a positive impact on the real estate sector in the medium term and enhance the demand for luxury housing categories.”

In late July 2022, Madhav Dhar, Co-Founder and COO of ZāZEN Properties said that people have realised that if and when a new pandemic hits, or if there is economic or political turmoil, Dubai is the best city to be in and, in mid February 2023, a new Deloitte report said it anticipated growth across residential and commercial sectors in 2023 in Dubai and Saudi Arabia.

He said the goal of the UAE Golden Residency Visa, like other types of visas, is to attract independent entrepreneurs and business talents, to enhance the local economy, support diversity and economic growth, and attract exceptional minds and talents to be permanent partners in the UAE development process. This vision will work to improve the UAE’s position as a global incubator for innovation and talent.

Another factor is that the length of the residency period encourages real estate tenants to buy their property outright, because, for example, when calculating the total value of the rent paid to lease a residential unit over 10 years, whether an apartment or a villa, it is close to the price of owning the unit itself. Hence, it is preferable to buy the unit, which is also a good investment and can be recovered at any time.

Moreover, investors can obtain a Golden Visa upon full ownership of a property with a value of not less than US $540,000, and there is the added advantage of being able to buy the property via a dedicated loan from a specific group of UAE banks, potentially simplifying and speeding up the whole process.

In late February 2023, Q Properties said the latest phase of Reem Hills has sold out.

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Baynouna Solar Energy Company (BSCE) has announced the opening of its new 200MW solar park in Amman, Jordan. According to BSCE, the Baynouna Solar Park is the largest clean energy project in Jordan and will produce over 560GW/h of energy annually, which is enough to power 160,000 homes.

BSCE is a joint venture (JV) between Abu Dhabi-based renewable energy company Masdar and Finnish investment and asset management group Taaleri.

The firm said the project was developed through a power purchase agreement between Masdar and National Electric Power Company, Jordan’s state electricity provider. It noted that the solar park will displace 360,000 tonnes of carbon dioxide per year, equivalent to taking nearly 80,000 cars off the road.

The project was inaugurated in the presence of Bisher Al-Khasawneh, Prime Minister of Jordan, and was attended by Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, COP28 President-Designate, and Chairman of Masdar; Dr Saleh Al Kharabsheh, Jordan’s Minister of Energy and Mineral Resources; and Sheikh Khalifa Bin Mohammed Bin Khalid Al Nahyan, UAE Ambassador to Jordan. The ceremony was also attended by other high-level officials from the government of Jordan and senior executives from Masdar, the statement noted.

In early February 2023, ILF was awarded the consultancy contract for three solar PV projects in Saudi Arabia.

“In partnership with the Jordanian government, the Baynouna Solar Park will contribute to Jordan’s climate targets, provide access to clean energy, create jobs and ensure economic growth. Along with our other project here – the Tafila Wind Farm – Masdar is already helping Jordan to produce 29% of its electricity from renewable sources and will support its goal of increasing that to 50% by the end of the decade,” said Al Jaber.

He continued, “Ambitious, transformative partnerships like these are precisely what we need if we are to deliver on the promise of the Paris Agreement and continue to ensure that we are holding back emissions, not progress. COP28 will focus on moving from goals to implementation, with a clear focus on demonstrable action on mitigation, adaptation, loss and damage, and finance, as we aim to keep the objective of limiting global warming to 1.5 degrees alive.”

Financial institutions that supported the project include the International Finance Corporation (IFC), the Opec Fund for International Development (OFID), the KfW Group’s DEG, and the Japan International Cooperation Agency (JICA).

Al Kharabsheh remarked, “We are focused on developing local energy sources to achieve energy security, enhance self-reliance and limit the effects of climate change. If we look at the world today, we see that renewable energy, especially solar and wind energy, are the fastest growing and widespread renewable energy sources and the time has come to maximise the benefits of renewables.”

In early February 2023, Masdar opened an office in Baku in support of Azerbaijan’s renewable energy sector.

Al Ramahi expressed delight at witnessing the inauguration of this project, which is billed as one of the fruits of Masdar’s long collaborative partnership with Jordan. He commented, “We stand ready to support Jordan in its energy transition and will look to increase our presence in the Kingdom through the development of further clean energy projects that will drive economic growth for the nation.”

Taaleri Group CEO Peter Ramsay remarked, “We are very excited to be inaugurating the largest solar park in Jordan. This impressive project is a testament to the strength of cooperation between Masdar and Taaleri, two pioneers who have been active in the renewable energy field for a long time. We are proud to advance our common global climate change mitigation goals together with our partners and investors.”

The statement also highlighted that Masdar also operates the 117MW Tafila Wind Farm, which was completed in 2015 – and is said to be the first commercial utility-scale wind project in the Middle East.

In late February 2023, SirajPower said it would deploy its Solar Hybrid solution to a Halwan Crusher project site.

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Outdoor experiential hospitality company Collective Retreats has reached an agreement with Neom, to open a next-generation, ultra-sustainable retreat in Trojena, the snow-capped mountain destination located in Saudi Arabia’s northwestern region.

The retreat will feature approximately 60 open-air guest rooms and meeting space concepts, as well as water features, communal campfires and culinary experiences, projecting the essence of the Collective Retreats brand while showcasing a unique blend of natural and developed landscapes.

Slated for launch in the start of 2026, ‘Collective Trojena’ will re-imagine the outdoor hospitality experience – offering guests unprecedented access to discover and explore the region’s spectacular beauty. It is located 50km from the Gulf of Aqaba, the statement said.

In early March 2022, Trojena was first unveiled by His Royal Highness Mohammed bin Salman, Saudi Arabia’s Crown Prince and Chairman of the Neom Company Board of Directors and, in late October 2022, Hotel Development inked a deal with Ennismore to open two hotels in Trojena.

Collective Trojena will also offer direct access to the development’s full array of year-round and world-class outdoor activities, including skiing and snowboarding, high altitude training, paragliding, mountain biking, hiking, and water sports as well as culture-forward programming around film, art, music, and food.

On its new venture, Collective Retreats’ CEO and Founder Peter Mack said: “We founded Collective Retreats with the singular goal of changing the way people travel. We want travellers to see the world with renewed curiosity and a greater appreciation for conservation of the extraordinary natural beauty that surrounds us. Trojena provides the ultimate backdrop to achieve this mission in ways we never imagined.  In addition to giving a global audience a new perspective on this spectacular mountain setting, we are committed to demonstrating that luxury travel should not be extractive and it’s possible to both preserve the environment  and deliver extraordinary guest experiences.”

Set within Neom, Trojena is said to be paving the way for the next frontier in sustainability by powering the mountain destination with a combination of solar and wind energy, while developing technology in water desalination and brine processing to achieve a zero waste residual.

In mid January 2023, General Hotel Management said it would manage the Trojena resort.

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Tawazun Industrial Park (TIP) has inked a lease agreement with Yellow Door Energy for the development of a 4,382kW solar park project. Construction of the project is expected to begin in the second quarter of 2023, and the project is expected to be operational by the end of 2023.

Over 7,600 solar panels will be installed for both rooftop and carport applications; once completed, the solar park is expected to produce 7.1m KW/h of clean energy in the first year of operation, which is equivalent to reducing carbon emissions by 5,000 metric tonnes, the statement noted.

The TIP move comes as part of its celebration of ‘Year of Sustainability’ in UAE and in line with COP28’s objectives.

The agreement was signed by Faiz Saleh Al Nahdi, Managing Director and CEO of TIP, and Jeremy Crane, CEO of Yellow Door, in the presence of several senior officials from both sides at the Tawazun Council Chalet at IDEX.

In early June 2021, Majid Al Futtaim and Yellow Door Energy signed an agreement to build Bahrain’s largest private solar plant.

Shareef Hashim Al Hashmi, CEO of the Tawazun Council and Chairman of TIP, pointed out that sustainability was fundamental to the council and the Park’s strategies and operations.

He explained, “The initiative taken by TIP to expand the usage of renewable energy demonstrates our dedication to supporting the UAE’s Net Zero by 2050 Strategy Plan and our keenness to strike a balance between industrial and technological progress and sustainable development.”

Al Nahdi added, “As the region’s premier defense and security park, we value security of all aspects and energy security is an integral part of our ethos. The 4.4MW solar lease with Yellow Door Energy will enable us to secure our energy supply from a clean and reliable source of electricity, lower our electricity bills and contribute to the Nation’s Clean Energy by 2050 Strategy.”

He noted that the plant project is a new milestone in the park’s sustainability strategy, promoting environmental preservation and reducing carbon emissions.

In late November 2021, Yellow Door Energy was awarded an ETG solar project in Dubai.

Crane remarked, “Yellow Door Energy is honoured to partner with TIP on this solar lease, in time to celebrate the Year of Sustainability and contribute to COP28’s objectives. Yellow Door Energy was founded in the UAE, and today we reaffirm our commitment to the nation by signing the solar lease in the capital.”

He concluded, “This is our first project in Abu Dhabi, and we look forward to providing more businesses in the emirate with affordable, reliable and sustainable energy for many years to come.”

In late October 2022, Yellow Door Energy said it would develop over $1bn in sustainable energy projects following a $400mn equity raise.

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Source: ME Construction News