Aldar Properties has signed an agreement with Dubai Holding to set up a joint venture (JV) entity for developing new living experiences across prime locations in Dubai. The firms said that the agreement, which marks Aldar’s entry into the Dubai real estate market, is part of the developer’s broader expansion strategy into new markets.

The move adds considerable heft to its development pipeline, following its recent acquisitions of Al Fahid Island in Abu Dhabi, and a new waterfront development in Ras Al Khaimah, a statement from Aldar noted.

The JV will develop new communities in three locations across a total area of 38.2m sqft. These communities will be located in the suburban areas of Dubai, along the E311 and E611 corridors, in close proximity to a number of residential communities.

Aldar said it will be responsible for the full development cycle, including concept design, sales, delivery, and management of the developments. Dubai Holding will support the processes.

In mid November 2022, Aldar joined the Clean Energy Business Council and, in early January 2023, it launched Sustainable City – Yas Island.

Talal Al Dhiyebi, Group CEO said, “Through the execution of our transformational growth agenda, we continue to generate expansion opportunities, which are driving new revenue streams and creating greater shareholder value. It is likely to feature more than 9,000 units consisting of villas, townhouses, and apartments supported by retail and community facilities with a total gross floor area of 19.3m sqft (1.8m sqm).”

He added that the new JV further supports Aldar’s continued pursuit of an accelerated and transformational growth agenda with the aim of adding scale across its core development and investment property platforms.

The JV firm will start launching projects beginning this year in a phased manner, Al Dhiyebi continued.

Amit Kaushal, Dubai Holding Group CEO concluded, “Over the years, Dubai Holding has played a major role in supporting the growth of the emirate’s real estate sector. By joining forces with Aldar, we are delivering on a shared objective of driving the UAE’s economic growth and creating long-term, sustainable value for all our stakeholders.”

In late January 2023, Yas Holding launched its property development arm, Taraf.

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Deals worth US $4.63bn have been signed by Abu Dhabi National Oil Company (ADNOC) with 23 UAE and international companies. The deals aim to boost local manufacturing opportunities across a wide range of critical industrial products.

The agreements outline the intention of companies to manufacture industrial products in the UAE, supporting the ‘Make it in the Emirates’ initiative and the ‘Abu Dhabi Industrial Strategy’. The products are said to be part of the $19bn worth of products in ADNOC’s procurement pipeline that the company identified for domestic manufacturing in July 2022.

ADNOC said that it is continuing to encourage the private sector to capitalise on the commercial opportunities for domestic manufacturing across its value chain, through its In-Country Value (ICV) programme, as it expands and decarbonises its operations.

In early July 2022, Abu Dhabi launched a $2.72bn drive to expand the manufacturing sector to over $46bn and, in early November 2022, Baker Hughes and ADNOC said they would develop sustainable energy solutions.

Dr Saleh Al Hashimi, ADNOC Director (Commercial & In-Country Value Directorate) said the group is creating long-term domestic manufacturing opportunities from its procurement pipeline to enhance the UAE’s industrial base.

He added, “We are strengthening the resilience of the group’s supply chains as we make today’s energy cleaner and invest in the clean energies of the future. These agreements reinforce our role as a critical engine for the UAE’s industrial growth, and they offer significant potential to further increase our GDP contributions, stimulate economic diversification and create more skilled job opportunities for UAE Nationals. We look forward to working with these companies to deliver on these important agreements and drive more sustainable value to the UAE.”

Last year, ADNOC signed agreements for local manufacturing commitments worth over $6.8bn with UAE and international companies. The company continues to take a transparent approach to showcasing its product outlook as part of its ICV programe, it concluded.

In mid January 2023, ADNOC and thyssenkrupp said they would develop large-scale ammonia projects in partnership.

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Masdar City has broken ground on its 30,000sqm sustainable community, The Link. The project is slated to be a sustainable community featuring the region’s first Net Zero, energy-shared living and working facility. It will boast four low-carbon buildings with event spaces as well as retail options, recreational facilities, and outdoor plazas, that are expected to create over 2,000 jobs in the UAE.

Dutco has been signed up as the main contractor, while EDGE had designed The Link, the statement from Masdar said.

A major sustainable development project for the region, The Link will meet several high-level sustainability standards such as Leed Platinum, WELL Gold, 4 Pearl PBRS Estidama, and LEED SmartPark Silver. The project is expected to achieve a significant reduction in energy use, powered by renewable energy sources.

Acting CEO Ahmed Baghoum commented, “It will model a new kind of sustainable community by connecting shared working and living space with other elements of a thriving neighbourhood, including places to shop, play, and relax, and local transportation. It is a key component of Masdar City’s ‘green-print’ for sustainable urban development and a wonderful way to honour this Year of Sustainability as the UAE prepares to host COP 28.”

In early November 2022, Masdar, Infinity Power and Hassan Allam Utilities signed a MoU to develop a 10GW wind farm in Egypt and, in early January 2023, Sheikh Mohamed bin Zayed Al Nahyan announced 2023 as the ‘Year of Sustainability’.

The development will offer residential units in various sizes, as well as dedicated office and commercial spaces. Amenities for residents will include a courtyard with play areas, a wellness zone, and more. The commercial space will feature retail options at the ground level. The Link is part of Masdar City’s plan for sustainable urban development and aims to connect shared working and living spaces with other community amenities.

Dutco Executive Director Zayed Baker remarked, “We’re honoured to be bringing this historic development to life. Dutco was selected in large part due to their high in-country-value (ICV) certification score, which represents the value they will add to the UAE economy.”

The Link will connect all areas of Masdar City through advanced transportation networks. It will create a transition route between the upcoming Light-Rail Transit and Group Rapid Transit networks, and offer bicycle tracks, bus connectivity, electric charging ports, car sharing facilities, and parking for 1,255 vehicles, the statement concluded.

In late January 2023, Masdar City, MBZUAI and The Catalyst signed a MoU to drive AI and clean energy tech.

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UAE-based Azizi Developments has announced that work is rapidly progressing on its premium project, Park Avenue II, a residential community in Mohammed Bin Rashid City, Dubai. The developer said that it is on track for handover in Q2 of this year.

Park Avenue comprises three buildings with 372 residential and 29 retail units, with each building having its own fully equipped gym and swimming pool.

Sharing a project update, Azizi said that steady progress is being made on the second building, with its structure now 94% ready and overall construction work standing at 51% complete. While the blockwork is fully complete, the internal plaster work is in its final stages, the developer said.

In early January 2023, Azizi said it would deliver 11,000 units in Dubai in 2023 and, later in the month, it said that it would develop a $5.4bn Dubai South project.

The developer added that it had augmented its workforce on the project to 660, in a bid to accelerate construction.

Azizi CEO, Farhad Azizi, said: “We are thrilled with the rapid progress we are making with Park Avenue II and are looking forward to its handover in Q2 2023. With only the finest quality of building materials having been procured and only the most reliable contractors being appointed, we have managed to speed up the construction and exceed the needs and expectations of our esteemed investors and end-users.”

He concluded, “Moreover, with the distinguished and contemporary lifestyle the project offers, it has attracted strong demand from local and international investors, who we are confident will be excited and impressed with its outstanding quality.”

In late January 2023, Azizi said that its Park Avenue I project was 58% complete.

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ENBD REIT announced that its net asset value (NAV) for the third quarter of 2022 rose to US $173mn ($0.69 per share), up from $168mn the previous year.

A statement from ENBD REIT explained the growth reflects the continued positive momentum in the Dubai real estate market, and the benefits from effective asset management initiatives.

Overall, strong leasing activity resulted in occupancy rates reaching 85%, which together with an improved gross income, saw the property portfolio value increase by a further 0.5% or $1.8mn during the quarter, hitting $365mn as of 31st December 2022.

According to ENBD REIT, active asset management remained a priority and investments in maintenance and modernisation resulted in Al Thuraya breaching 50% occupancy during the quarter and Burj Daman – the REIT’s third-largest asset by value, in DIFC – reaching 83% occupancy, marking the highest occupancy since the asset’s acquisition.

In late August 2020, ENBD REIT said it had hedged a $108.9mn facility with Mashreq Bank and, in early April 2021, Anthony Taylor, Head of Real Estate at Emirates NBD Asset Management said that upgrading and refurbishing existing assets will help improve occupancy levels in a challenging market space.

Anthony Taylor, Head of Real Estate at Emirates NBD Asset Management stated, “We are pleased to see valuations continue to improve in line with the robust leasing activity and improving rental rates across the portfolio, as well as Dubai’s overall real estate market sentiment. The portfolio’s occupancy level of 85% achieved during the quarter is testament of the benefit from the investments in refurbishments made over the past 24 months with Al Thuraya in Dubai Media City and Burj Daman in DIFC showing particularly positive occupancy trends.”

ENBD REIT also said it grew its net rental income to $7.6mn for the nine months to 31 December 2022, a $2.1mn increase on the previous year, where reversals were required due to the Uninest lease restructuring in December 2021.

The Loan-to-Value (LTV) ratio remained steady at 54% with opportunities to exit non-core assets and bring down the debt exposure being actively assessed by the business’ management team, the firm concluded.

In mid May 2022, ENBD REIT said it completed a $6mn refurbishment of its Al Thuraya Tower 1 property.

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ACCIONA has revealed that it has ramped up to full production of water during the final testing of the Al Khobar 2 desalination plant. The infrastructure major said that the plant can produce 630,000cu/m of potable water per day, which is enough to meet the requirements of three million people.

The plant is said to be equipped with energy-efficient Sea Water Reverse Osmosis (SWRO) technology, and is billed as a key project in the modernisation of Saudi Arabia’s water sector. The facility will be equipped with reverse osmosis (RO) technology and its daily capacity of more than 630,000cu/m per day, makes it one of the biggest in the country, and the largest RO plant under EPC scheme awarded in a single shot in KSA, ACCIONA revealed.

“This milestone is the result of good teamwork between the client, our engineers and the construction teams. Now that we are entering the final testing and commissioning stages, we will undertake several tests to make sure everything works perfectly. We are proud to have reached this milestone at Al Khobar 2. It proves ACCIONA’s commitment to delivering good work to our clients on time, and of our ability to meet the goals of our clients and of local authorities,” said Javier Nieto, KSA Country Director for ACCIONA’s water business.

The new desalination plant is already supplying the water network for Khobar, and is said to be one of the largest to be built in the Kingdom, and the largest RO desalination plant built by ACCIONA worldwide.

In late September 2022, Qatar’s Umm Al Houl desalination plant said it achieved one millions hours without accident and, in early December 2022, Voltas said it was delivering HVAC services for the Jubail 3B IWP in Saudi Arabia.

Saudi publicly-owned company Saline Water Conversion Corporation (SWCC) awarded ACCIONA and its partner RTCC the construction of the Al Khobar 2 desalination plant in 2020.

In a region with acute water scarcity, the demand for desalinated water is being driven by climate change and population growth. Saudi Arabia, which has a population of 35m, is the world’s third largest per capita consumer of water after the United States and Canada. The Kingdom has set a national program for rationalising water consumption, setting ambitious targets that include slashing usage by nearly 43% by 2030. The targets form part of the Saudi Arabia’s comprehensive Vision 2030 social and economic development plan, ACCIONA explained.

It stated that it has five large desalination plants and three large sewage treatment plants under construction in the Kingdom.

In late January 2023, SWPC said it had issued RFQs to 35 companies for the Jubail 4 & 6 IWPs.

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Some of the biggest names in both the commercial vehicles and fleet sector were honoured during last night’s Truck and Fleet Awards 2023 in Dubai. In total, 21 winners were recognised, with the event hosting more than 140 guests from across the GCC at the Ritz Carlton JBR in Dubai.

Winners on the night included Amazon, BEEAH Transport, Scania, FAMCO with MICCO taking home the main prize for Middle East Fleet of the Year.

Close to 10,000 votes were received by the time voting closed in categories including the prestigious Overall Truck of the Year Award – won by the Scania Super – with several of the shortlisted companies coming from across the GCC.

The nominees for the prestigious Fleet of the Year Award were assessed by a team of industry expert judges. BEEAH Transport was also handed a special award for Outstanding Contribution to Transportation for its work in low-carbon mobility solutions, autonomous sustainable transportation and its embracing of zero emissions vehicles.

The Truck and Fleet Awards 2023 were supported by: Solution Partner: Bridgestone; Silver Sponsor: TotalEnergies; Silver Sponsor: NAZ Industries; Silver Sponsor: Transport Overseas Group and Support Sponsor: Al Masaood.

The full list of winners and shortlisted nominees for the Truck and Fleet Awards 2023 are:

B2C Digital Fleet of the Year

• Amazon
• Cafu
• Careem
• Ekar

Winner: Amazon

Hospitality Fleet of the Year

• Almarai
• Dubai Refreshment Company (DRC)
• National Food Production Company (NFPC)

Winner: NFPC

Logistics Fleet of the Year are:

• DHL
• DSV
• MICCO
• Transport Overseas Group

Winner: MICCO

Tyre Technology Provider of the Year

• Apollo Tyres
• Bridgestone MEA
• Continental
• Goodyear
• OKO Truck and Bus Heavy on Road

Winner: Bridgestone MEA

Distributor of the Year

• Al-Futtaim Auto & Machinery Company (FAMCO)
• Al Masaood Commercial Vehicles and Equipment
• Al Naboodah Swaidan Trading
• Al Shirawi Enterprises
• Genavco
• Juffali Commercial Vehicles (JCV)

Winner: FAMCO

Waste Management Fleet of the Year

• Averda
• BEEAH Tandeef
• Dulsco
• Suez Middle East Recycling

Winner: Dulsco

After Sales Uptime Initiative of the Year

• Al Masaood Automobiles
• Al Shirawi Enterprises
• Espero Brake Parts
• SAF-Holland

Winner: Al Masaood Automobiles

Truck Bodybuilder of the Year

• Atlas Al Shirawi Equipment Co.
• Gorica
• Naz Industries (Mammut)
• Schmitz Cargobull
• Tusker

Winner: Atlas Al Shirawi Equipment Co.

Heavy Fleet of the Year Award

• Al Faris
• Al Marwan Heavy Equipment & Machinery
• Momentum Logistics
• Oryx Mix`

Winner: Momentum Logistics

Bus of the Year

• Ashok Leyland Falcon
• Ashok Leyland Oyster
• Volvo 7900

Winner: Volvo 7900

Coach of the Year

• Mercedes-Benz Tourismo
• Zhongtong LCK6128H
• VECV/Eicher Coach & Sleeper Bus Range

Winner: Mercedes-Benz Tourismo

New Vehicle of the Year

• IVECO T-Way
• Mercedes-Benz Trucks – Econic
• Scania Super
• Toyota LiteAce

Winner: IVECO T-WAY

Light Commercial Vehicle of the Year

• Ashok Leyland Partner
• Fuso Canter Euro 5
• Hino 300
• Toyota LiteAce

Winner: Hino 300

Innovation in Mobility Technology Award

• Cafu for Business
• Continental / Location Solutions / AV Living Lab
• EVOCARGO
• SHAHN – Tanseeq Technologies FZCO
• Shams+ Al-Masaood Power Division
• Trella App -by Trella

Winner: Cafu for Business

Excellence in Fleet Safety Award

• DSV
• Dulsco
• Momentum Logistics
• STS Group
• Tristar

Winner: Tristar

Medium-Duty Truck of the Year

• Hino 500
• Isuzu F Series
• Mercedes-Benz Atego 1726 4×4
• Renault Trucks D-Series

Winner: Mercedes-Benz Atego 1726 4×4

Outstanding Manufacturer of the Year

• Daimler Commercial Vehicles MENA
• IVECO
• Renault Trucks ME
• Scania Trucks ME
• Volvo Trucks

Winner: Volvo Trucks

Middle East Fleet of the Year

• Al Faris
• DSV
• Dulsco
• MICCO
• Momentum Logistics
• NFPC
• STS Group
• Suez Middle East Recycling
• Tristar

Winner: MICCO

Heavy Duty Truck of the Year Award

• DAF XF
• Mercedes-Benz Actros
• Renault Trucks K-Series (Construction)
• Scania XT
• UD Trucks Quester
• Volvo FMX

Winner: Scania XT

Outstanding Contribution to Transportation Special Award

• BEEAH Transport

Overall Truck of the Year Award

• IVECO T-Way
• Mercedes-Benz Trucks – Econic
• Renault Trucks K-Series (Construction)
• Scania Super
• Volvo FM
• UD Trucks Quester

Winner: Scania Super

To learn more about the Truck & Fleet Awards 2023, click here.

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Red Sea Global (RSG) has said that it has achieved Platinum LEED certification for a collection of villas and townhouses at Turtle Bay, a residential and commercial area housing workers, employees and management of The Red Sea project.

“To be one of the world’s most responsible developers, we must ensure every aspect of our destinations meets the highest possible sustainable standards. Achieving LEED Platinum for The Red Sea’s Turtle Bay villas and townhouses demonstrates to our key stakeholders that we are meeting and exceeding our sustainability objectives,” stated John Pagano, Group CEO of RSG.

Awarded by the U.S. Green Building Council (USGBC), Platinum is the highest level of certification attainable under the LEED Homes rating system. Achieving this accolade sees Red Sea Global become the owner of the largest portfolio of LEED Homes certified buildings in Saudi Arabia, the firm stated.

Pagano continued, “A special thanks needs to go to our teams that have worked so hard to achieve Platinum when the initial target was Gold, and it’s testament to their dedication and expertise, and commitment to collaboration, that we can celebrate this certification.”

In early January 2023, it was announced that Diriyah would become PIF’s fifth giga-project and, later in the month, RSG awarded a $266mn contract to AL-AYUNI for first phase of development at Amaala.

RSG’s sustainability accreditation management system is aiming to achieve LEED Building Design & Construction (BD&C) certification for over 75% of its assets, as well as LEED Cities & Communities for its destinations. RSG is also on track to achieve LEED Platinum on other key assets, including the Red Sea International airport and our hospitality assets, the firm explained.

Raed Albasseet, Group Chief Environment & Sustainability Officer noted, “Red Sea Global has implemented high quality sustainable design and construction practices for its Turtle Bay and deserves Platinum status. We are proud of our efforts and look forward to following this up with more achievements in the coming months and years.”

The Red Sea destination is on track to welcome first guests this year when three resorts will complete along with the first phase of the Red Sea International airport. A further 13 hotels will open in 2024, and upon full completion in 2030, The Red Sea will comprise 50 resorts, offering up to 8,000 hotel rooms and more than 1,000 residential properties across 22 islands and six inland sites. The destination will also include luxury marinas, golf courses, entertainment, F&B, and leisure facilities.

In late January 2023, PIF and Samsung C&T partnered to develop construction tech and modular housing in the Kingdom.

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World Aquatics and the Bahrain Olympic Committee (BOC) have announced plans to build a state-of-the-art aquatics sports centre in Bahrain, in partnership with GFH Financial Group and the Bahrain Swimming Federation.

The partnership will see World Aquatics establish the Centre of Excellence and regional office for Aquatic Sports Centre at The University of Technology, Bahrain (UTB). The plan, which is set to give a boost to the Kingdom’s PPP strategy, also includes new pools capable of hosting events in five of the six World Aquatics sports: swimming, water polo, artistic swimming, diving, and high diving. The sixth sport, open water swimming, is already a popular one with several events held on Bahrain’s beaches.

World Aquatics currently has operating development centres in Thanyapura (Thailand), Dakar (Senegal), Cape Town (South Africa) and Davie (Florida, USA).

With this new centre, World Aquatics’ elite athletes will have access to the best standards of training in an international-class facility. These athletes will also receive on-site coaching and educational support through World Aquatics’ Development programmes.

In mid September 2022, Miral announced that SeaWorld Abu Dhabi would open in 2023 and, in early January 2023, officials said that secondary infrastructure works had begun at key plots in Diyar Al Muharraq.

World Aquatics President Husain Al Musallam commented, “World Aquatics could not have asked for better partners than in Bahrain, as demonstrated by our bold plans for a centre of excellence here that will serve as an example to the world. Our high-performance athletes are at their best when they can benefit from the right mix of facilities, coaching and sports science. World Aquatics is determined to ensure that this mix is available to athletes from all our national federations. And we are delighted to include an educational component with the help of the UTB.”

He concluded, “Aquatic sports are universally important. Both the Olympic Games Tokyo 2020 and the World Aquatics Championships Budapest 2022 saw over 180 nations represented. We are grateful to Bahrain and to the hosts of our other development centres for their help in ensuring aquatics athletes everywhere have the chance to fulfill their true potential.”

In late January 2023, it was announced that the construction of a key highway to East Sitra was on track for scheduled completion.

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EPC contractor Alfanar Construction has signed an agreement with Korea’s Daewoo Engineering and Construction, to explore opportunities for joint collaboration in the construction of oil & gas, and petrochemical projects across the Kingdom.

The agreement will see the companies work on transferring and localising expertise in the engineering construction field, and exchange the expertise of advanced technologies used in design, procurement, and project execution.

As a major Saudi company, Alfanar said that the agreement highlights its continuing commitment towards contributing towards the development of local content and achieving sustainability in the energy sector.

In late August 2022, Fluor led JV announces completion of clean fuels project in southern Kuwait, and in early February 2022, NMDC and Daewoo Engineering & Construction signed a MoU to grow regional business opportunities.

The agreement was signed by Alfanar Executive Vice President Amer Al Ajmi and Daewoo E&C Senior Vice President Sungmin Yang on the opening day (30 January) of iktva2023 Forum & Exhibition being held at Dhahran Expo Centre.

The In-Kingdom Total Value Add (IKTVA) programme will see participants visit designated exhibition pavilions for enablers, digital, sustainability, industrial and manufacturing, as well as investment workshops and various panel discussions.

The 2023 edition is being held under the theme ‘Accelerating Future Success’ which aims to strengthen companies’ readiness and resilience for tackling the upcoming calendar year by forging their collective localisation efforts in different focus areas, such as sustainability, digital, industrial, manufacturing.

In late October 2022, Alfanar bagged a $320mn solar power and infrastructure contract in Saudi Arabia.

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