QatarEnergy has announced the Final Investment Decision (FID) with Chevron Phillips Chemical Company (CPChem) to build the Ras Laffan Petrochemicals complex – a US $6bn integrated olefins and polyethylene facility at Ras Laffan Industrial City.

In a statement, QatarEnergy said that Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, and Bruce Chinn, the President and CEO of Chevron Phillips Chemical, signed the agreement for a joint venture (JV) company to implement the project, in which QatarEnergy will own a 70% equity share, and CPChem will own a 30% share.

The signing ceremony was attended by Mark Lashier, the President and CEO of Phillips 66, and senior executives from QatarEnergy and CPChem.

Saad Sherida Al-Kaabi said: “This marks QatarEnergy’s largest investment ever in Qatar’s petrochemicals sector and the first direct investment in 12 years. It will double our ethylene production capacity and increase our local polymer production from 2.6 to more than four million tons per annum, and place the utmost emphasis on sustainable growth and the environment.”

In late September 2022, Qatar’s Umm Al Houl desalination plant achieved one millions hours without accident.

In addition, QatarEnergy also announced the award of the engineering, procurement, and construction (EPC) contract for the ethylene plant to SCJV, a joint venture company between Samsung Engineering Company of South Korea and CTCI of Taiwan. The EPC contract for the polyethylene plant was awarded to Maire Tecnimont of Italy, while Emerson of the USA was awarded the main automation contract.

“There is no doubt that this cornerstone investment in Ras Laffan Industrial City marks an important milestone in QatarEnergy’s downstream expansion strategy. It will not only facilitate further expansion in the downstream and petrochemical sectors in Qatar but will also reinforce our integrated position as a major global player in the upstream, LNG, and downstream sectors,” Al Kaabi added.

He continued, “This will be further enhanced once the new world-scale petrochemical project in Orange, Texas, in the United States of America comes online in partnership with Chevron Phillips Chemical, executed by our JV Golden Triangle Polymers Company.”

The Ras Laffan Petrochemicals complex is expected to begin production in 2026, consists of an ethane cracker with a capacity of 2.1m tons of ethylene per annum, making it the largest in the Middle East and one of the largest in the world.

Later in September 2022, QatarEnergy and GE inked a deal to step up carbon capture in the energy sector.

It also includes two polyethylene trains with a combined output of 1.7m tons per annum of High-Density Polyethylene (HDPE) polymer products, raising Qatar’s overall petrochemical production capacity to almost 14m tons per annum.

“We are delighted to enter into this exciting new venture with Chevron Phillips Chemical – a leading and highly respected international petrochemicals company, and a long-term partner with whom we have achieved many successes together building and operating plants safely and efficiently for more than 20 years. Together, our large and diverse portfolio will not just help meet the world’s growing needs for advanced plastics and petrochemicals but will also enable balanced growth and facilitate human development in a responsible and sustainable manner,” remarked Al Kaabi.

“I would like to thank everyone who has worked to reach this milestone. We are also grateful to the leadership and guidance of His Highness the Amir Sheikh Tamim bin Hamad Al Thani, for his unwavering support to Qatar’s energy sector,” he concluded.

This final investment decision comes less than two months after QatarEnergy and Chevron Phillips Chemical took the Final Investment Decision to execute the $8.5bn Golden Triangle Polymers Plant on the US Gulf Coast in Texas.

In mid October 2022, Bevan Farmer was elevated to Head of Qatar at Addleshaw Goddard.

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Dubai saw a record total of 90,881 residential transactions registered over the course of 2022, exceeding the historic high of 81,182 which was set in 2009, a CBRE report has revealed.

CBRE said that the total volume of transactions in Dubai reached 8,662 in December 2022 – a growth of 63% from the previous year. This was supported by a 92.5% increase in off-plan sales and a 35.4% jump in secondary sales, it added.

Taimur Khan, Head of Research – MENA at CBRE in Dubai commented, “Dubai’s residential market saw a number of records being broken over the course of 2022. Residential transactions volumes beat the 2009 high by almost 10,000 transactions. Residential rental growth also reached historic levels, with apartment and villa rents increasing by 27.1% and 24.9%, in 2022, respectively. Due to the lack of available villa stock for rent and growing demand levels for such stock, villa rents are now 45.3% higher than in 2019, with average villa rents standing at US $77,000, once again the highest level on record. Over the same period, average apartment rents are 17.2% higher and stand at $26,000.”

The report pointed out that average property prices rose by 9.5% in the year to December 2022, while average apartment prices rose by 9.0%. Average villa prices increased by 12.8% over the same period. As of December 2022, Dubai’s average apartment prices reached $318 per sqft, and average villa prices reached $377 per sqft.

In late December 2022, the DLD unveiled its new strategic plan for 2023-26.

These average rates have not yet surpassed the record highs of 2014, with the average apartment and villa prices being 21.5% and 4.2% below this peak.

In the apartment segment of the market, Jumeirah has registered the highest sales rate per sqft at $632, whereas, in the villa segment of the market, Palm Jumeirah registered the highest sales rate per square foot at $1,067. In the year to December 2022, average rents increased by 26.9%. Over this period, average apartment and villa rents increased by 27.1% and 24.9%, respectively.

The Palm Jumeirah recorded the highest average annual apartment and villa rents, with asking rents reaching an average of $67,644 and $277,000 per annum, respectively.

“While these figures may be welcome news for landlords who had seen almost six years of softening rents until 2022, the rapid rate of growth will continue to impact demand, where in 2022 the total number of new Ejari registrations fell by 7.0%. Overall, the number of Ejari transactions totalled 540,758, an increase of 10.8% year-on-year,” said Khan.

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

He concluded, “In the year ahead, we expect that both the average rates of price and rental growth will remain positive, however, we expect the rates to moderate and in certain more nascent communities with strong supply pipelines, to decline.”

Also in early January 2023, Knight Frank said that the Burj Khalifa enjoyed a 16% increase in residential sales in 2022.

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Luxury residential development firm LIV Developers has announced that construction of LIV LUX has commenced in Dubai Marina.

In a statement, the developer said that the G+47 ultra-luxury residential tower is expected to be ready for handover by Q3 2026, and will offer residents and investors state-of-the-art amenities, sea views, smart homes, and resort-style facilities.

The luxury residential project was originally announced in early December 2022.

The project will offer a range of one-, two-, and three-bedroom luxury apartments, as well as the developer’s signature duplex penthouses, which come with sophisticated and modern touches as designed by Atkins, the designers behind Burj Al Arab, Dubai Opera, and Marsa Al Arab of the Jumeirah Beach Hotel extension.

Commenting on the announcement, Ishan Khwaja, Director of LIV Developers said, “We are excited to begin construction on LIV LUX, our third residential project in the heart of Dubai Marina. The demand for luxury and super-luxury residences in Dubai is booming with sales for LIV LUX on pace with our previous luxury residential project, LIV Marina. We look forward to reaching key milestones on our journey to seeing the finished product that is set to be the newest crown jewel of Dubai Marina.”

He added that the property will house a dedicated amenities floor spanning across 27,000sqft including a 27m lap pool, padel court, golf putting green, conference facilities, outdoor cinema, and private residents’ beauty salon.

Bespoke and beach-facing, the developer’s Signature and Penthouse units will enjoy complimentary beach access to Dubai’s largest beach resort in Dubai Marina.  The latest in Smart Home technology will also be deployed in select units, allowing for programmable lighting, AC, and controls for appliances and water features all from the convenience of your smartphone or laptop, the developer noted.

In late December 2022, Al Habtoor Group launched projects worth $2.59bn.

The statement added that LIV LUX will also allow new concepts for property buyers, such as the option to purchase furniture packages, allowing for convenient fit-out of bespoke furniture, increasing the rental yields for investors or allowing for seamless and hassle-free move in.

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

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His Royal Highness Crown Prince Mohammad bin Salman bin Abdulaziz, Prime Minister and Chairman of the Public Investment Fund (PIF) has announced that Diriyah will be PIF’s fifth giga-project, reflecting its status as a unique destination with distinctive cultural, historical, and tourism landmarks.

The announcement from the Crown Prince reflects the work being done to enable the Saudi cultural identity, which includes the Diriyah Project due to its historic, cultural, and political value, while also showcasing 300 plus years of Saudi Arabian history to the world. The project is a globally significant destination that includes the UNESCO World Heritage Site of Turaif District.

These cultural and historical aspects position Diriyah as an unrivaled destination of global significance, where the authenticity of Saudi heritage can be celebrated, revealing the historic origins of modern Saudi Arabia, a statement said.

It added that tourists will have the opportunity to explore and get to know Saudi’s history, and its culture at the city’s museums and purpose-built pavilions. Furthermore, the Diriyah giga-project is expected to enable many strategic domestic sectors, create partnerships with the local private sector, and unlock many new investment opportunities throughout its development and production phases.

In late November 2022, PIF subsidiary SEVEN said it would invest $13.3bn into 21 integrated entertainment destinations in KSA.

These include sectors such as construction, operation and management of hotels, retail, entertainment, and cultural facilities, creating thousands of new job opportunities, and providing a series of initiatives designed to contribute to enriching the quality of life for residents and visitors, the statement continued.

Giga-projects form a key pillar of PIF’s overall strategy, as they are instrumental in creating new economic ecosystems and launching new sectors that drive economic growth and diversification in Saudi Arabia, as well as creating investment opportunities across multiple sectors.

PIF’s giga-projects portfolio currently includes NEOM, Red Sea, Qiddiya, Roshn, and now Diriyah projects. Established by Royal Order in 2017, the Diriyah Gate Development Authority (DGDA) will continue its regulatory and supervisory role in maintaining the heritage and history of Diriyah.

In addition, DGDA will also continue serving the Diriyah community, while providing full support to establish the Diriyah project as one of the world’s most prominent tourist destinations.

In early December 2022, JLL said that the Saudi construction segment remains the strongest in MENA.

The Diriyah Project aligns with PIF’s strategy to focus on unlocking the capabilities of promising sectors, including the tourism and culture sectors, to support Saudi Arabia’s position regionally and internationally as a leading tourism and cultural destination, the statement concluded.

In late December 2022, Shapoorji Pallonji was awarded the contract for the development of the first of 21 fun parks in the Kingdom.

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The US-Saudi Business Council (USSBC) has revealed that the total value of awarded contracts across Saudi Arabia for Q3 of 2022 reached US $6.7bn. The council attributed the result to movements in the construction sector driven by Vision 2030 realisation programmes relating to tourism and housing, along with physical infrastructure developments.

The council said that despite a dip in awarded contracts of 6% year-on-year during Q3, the value of awarded contracts thus far is on track to exceed 2021’s performance. Through the first three quarters, the value of awarded contracts surged to $31.9bn, representing a 67% climb over the last year, it explained.

The USSBC Contract Awards Index (CAI) retracted to 188.11 points by the end of Q3; the council said the CAI dipped below 200 points to finish a quarter for the first time since Q3 of 2021. Although the CAI declined, the construction sector continues to operate in an expansionary environment, as it remains well above the 100-point threshold that separates expansion from contraction, stated the report.

The CAI grew by 73.27 points (up 64%) YoY and decreased by 41.88 points (36%) QoQ, the council said. The CAI’s performance during the first three quarters is said to highlight the resurging health of the construction sector, where the value of construction projects under execution continue to soar. As construction activities lag behind the CAI, the value of executed projects witnessed a sizeable rebound after bottoming out in 2020, the report highlighted.

In mid December 2022, Saudi’s NWC said work on $1.1bn of desalination projects had begun.

The gradual decrease in building material costs coupled with growing demand for cement has aided the viability of projects currently in the execution stage, along with developments that are on the short-term horizon. The awarding of mega-projects across sectors will keep construction activity buoyed in the coming years as VRP’s are expected to be delivered, the USSBC noted.

According to the council, the real estate sector rebounded from a soft Q2 with 15 contracts worth $3.3bn being awarded during the third quarter. Mixed-use real estate is said to have led with one contract worth $2bn, while the residential real estate market witnessed eight contracts worth $1.1bn, followed by commercial real estate with four contracts worth $146mn, and hospitality with two contracts worth $145mn.

Overall, the real estate sector is said to have grown by $3.1bn QoQ during Q3 and increased by $1.7bn or 102% YoY. Through the first three quarters of 2022 (YTD), real estate gained the third highest value of awarded contracts by sector with $6.1bn (19%) of the total, after transportation and oil & gas, the report stated.

On a YoY comparison, the real estate sector’s awarded contracts grew by $2.6bn or 73%.

In late December 2022, AMF said that the construction sector was worth $187bn.

Commenting on the transportation sector, the council said it recorded a drop in contract awards during Q3 but the sector remained the second highest performer with a value of $912mn. The 12 contract awards during the quarter were dominated by Neom’s four infrastructure and earthwork packages pertaining to The Line’s highspeed rail link (The Spine).

The transportation sector was found to have declined by $5bn QoQ but advanced by $208mn or 30% YoY. On a YTD basis, the transportation sector attracted $8.7bn in contract awards or 27% of the total, which ranks at the top.

On a YoY comparison, the transportation sector remained well ahead of last year’s pace, as it posted an increase by $2.2bn or 303%.

On water industry contracts, the report said the sector maintained its position as the third highest awarder of contracts from last quarter, hitting $863mn. All four contracts were awarded by SWCC and NWC evenly, and involved the construction of reservoirs, pump stations, water transmission pipelines, and developing sewage networks, the report said.

In early January 2023, SPPC said that it planned to re-tender two IPPs in the Kingdom.

On a year-to-date basis, the water sector saw $3.4bn in awarded contacts or 11% of the total, which ranked as the fourth highest. The water sector increased by $148mn or 5% when compared to the same period in 2021, it concluded.

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Source: ME Construction News

Alternative investment firm Investcorp plans to invest up to $1bn in the GCC real estate market over the next five years, the firm has said.

The move follows Investcorp’s first real estate acquisition in Saudi Arabia – a new 215,000sqft temperature-controlled warehouse located in Dammam. This is the first of $100mn worth of real estate investments that the firm is currently assessing in Saudi Arabia, the firm explained.

“The Saudi Arabian real estate market is experiencing strong growth. The logistics and industrial sectors have enormous potential as key pillars of Saudi Arabia’s Vision 2030 agenda to transform the Kingdom into a leading industrial powerhouse and a global logistics hub,” said Hazem Ben-Gacem, Co-Chief Executive Officer of Investcorp.

In late November 2022, Saudi Arabia said it would spend US $704mn to develop Darin and Tarout Island.

Hazem Ben-Gacem, Co-Chief Executive Officer of Investcorp

He added, “Investcorp is a natural partner in this growth journey, and this acquisition leverages our global experience investing in the logistics sector – particularly in the US, Europe and India. This is the first in a series of investments that we are planning to make in the near future – with a view to investing $1bn over the next five years.”

The Dammam warehouse is said to be fully leased to Racking Systems Logistics Services Company, a third-party logistics company, which serves the Saudi market in the temperature-controlled warehousing and distribution segment. The investment in the Dammam warehouse – which can store up to 32,000 pallets of goods – will bring the value of Investcorp’s global warehousing logistics investments to over $4bn, representing approximately 42m sqft of industrial space, the firm noted.

Babak Sultani, Head of GCC Real Estate at Investcorp added, “Our first acquisition of a warehouse facility in the GCC expands on our recent activity in the region where we see long-term growth dynamics, particularly in the Saudi Arabian market. We have ambitious plans across diversified real estate sectors that support healthcare, education, entertainment, consumer goods, tech-enabled services, manufacturing, transport and logistics, and industrial services.”

In early January 2023, following encouraging signs, David Clifton, Regional Director – Middle East & Africa at Faithful+Gould shared his observations on Oman’s construction industry.

The acquisition follows another recent investment in the GCC logistics sector. In September 2022, Investcorp’s Gulf Pre-IPO Growth Fund led a $100mn financing round in TruKKer Holding Limited, the MENA region’s largest digital freight network.

Investcorp said it also acquired a majority stake in NourNet, one of Saudi Arabia’s leading Connectivity and ICT services providers. Since Investcorp established a presence in the Kingdom of Saudi Arabia in 2008, the firm has publicly listed four Saudi businesses on Tadawul, generating over $40bn in potential demand from their respective pre-listing marketing exercises. As of December 2022, Investcorp’s portfolio companies employ over 20,000 employees across the Kingdom of Saudi Arabia, the firm concluded.

Also in early January 2023, JLL noted that the global realty investment boom is being led by the GCC.

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Source: ME Construction News

With economies in the GCC expected to outperform the majority of global markets in 2023, regional investors’ appetite for global real estate investment opportunities is likely to grow, according to JLL’s report, titled ‘The Resurgence of Outbound Real Estate Investment from the GCC’.

The challenges posed by spiralling inflation, elevated energy costs, and hawkish monetary policy are impacting investor sentiment globally, stated JLL; and this is not only triggering delayed decision-making but also weakening liquidity in international real estate markets, further painting an uncertain global outlook.

However, the Middle East, in particular the GCC, is bucking this trend, as the region’s relatively robust economic conditions have helped strengthen market confidence as well as enhance appetite for discounted investment opportunities abroad, the firm noted.

In addition, the strong recovery in oil prices from mid-2020 has also served as an impetus for increased consumer confidence and buoyant investor sentiment in the region, leading to higher levels of capital being deployed into international real estate.

In mid November 2022, JLL announced Sean Doherty as Head of Program and Project Management for the MEA and, in mid December 2022, the firm said the Saudi construction segment remains the strongest in the MENA region.

Looking ahead, JLL anticipates shifts to portfolio strategies in favour of new economic sectors. While the office and hotel sectors have governed preferences in the past in cities such as London, Paris, and New York, there has been a shift to higher-growth sectors such as living and logistics. These, in aggregate, account for more than 40% of global investments over the past two years.

Investors are also increasingly focused on alternative sectors such as data centres and healthcare assets, a sign of a departure from last-decade strategies. Recent efforts to diversify portfolios are also in line with broader themes which were also amplified during the pandemic.

Data also shows that despite weakening economic growth globally, occupier demand for industrial and logistics space remains resilient, despite lack of available premises continuing to be a factor. As for the living sector, whilst signs of slow-down have emerged recently, evidenced by a moderation in rent growth, long-term tailwinds favour the sector and are expected to support resilience in performance.

As a consequence, GCC investors have significantly increased activity in the sector since 2020, and with living volumes now driving one-third of global investment, the sector is expected to become a more meaningful component of their portfolios.

In early January 2023, dnata broke ground on a $14mn cargo warehouse in Iraq.

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The Dubai Electricity and Water Authority (DEWA) has obtained ISO/IEC 27001:2013 certification, the highest international standard in Information Security Management Systems. The accreditation is said to have followed rigorous evaluation and auditing processes by the British Standards Institution (BSI).

According to a statement from DEWA, it first obtained the ISO certificate (27001:2005) in 2010, which was then updated four years later. Following that, the scope of application of certification standards was expanded to include all sectors and operations of the Dubai utility in 2018. This helped in obtaining the ISO certificate (27001:2013) most recently, the firm noted.

Managing Director & CEO Saeed Mohammed Al Tayer said DEWA was in fact a pioneer in adopting the best international standards in information security and agile governance, studying all possibilities and risks that may affect its strategic plans, operations and the quality of its services.

In early January 2023, Digital DEWA launched the first AI-driven cyber security system and, the utility firm said over two million smart metres were installed across the city.

“We proactively seek to manage any risks that may threaten information security by implementing an effective organisational policy for information security. We also adopt the best solutions and technologies to ensure the security and reliability of DEWA’s services,” he stated.

The Dubai utility is said to have adopted a comprehensive system to ensure electronic security based on a governance framework, continuously developed in line with the Dubai Electronic Security Strategy and the National Cyber Security Strategy.

DEWA is also committed to introducing its employees and work teams to the latest security solutions, in order to be able to deal with the many current and future security challenges; it also co-operates with regional and international leaders in information security systems, the statement concluded.

Also in early January 2023, DEWA said 58.4% of works had been completed on its $387mn Hatta Hydroelectric Power Plant.

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A deal for the construction package of roads and infrastructure for the $650mn Al Nakheel Integrated Tourism Complex (ITC) project in Oman has been signed by Al Nakheel and the National Company for Construction Works (NCCW). The project is being developed by Alargan Towell Investment Company, and is taking shape on the seafront in the Wilayat of Barka.

The agreement was signed by Mohammed Moosa Al Abri, CEO of Al Nakheel, and Wissam Al Aani, Executive Representative of NCCW. The deal outlines the construction package for roads enabling works of the project – it will stretch over 500,000sqm with the usufruct right, and almost one kilometre of waterfront overlooking the Sea of Oman.

According to Al Nakheel, the new project aims to strengthen the tourism sector, create more job opportunities and bring new tourism concepts to Oman, in line with the Government’s Oman Vision 2040. It aims to take shape as a masterpiece of affordable community living that will elevate urban development in Oman to new heights. A unique water body Crystal Lagoon covering an area of 51,000sqm will be the centrepiece of the development, the firm noted.

In mid May 2022, Alargan Towell Investment Company said it had begun work on Phase One of Al Nakheel ITC.

“The signing reflects our commitment to develop the Al Nakheel project and to present new concepts to buyers, investors and tourists, citizens and residents, to support the government’s endeavours towards achieving Oman Vision 2040. We believe the project will attract local and foreign investments across various components of the project, create added value and contribute to the GDP of the sultanate,” said Al Abri.

The project will be home to one lakefront hotel and two seafront hotels, along with villas, apartments, townhouses, and serviced apartments. A shopping mall, souk, an international school, various restaurants, an aqua park and other entertainment and service facilities are also planned as part of the project.

Al Ani remarked, “We are confident that the Al Nakheel project will be one of the most prominent tourism and real estate projects in the region. Its development will empower the growth of Oman’s tourism and real estate sector and deliver a positive impact on the national economy.”

In mid September 2022, Bank Nizwa signed a $650mn agreement with Palm Beach for the Al Nakheel ITC project.

The first construction package for the Al Nakheel project is said to have started earlier this year, which included earth work for the roads and the levelling of the land. The next phase will include enabling works for the Crystal Lagoon, roads, and infrastructure package.

Al Nakheel ITC is iconic for its pristine location and a unique combination of facilities that create a one-of-a-kind marketing mix to cater to the wider Omani and foreign market. The project is expected to cater to the fast-growing Omani population, GCC and foreign investors and holiday makers through its offering of residential, hospitability and retail components, the company concluded.

In early January 2023, David Clifton, Regional Director – Middle East & Africa at Faithful+Gould shared his observations on Oman’s construction industry exclusively with Middle East Construction News.

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Abu Dhabi-based developer Aldar Properties is set to develop a fully sustainable community in Abu Dhabi – the move is said to reflect the growing demand for eco-friendly living options.

The development will feature hundreds of condominiums and townhouses and will be powered by clean renewable energy and equipped with bio-domes, solar panels and battery-charged communal vehicles to promote energy efficiency and lower emissions, according to a statement Aldar released to the Abu Dhabi Securities Exchange (ADX), where its shares are traded.

The Sustainable City – Yas Island will feature residential units in 10 clusters; the first phase of the project, which will deliver 272 condominiums and 240 townhouses, is expected to open to buyers during a public sale on 19 January 2023.

The development, launched in partnership with Diamond Developers, will be an eco-friendly and walkable community with open green spaces, community farming plots, as well as recycling facilities, which will help lower carbon emissions, and solar panels, which will cut residents’ energy consumption by half, it said.

In August 2022, Hill International was appointed to provide PMC services for Aldar Properties’ projects.

It will have a ‘central green spine’ that will run the length of the community, featuring parks and lakes, as well as bio-domes, where vegetables will be grown and distributed throughout the district.

To further keep emissions low, the community will provide a network of communal battery-charged buggies and bicycles, enabling residents to move around while their cars remain parked on the outer edge of the development.

According to Jonathan Emery, CEO at Aldar Development, the new project is in response to the strong demand for sustainable living options among “environmentally conscious” clients who prefer a lifestyle that “focuses on low carbon emissions, energy conservation and the fundamental principles of a circular economy”.

He said: “This is a landmark project for Aldar, reflecting our commitment to provide an increasing range of curated living experiences, which our local and overseas customers tell us they want to live and invest in.”

In late October 2022, Aldar announced a lagoon-themed villa community.

Last year, Aldar announced plans to cut energy consumption by 20% across a portfolio of 80 assets, including hotels, residential properties, retail spaces and schools.

In early November 2022, Diamond Developers told Middle East Construction News that surpassing Net Zero on the table for Sharjah Sustainable City.

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Source: ME Construction News