Hilal Itani has re-joined HKA as a Director based in Saudi Arabia, the global consultancy has announced.

Itani is said to have over 23 years of wide-ranging experience in forensic delay analysis, claims preparation and management, with alternative dispute resolution experience. He holds dual Master’s Degrees in Engineering Management, Construction Law, and Arbitration. He is also a certified RICS expert witness, planning and scheduling professional, and a member of the Chartered Institute of Arbitrators, the firm stated.

“We are delighted to welcome Hilal back to HKA as Director. His demonstrable track record in construction and engineering and his knowledge, insights, and expertise from working on major projects in the region will add significant value as we continue to grow our presence and enhance our service offering in KSA,” said Husam Gawish, Partner & Head of KSA Operations.

In late April 2022, Mahmoud Abougabal joined HKA’s Expert Services Team as Director and, in late September 2022, Crispin Cockman rejoined HKA as a Director.

Discussing its experience in the Kingdom, HKA said it has worked on complex projects across multiple sectors including buildings, hotels and tourism, power and utilities, oil and gas, mixed used developments, sports and leisure and transportation infrastructure.

Following the announcement of Husam Gawish as Head of KSA Operations, HKA has significantly strengthened its highly skilled, professional, and dedicated team of consultants in the Kingdom to expand the firm’s presence in the region and continue to deliver increased value to its clients, the firm said in a statement.

“I am excited to return to HKA to work alongside a strong three-partner team led by Husam Gawish, Partner and Head of KSA Operations. I am looking forward to playing a meaningful and impactful role in the firm’s continued growth journey in the region and to consistently provide clients with a best-in-class service,” Itani concluded.

In early December 2022, HKA formed a new EMEA region and appointed Amanda Clack as Regional CEO.

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JLL has appointed Larry Baker as the Director of Data Centre Solutions, Project & Development Services Middle East & Africa. Based in Dubai, Baker will lead and develop JLL’s data centre projects across the region.

According to the firm, Baker has over 30 years of experience delivering data centre and mission-critical facilities around the globe. His track record is said to include Tier 3 and Tier 4 hyper-scale and colocation data centre projects across their entire lifecycle from concept to operations.

Data is a critical asset for any organisation today; with a growing reliance on technology platforms and cloud-based storage over the last few years, the need for dependable, efficient, and sustainable data centres has never been greater, JLL said.

In early September 2022, Khazna Data Centres and BEEAH Digital said they would bring the first Tier 3 data centre to Sharjah and, in early January 2023, the Digital DEWA subsidiary launched the first AI-driven cyber security system.

“As we scale up efforts to strengthen our specialist data centre capability in the region, we are confident that Larry’s extensive experience and in-depth market knowledge make him an asset in our business. Larry’s team will bring a bespoke offering to our clients as we re-look at how data centres are delivered from sustainability, health and safety through to resilience planning to ensure the best value for our clients,” said Ben Jackson, Head of Project & Development Services for the Middle East & Africa at JLL.

Baker’s appointment will help JLL address the upsurge in demand for specialist data centre projects and development services in the Middle East and Africa (MEA), while aligning with its global data centre client’s local requirements, the statement explained.

“I am delighted to join JLL at such an exciting time where the data centre markets in the Middle East and Africa have become one of the fastest data usage regions in the world. I look forward to delivering outstanding results to our clients and cementing JLL’s position as the leading data centre delivery partner in the Middle East and Africa,” concluded Baker.

In early February 2023, it was announced that DAMAC Data Centres’ KSA facilities would go live before the end of 2023.

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Source: ME Construction News

The real estate markets of Dubai and Saudi Arabia are poised for further growth in 2023, mainly driven by the spurt in residential sales across both countries, according to Deloitte.

In its ninth annual ‘Middle East Real Estate Predictions 2023’ report, Deloitte provides a positive outlook for the next 12 months and investigates a range of real estate segments, including hospitality, residential, retail, commercial office space and industrial.

Among the main findings, the report reveals the recovery post-COVID-19 of tourism in both Dubai and Saudi Arabia, with the key indicators within the hospitality sector being the increase over the past year in occupancy and average daily rates (ADR). It also highlights the growth in residential sales across both geographies, as well as the rise in rent prices of commercial office space in Dubai.

According to Deloitte, the significant growth of KSA’s gross domestic product is making it among the most attractive global destinations for investors. Moreover, employment forecasts from Oxford Economics indicate the financial and business services segment registered a year-on-year growth in Saudi Arabia of 12%.

In early January 2023, Realiste predicted that the Dubai real estate boom would continue in 2023.

Stefan Burch, Partner and Head of Real Estate at Deloitte Middle East said, “As global economies fully re-open post pandemic, we predict continued growth in the Saudi real estate market throughout 2023. Growth is set to be driven by robust spending across a wide range of government initiatives as well as a strong private sector that is responding to pent up levels of demand for good quality real estate projects. While 2022 saw record levels of demand for commercial office space, 2023 looks set to be dominated by the delivery of high quality residential-led mixed use schemes and a continued focus on tourism, leisure and entertainment projects.”

On Dubai’s real estate performance, Deloitte said the pent-up demand from travellers and increased spending by residents had led the post-pandemic recovery of the emirate’s real estate sector.

Oliver Morgan, Partner and Head of Development in Deloitte’s Real Estate team in the Middle East said that 2022 had been a prosperous year for residential investors who had a tough time looking back at more recent trends in Dubai. He commented, “In Saudi Arabia, there continues to be excess demand across all residential sectors with more volume housebuilders competing for market share and to differentiate their product.”

According to Morgan, the year to date (YTD) November 2022 occupancy for Dubai averaged 72% compared to 63% for the same period in 2021, while the average ADR over this period has increased by 22% year-on-year to $183. This is higher than the majority of the regional and international markets, he added.

In early January 2023, Investcorp said that it would invest $1bn into the GCC real estate market in five years.

Meanwhile, the average sales prices for residential properties in Dubai increased by approximately 10% between 2021 and 2022. Average rents also increased by approximately 21% over the same period. On the commercial front, office rents have recovered to pre-pandemic levels, registering an increase of 12% YTD September 2022 over the same period last year.

In early January 2023, JLL said that the global realty investment boom would be led by the GCC.

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Gulf Contracting has been awarded the main contract for the construction of the second phase of the Marbella Villas project by RAK Properties.

The residential project is taking shape on Hayat island in the Mina Al Arab area of Ras Al Khaimah, and is in close proximity to the Anantara Mina Al Arab Ras Al Khaimah Resort.

“We are extremely pleased to announce the award of the construction contract for Phase Two of Marbella Villas to Gulf Contracting. The Phase One villas sell-out has paved the way for this exciting next phase which we will be launching shortly,” said RAK Properties’ CEO Sameh Al Muhtadi.

In early February 2022, RAK Properties launched its Gateway Residences 2 residential project and, in early November 2022, the developer said it had tracked buoyant results in Q3 2022.

According to RAK Properties, Phase Two of Marbella Villas will feature a total of 89 residences with a mix of two-, three- and four-bedroom luxury villas and townhouses with direct access to the beach.

The bustling island community offers natural views of the Arabian Gulf and Hajar mountains and is home to a range of amenities designed to help visitors and residents relax and unwind, including the InterContinental Ras Al Khaimah Mina Al Arab Resort & Spa, Marbella resident’s club, community park, waterfront promenade, seafront dining and retail, and scenic cycle and pedestrian paths, the statement from RAK Properties noted.

Established in 2005, RAK Properties has successfully developed over 3,000 residential units, 372,000sqft of office space and 260,000sqft of retail in the emirate, Al Muhtadi concluded.

In late November 2022, RAK Properties broke ground at its Bay Residences residential project.

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The Saudi Ministry of Culture’s Jeddah Historical District Program (JHD) has announced the launch of its Jeddah Historic District’s Waterfront Project, which is part of the larger Jeddah Historical Rejuvenation Project that began in September 2021.

In a statement, HH Prince Badr bin Abdullah bin Mohammed bin Farhan Al Saud, the Minister of Culture, said that the two-year project will reconnect the Red Sea with Al Balad – downtown Jeddah’s popular moniker – and vitalise the historic Al Bunt Port.

The redeveloped waterfront will be constructed in line with high and sustainable standards, and feature cultural, historical, and environmental themes from across Al Balad, the minister detailed.

He added that the project is a concentrated effort to platform the Al Balad area as a world-class tourist and cultural destination, a goal that is part of Vision 2030’s objective of building a dynamic economy for an ambitious nation.

In early September 2022, Lifestyle Developers said it had begun construction work on the Vue in Jeddah, KSA and, in late November 2022, Sarens said it had deployed a 750t crawler crane for lifting operation at Four Season hotel in Jeddah.

During the project’s First Phase, sections of the waterfront that had previously been filled decades prior to accommodate the city’s urban expansion will be carved out once more. In Phase Two, Lake Al Arbaeen’s water will be treated and purified, leading up to the final phase, Phase Three, which will include building a marina for luxury yachts, open green spaces, pedestrian overpasses and public utilities to round off Al Balad’s sustainable urban structure.

The Jeddah Historical Rejuvenation Project aims to leverage the area’s heritage and distinct cultural elements to power the local economy, while redeveloping the urban space into an ideal place to live, work and create.

Once completed, the project will highlight Al Balad’s historic landmarks and enhance their presence within a refined, environmentally-friendly urban ecosystem complete with natural greenery and vibrant waterfronts, the statement concluded.

In early December 2022, SMC announced changes to the Jeddah Corniche Circuit ahead of March F1 race.

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Source: ME Construction News

The impact of COP28 on the regional construction industry, green hydrogen, and developing the GCC as a global hub for clean energy will be among the key themes at Big Project Middle East’s (BPME) 2023 Energy & Sustainability (E&S) Summit. The second edition of the annual event will take place on 3 May in Dubai, and will offer key insights from government and industry bodies, as well as green energy, construction and technology firms.

The E&S Summit is free to attend for industry professionals, and will comprise several panel discussions, presentations, and focused fireside chats from high profile regional personalities including key decisionmakers, while also offering highly value networking and sponsorship opportunities.

The first edition of the summit took place on 21 June in Dubai at St Regis – The Palm, in response to a pronounced GCC-wide drive towards green energy and sustainable development. The event saw participation from several regional organisations including the Emirates Green Building Council, The Red Sea Development Company, ECC and Saif Air Tech – A Fakhruddin Holding Company, and many others. Check out the event’s image gallery here.

“The 2022 Energy & Sustainability Summit was a tremendous success, and we look forward to building on that event with the 2023 edition, as the Middle East continues its push towards clean energy and sustainable development. While much has already been said and done around these topics, there’s still a long road ahead, which is why we are eager for the 2023 E&S Summit to become a nexus of discussions and a driver of change,” said Jason Saundalkar, Head of Content at Middle East Construction News (MECN).

Clean energy and sustainable development feature heavily amongst GCC nations’ respective national agendas. Earlier this year, UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan announced 2023 as the ‘Year of Sustainability’.

Prior to this, it was announced that the 2023 UN Climate Change Conference (UNFCCC COP 28) would take place in Dubai, in the UAE, from 30 November to 12 December 2023. With the EXPO 2020 Dubai mega-event, sustainability was also a key topic, with the event organiser announcing that 121 buildings were LEED certified at the mega event.

To discuss participating at the event as a speaker, contact Jason Saundalkar on Jason.s@cpitrademedia.com, while sponsorship inquires can be addressed to Raed Kaedbey (raed.kaedbey@cpitrademedia.com) or Madeleine Martin (madeleine.martin@cpitrademedia.com).

To find out more about the E&S Summit, click here.

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Source: ME Construction News

Saudi Arabia’s Public Investment Fund (PIF) has completed its second green bond issuance, which raised US $5.5bn to finance or refinance its green investments, in alignment with its Green Finance Framework. The move will further diversify PIF’s sources of debt funding, in line with its Medium-Term Capital Raising strategy, PIF stated.

According to a statement, the issuance follows its inaugural green bond in October 2022, which was said to be the first-ever green bond issued by a sovereign wealth fund, and the first-ever 100-year green bond.

The latest bond issuance was said to have been more than six times oversubscribed, with books exceeding $33bn. It was issued in three tranches, comprising: $1.75bn for seven years; $2bn for 12 and $1.75bn for 30 years. The bond was sold to a wide range of institutional investors globally, including Asia.

“Our second green bond issuance underlines the role that PIF is playing in supporting Saudi Arabia’s green agenda, as well as diversifying the local economy and unlocking new and sustainable sectors,” said Fahad AlSaif, Head of Global Capital Finance Division at PIF.

In late January 2023, PIF and Samsung C&T said they would jointly develop construction tech and modular housing solutions.

The issuance is said to reflect PIF’s role as the driver of economic transformation in Saudi Arabia and as one of the largest and most impactful investment funds in the world, in addition to demonstrating its commitment to its green finance framework.

According to PIF, its Green Finance Framework was built in line with best market practice, and is fully compliant with the International Capital Market Association’s Green Bond Principles 2021, and the Loan Market Association’s Green Loan Principles 2021.

AlSaif remarked, “Strong demand from international institutional investors for this second issuance is a testament to the ongoing success of PIF’s capital raising strategy, its credit profile and financial strength.”

As with its inaugural bond issuance, PIF said it will allocate an amount equal to the net proceeds of the issuance to fund eligible green projects in accordance with its Green Finance Framework.

In late January 2023, AlUla Development Company launched operations to support the development of AlUla.

These include projects in the space of renewable energy, energy efficiency, sustainable water management, pollution prevention and control, green buildings, and clean transportation, AlSaif concluded.

In early February 2023, PIF & AeroFarms signed a deal to develop vertical farms across the MENA region.

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Source: ME Construction News

Doosan Bobcat has said it will provide construction equipment for relief and recovery activities in the earthquake-stricken areas of Turkey.

On 6 February 2023, two powerful earthquakes struck Turkey and Syria, measuring 7.8 and 7.5 respectively on the magnitude scale. The aftermath of the earthquakes have seen more than 20,000 people killed and thousands of buildings collapse, with victims trapped beneath the rubble and critical infrastructure destroyed.

In a statement, the company said that US $1mn worth of equipment would be promptly delivered through its dealer network, so as to be of practical help in lifesaving activities in affected areas, and to help restore critical infrastructure such as collapsed buildings and roads.

In late March 2022, Bobcat said it had completed its loader range for the Middle East and, in late June 2022, it showcased its new technology and products at its Demo Days event.

The equipment being supplied includes skid-steer loaders and excavators to remove and clean debris, while portable generators and lighting towers will be used at sites with power supply issues, it added.

The donation of the equipment will be financed in cooperation with Doosan Bobcat’s mother company, Doosan Group, which has supported previous major disasters with equipment and donations, including hurricanes and earthquakes in the US, China, Haiti, Japan, and Nepal, over the last 20 years.

The company stated that by providing equipment that can be used immediately for relief and recovery efforts, it hopes to help residents of the affected areas in Turkey, so as to help them begin to recover their daily lives as soon as possible.

In early November 2022, the firm said it had rolled out ground maintenance equipment in the Middle East.

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Source: ME Construction News

Metropolitan Premium Properties (MPP) has closed the biggest single unit transaction in its history – a US $24.6mn sale of a prime property in Tilal Al Ghaf. The deal is also said to be the most expensive in the up-and-coming popular destination.

Oybek Shamsiddinov, Sales Manager at MPP closed the deal earlier this month for an Indian family who are regular investors in the Dubai property market. Shamsiddinov stated, “I’ve worked with this family for the past three years and have invested in several communities across Dubai for them. They were looking for a property to use themselves and after convincing them to see the villa on 31 January, they bought it the next day.”

“They really liked the community project, villa layout and the finishing, which is done to an extremely high standard, so the villa represented exceptionally good value. The same villa on Palm Jumeirah would be worth a minimum $68mn,” he added.

The uber-luxury 30,200+ sqft villa will be handed over in Q1 2027; it is being designed by award-winning architectural firm, SAOTA, and its interior design is by Kelly Hoppen.

In late March 2022, Majid Al Futtaim Communities announced the launch of the Elysian Mansions at Tilal Al Ghaf.

Oybek Shamsiddinov, Sales Manager at MPP

The eight-bedroom villa has three floors – basement, ground and first with roof-top access and features three swimming pools, a gym, a reception area, dedicated 24×7 security and a separate guest villa, the statement from MPP noted.

“This is a significant milestone for us, and we are proud to be associated with this deal, especially as we were recently recognised as the number one real estate agency for Tilal Al Ghaf,” remarked Nikita Kuznetsov, CEO of Metropolitan Premium Properties.

“The sale of this prime property is a testament to Tilal Al Ghaf’s appeal and the increasing demand for high-quality Dubai homes from UHNWI. Waterfront properties are extremely popular with investors right now and there are very limited units available further contributing to its growing popularity amongst end users and investors,” he continued.

Lanai Island is one of two private islands at Tilal Al Ghaf, consisting of 13 luxury mansions, of which nine are ‘shore mansions’ and four are ‘edge mansions’, located along a 1.2km crystal lagoon.

In late October 2022, Majid Al Futtaim Properties said it had deployed solar hybrid power at Tilal Al Ghaf.

Nikita Kuznetsov, CEO at MPP

In addition to MPP in Dubai, Metropolitan Group also includes Metropolitan Homes, a one-stop real estate agency providing the full cycle of specialist brokerage services to Dubai’s secondary property market sellers and buyers and Metropolitan Capital Real Estate in Abu Dhabi.

The Group also includes Luxury Immobilien GmbH, a real estate agency in Vienna and Metropolitan Consulting FZE, providing personal and business legal services in the UAE.

In late October 2022, Majid Al Futtaim Communities launched an ultra-luxury concept in Tilal Al Ghaf.

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Source: ME Construction News

Masdar has opened an office in Baku, Azerbaijan. The firm says the move showcases its support for developing the country’s renewable energy sector, and notes it will work closely with the government and other stakeholders, as the country strives to meet its clean energy targets and transition to a low-carbon future.

The inauguration event for the office, located in Port Baku Tower, was attended by Mohammed Murad Al Blooshi, UAE Ambassador to the Republic of Azerbaijan, and Javid Abdullayev, Director of Azerbaijan Renewable Energy Agency under the Ministry of Energy, along with a delegation from Masdar, led by its CEO, Mohamed Jameel Al Ramahi.

According to a statement from Masdar, Azerbaijan plans to increase its installed power capacity to 30% from renewable sources by 2030, to diversify its economy and reduce greenhouse gas emissions. The government said it has also targeted developing renewable energy sources as a strategic priority for the country’s development, and is looking to establish Azerbaijan as a green energy producer and exporter.

Al Ramahi stated, “The opening of our new office in Baku is a testament to Azerbaijan’s increasing focus on renewable energy and Masdar’s growing global portfolio, which we have pledged will reach 100GW by 2030. We look forward to working with our partners in Azerbaijan to continue to deliver world-class projects in support of the country and its renewable energy goals.”

In late September 2022, Masdar and RWE joined forces in the global wind-power markets.

Al Blooshi added, “The opening of Masdar’s office in Azerbaijan is a testament to the shared ambition of the UAE and Azerbaijan toward renewables and sustainability. Our two nations are committed to working together to create a sustainable future, and the new office will play a critical role in supporting this important work.”

Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, COP28 President-Designate, and Chairman of Masdar commented, “The UAE and Azerbaijan both recognise the importance of investing in renewable energy to advance economic diversification, stability, and growth. Masdar’s increasing scope of work in Azerbaijan, evidenced by its new Baku office, demonstrates the UAE’s commitment to supporting decarbonisation and sustainable development around the world.”

Azerbaijan’s President, Ilham Aliyev, delivered a keynote address at Abu Dhabi Sustainability Week 2023 (ADSW), where he reiterated the country’s clean energy objectives, and highlighted how its partnership with Masdar will help in achieving them.

At ADSW, Masdar signed joint development agreements for onshore wind and solar projects, and integrated offshore wind and green hydrogen projects, with a total combined capacity of 4GW. The projects are said to be part of a larger agreement with Azerbaijan’s Ministry of Energy to develop a renewable energy program on a bilateral basis, with a total capacity of 10GW across multiple technologies, one of the largest such signings in Azerbaijan’s history.

Masdar is also developing the 230MW Garadagh Solar PV Plant in Azerbaijan, which will generate half a billion kilowatt-hours of electricity annually, enough to meet the needs of more than 110,000 homes, and will reduce emissions by more than 200,000t a year, while also creating valuable jobs. Masdar announced financial close on the plant in August 2022, the statement noted.

Abdullayev concluded, “Developing our ample renewable energy potential is a strategic priority for Azerbaijan, and we believe that working with partners like Masdar will help us achieve our goals and create a brighter, more sustainable future for our people. The agreements we have signed with Masdar will play a critical role in our green growth journey and we look forward to further collaborations.”

In early August 2022, Masdar backed an Azerbaijan solar project with $21.4m financing.

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Source: ME Construction News