Cinépolis Cinemas, the largest movie exhibitor in Latin America, and the third largest in the world, has signed a management agreement with Ithra Dubai to partner on a 10-screen cineplex, which will be part of the Deira Enrichment Project.

The planned cineplex will house ten screens featuring state-of-the-art auditoriums and the brand’s signature reclining Standard and Deluxe seats. These offer a luxury viewing experience and feature personal amenities and advanced storage solutions, said a statement from Cinépolis. It added that the project will feature its family-friendly Junior concept, as well as an outdoor rooftop screen.

Catering to the needs of younger cinemagoers, Cinépolis Junior will offer a jungle gym, bean bag seating, and 15-minute intermissions halfway through the film to allow children to take a break.

An alternative to traditional screens is the outdoor rooftop, which will not only provide plush and comfortable seating with high definition viewing but will also provide views of The Creek.

Cinépolis Cinemas is known globally for its legendary popcorn and delectable hot food, which the brand will be rolling out to the new Deira project, the statement added.

Lachlan Gyde, Executive Director Asset Management for Ithra Dubai commented: “We are pleased to partner with Cinépolis and welcome their international and local experience which will further reinforce our core value of enriching the lives of people we serve. The Cinema will most certainly be a valued entertainment addition to this exciting emerging community, for residents and visitors alike.”

The brand has a well-established footprint throughout the GCC, with theatres in Oman, Bahrain and Saudi Arabia. In the UAE, Cinépolis opened its cineplex in Sharjah Oasis Mall in 2020. Cinépolis Deira, expected to open by first quarter 2024, will be the eleventh theatre to welcome visitors under the Cinépolis umbrella.

Alejandro Aguilera, CEO of Cinépolis Cinemas, said: “Deira will be the first Cinépolis project in Dubai, a metropolitan hub in which we plan to expand our presence and bring our international expertise. Our goal is to offer the best cinema experience and continue to prioritize customer experience”.

He added that excellent service has always been at the core of Cinépolis, and customer convenience is something the brand has always prioritised. To make the cinema experience as simple and hassle-free, one service the brand will roll out is their contactless ordering, which allows all moviegoers to book and pay for their food and beverages from the comfort of their seats, using a customised QR code.

Ithra Dubai, a fully owned subsidiary of Investment Corporation of Dubai (ICD), provides strategic oversight by developing projects such as the Deira Enrichment Project in Deira, a place rich in culture and overflowing with history.

The post Ithra Dubai signs agreement with Cinépolis Cinemas for Deira Enrichment Project cineplex appeared first on Middle East Construction News.

Source: ME Construction News

ENGIE, the global low-carbon energy company, has said that it has participated in the largest-ever auction of carbon credits held during the Future Investment Initiative (FII), which was organised by the Regional Voluntary Carbon Market Company.

In a statement, ENGIE said that its ENGIE GEMS entity traded a total of 483,100 carbon credits to the Regional Voluntary Carbon Market Company for the auction. This was the largest single contribution to the 1.4 million carbon credits that were sold in the auction – which was the largest-ever auction of its kind.

Riham ElGizy, Director of VCM Initiative, said: “Dedicated to supporting the investment and innovation needed to deliver necessary climate action, and participate in Saudi Arabia’s efforts to achieve net zero by 2060, the auction represented the first step towards becoming a leading player in the global voluntary carbon market ecosystem”.

A mechanism designed to reduce greenhouse gas emissions; carbon credits are produced by developers who create carbon-reducing projects. Each carbon credit is CORSIA-compliant and Verra-registered. A single credit represents one ton of carbon dioxide that can make up for industrial production, delivery vehicles, or travel emissions. The 483,100 credits provided represent a reduction of 483,100 tons of carbon from the atmosphere

“As a global reference in low-carbon energy and services, with a purpose to provide clients with a wide range of solutions to accelerate the energy transition, we are delighted to have participated in the largest-ever auction of carbon credits organised by the Regional Voluntary Carbon Market Company,” added Varun Gujral, Chief executive officer at ENGIE GEMS in Asia-Pacific (APAC),

In total, 15 Saudi and regional entities took part in the auction, including Aramco, Olayan Financing Company, and Saudi Arabian Mining Company (MA’ADEN), which purchased the most significant number of carbon credits.

Turki Al Shehri, ENGIE’s CEO for Saudi Arabia, concluded: “We are proud to contribute to the Voluntary Carbon Market initiative as it plays a pivotal role in addressing the impact of climate change, while Saudi Arabia is committed to achieve net zero by 2060.

“For as long as we are present in Saudi Arabia, at ENGIE, we will continue to lend our expertise and support to our customers and stakeholders in support of decarbonisation.”

The post ENGIE participates in largest-ever auction of carbon credits appeared first on Middle East Construction News.

Source: ME Construction News

Euro Auctions Middle East is set to establish its largest auction house in the region for industrial plant, construction equipment and agricultural machinery after signing a lease agreement with Khalifa Economic Zones Abu Dhabi – KEZAD Group,

Under the agreement, Euro Auctions Middle East will expand its current UAE operations in KEZAD across a facility of more than 43,000 square metres, with site operations scheduled to commence in Q1 2023.

By collaborating with Abu Dhabi Customs and KEZAD Group, Euro Auctions Middle East retains its 100% foreign ownership and will also have a proportion of the yard categorised as a bonded warehouse, offering import and export customers the same advantages, including less paperwork, as a freezone operation.

Euro Auctions has operations worldwide with eight sites across England, Northern Ireland, Germany, Spain, Australia, the United States, and the UAE. The company conducts more than 60 auctions per year and markets to an international audience from over 95 countries worldwide due to its strong online presence.

With more companies selling well-maintained and newer machinery than ever before, Euro Auctions reported that the average lot price at its most recent UAE auction increased by 63 percent when compared to similar events in 2019. As a result, auctions are expected to become an increasingly popular option for buyers and sellers.

Auctions are a quick and efficient way to sell unused or surplus stock, with quick pay-outs enabling companies to quickly reinvest the capital back into their business. From a buyer perspective, it allows an efficient use of their time when they can pick from a wide variety of equipment all in the one place.

Richard Sweatt, general manager, Euro Auctions Middle East, said that the opening in KEZAD provides the operation with massive strategic advantages in the region.

“The site will be outside of the freezone, but Euro Auctions will still have 100% foreign ownership through the initiative launched by the UAE in 2020,” he added.

“For UAE customers, this means they no longer have the documentation requirements to deliver and collect equipment from the auction site and they will also have easy access to come and inspect the stock prior to auction day.

“We look forward to enhancing our service offering for local customers in Abu Dhabi and to growing our international footprint thanks to Abu Dhabi’s strategic location and KEZAD Group’s streamlined and cost-effective connectivity to major markets.”

From its new site in KEZAD, Euro Auctions can manage the entire auction process for sellers from collection and delivery to minor repairs, enabling clients to focus on their core business while being able to access a truly global audience through the diverse platform of buyers that Euro Auctions offers.

Mohamed Al Khadar Al Ahmed, Chief Executive Officer, Khalifa Economic Zones Abu Dhabi – KEZAD Group, added: “At KEZAD Group, we are proud to continually enable leading companies such as Euro Auctions to meet growing demand across the region and beyond from Abu Dhabi. Auctions provide an important option for industrial concerns and manufacturers looking to expand their inventory, and this new auction house will contribute to the growth of this strategic sector.

“The development of the Euro Auctions project will provide existing and future customers with facilities that can supplement their business needs through a globally renowned facility, which will bring best-in-class practices to streamline storage and transportation while providing a transparent bidding process.”

The post Euro Auctions Middle East to open region’s largest auction house at KEZAD appeared first on Middle East Construction News.

Source: ME Construction News

Tecom Group CEO Abdulla Belhoul says changes to the way businesses can operate in the Dubai district will help the success of its new $120mn development.

Tecom Group revealed earlier this week that it had broken ground on the Innovation Hub Phase 2 Project, which will add more than 355,000 sq. ft. of space at Dubai Internet City, amid high demand for commercial real estate in the emirate.

Tecom is expanding its leasing portfolio to capture the increasing demand in Dubai’s commercial real estate market, underpinned by the emirate’s economic development and the government’s pro-growth strategies.

The Innovation Hub Phase 2 expands the group’s assets with two high-end office buildings, four boutique offices, retail spaces and more than 800 parking spaces.

“Tecom remains a pillar for Dubai’s business hub proposition,” said Belhoul. “New regulatory frameworks and the ease of doing business are accelerating economic growth and reinforcing investor and business confidence. We’re seeing the success of our leadership’s economic diversification strategy reflected in our commercial and industrial real estate portfolio performance this year due to an influx of new companies and talent.”

To be completed by 2024, the Innovation Hub Phase 2 will provide specialised tech offices at Dubai Internet City amid high demand for commercial real estate in Dubai.

Launched in 2018, the Phase 1 of the Innovation Hub is almost at full capacity, providing tech giants like Google, Hewlett-Packard, Gartner and China Telecom a base in the region.

With additional stages in the pipeline, the completed Innovation Hub project is expected to add more than 1.2 million sq. ft. of space for technology, education and new media businesses of all sizes to the Group’s portfolio.

The post Tecom CEO: We remain a pillar for Dubai’s business appeared first on Middle East Construction News.

Source: ME Construction News

Abu Dhabi has selected French consortium EDF (Eléctricité de France) and Engie to deliver Phase 2 of its LED road lighting public-private partnership (PPP) project.

The selection was done by Abu Dhabi Investment Office (ADIO), in collaboration with the Department of Municipalities and Transport (DMT).

DMT has signed a partnership agreement with Nojoom, a joint venture between EDF and Engie, to deliver the project in the UAE capital.

The project, which forms part of the wider Abu Dhabi Road Lighting Programme, includes the finance, supply, installation, operation and maintenance of 133,473 LED energy-efficient luminaires in the emirate of Abu Dhabi. It will result in significant electricity savings of almost 2,400 million kWh, equivalent to a reduction of approximately 74% in power consumption, over the 12-year concession period.

Abdulla Abdul Aziz AlShamsi, Acting Director-General of ADIO, said: “The completion of the second phase of the LED road lighting tender demonstrates the strength of Abu Dhabi’s PPP framework and our commitment to support partnerships between the public and private sectors to deliver strategic infrastructure projects. Building on the success of the first phase, the partnership agreement with DMT will deliver significant energy reductions across the emirate’s road lighting infrastructure, making an important contribution to the UAE’s ambitious sustainability goals.”

Dr Salem Al Kaabi, Director-General of Operational Affairs at DMT, stated: “The strategic partnership between the government and private sectors constitutes an important step towards adopting advanced technologies and creating sustainable infrastructure.

“The implementation of Phase 2 of this project will help in the reduction of energy consumption resulting from the installation of energy-efficient lighting which meets the highest standards of quality and supports improving road safety in the emirate. As we move forward with this critical project which contributes to enhancing the quality of life in the Emirate of Abu Dhabi, our team will continue to collaborate with all partners involved.”

The project was procured in accordance with Abu Dhabi’s PPP Law and ADIO’s Partnership Projects Guidebook and Environmental, Social and Governance (ESG) Policy. EDF and Engie signed a partnership agreement with DMT after a thorough three-stage evaluation of the proposals submitted by pre-qualified bidders.

The selected consortium offered the best technical solution and will deliver the project over five phases, covering smaller geographical zones across Abu Dhabi to ensure the highest standards of efficiency and sustainability.

The post French group chosen for Abu Dhabi LED road lighting appeared first on Middle East Construction News.

Source: ME Construction News

Work on the second phase of the King Faisal Corniche and The Avenues – Bahrain project is progressing steadily, with completion set for the second half of 2024, it has been announced.

According to a BNA report, the project – which spans over a 103,000sqm area – will feature a complex building, hotel apartments, and a car park, as well as green spaces, once completed.

Municipalities and Agriculture Minister Wael bin Nasser Al Mubarak visited the project site and highlighted the Bahraini government’s desire to promote development projects that will contribute towards achieving Bahrain’s Economic Vision 2030 via partnerships with the private sector.

The report added that the minister was briefed on the implementation stages of the project, which is aimed at providing a variety of key amenities, along with advanced services and facilities that will serve Bahrain’s citizens and residents.

Approximately US$185 million is being invested into the project, Al Mubarak said during his visit.

“The financial contribution from the developer company is worth US$13.26 million to develop the road network surrounding the project, and a total benefit amount of about US$87.5 million,” the minister said, and added that the expansion will motivate the economic sector in the Kingdom and support the tourism sector.

The development is a major retail and tourism destination for Bahrain and aims to revive tourism and trade in the Kingdom. It is the first of its kind in the country and is being developed along Bahrain Bay in Manama.

The post Work on $185mn expansion of King Faisal Corniche and The Avenues project in Bahrain set for early 2024 completion appeared first on Middle East Construction News.

Source: ME Construction News

Godwin Austen Johnson (GAJ), the Dubai-based, UK architectural and design practice, has said that it has been appointed by Palma Development as the lead architects for the new Serenia Living residential complex located on Dubai’s Palm Jumeirah.

In a statement, GAJ said that the appointment follows the success of the Serenia Residences, also on The Palm Jumeirah, which was designed and handed over by GAJ in 2018.

The project will offer an array of 225 residences featuring a mix of two- three-, and four-bedroom units as well as half floor and full floor penthouses, across four buildings. Two of the towers will be dedicated to a collection of 22 penthouses and each building will be feature a one-off duplex Sky Mansion.

Furthermore, the development will feature one of the largest wellness clubs in Dubai, which includes a spacious gym with dedicated training studio and a spa with sauna, steam room and an ice plunge pool. It will also include a children’s play area with games room, outdoor pool, cinema and an array of external sports facilities and courts.

“As with the Serenia Residences we wanted to create a contemporary product with clean architectural lines that responds to its unique setting and creates its own unique resort environment,” said Jason Burnside, partner at GAJ.

“The location of the project has led our design approach through references to the shoreline and city views on one side to the vast expanse of the Gulf and setting sun on the other. These are subtle but elegant and feature the nautical references to curved balconies and champagne colour tones of the razor clam cladding panels of the buildings that change with the sun movement throughout the day. With such spectacular views on all sides, it was critical to incorporate sliding floor-to-ceiling glass walls with generous balconies to maximise the opportunity for residents to enjoy a truly luxurious connection with nature.”

The development also includes a clubhouse on the beach with a café and storage for water sports equipment. Bringing it all together is the landscaping with intentionally placed design elements that help foster connections between the buildings, the beach, and users.

The development’s anticipated completion is set for December 2025.

The post GAJ appointed as lead architects for new Serenia Living project on Palm Jumeirah appeared first on Middle East Construction News.

Source: ME Construction News

Unique Properties, a Dubai-based real estate agency, has predicted that Dubai’s prime residential market will experience the world’s strongest growth in 2023, with high-end properties in the city remaining in strong demand.

In a statement, Unique Properties said that prices are likely to end the year (2022) around 50% higher than in 2021. It added that Dubai’s prime residential market has been a global outlier with record price growth this year. It is poised to continue this trajectory into the new year with the UAE’s proven stature as one of the safest places in the world to live.

Down from the 2.7% growth rate that was predicted halfway through 2022, the emirate’s prime real estate sector is still projected to rise by 2% on average in 2023, and aggregate growth for next year is expected to be higher than what has been recorded in six of the past 10 years.

Despite global instability, rising inflation rates, and chatter of a looming recession, the upward momentum of Dubai real estate is supported by appealing incentives such as an extremely low rate of tax, long-term visas, and excellent connectivity.

Additionally, with the influx of GCC tourists who have been increasingly entering the region because of the Qatar World Cup, it is predicted that the UAE will see 40% growth in high-net-worth individuals (HNWI) residing in Dubai over the next decade, the statement continued.

Arash Jalili, Founder and Chief Executive Officer of Unique Properties, UAE HQ, said: “With the US dollar strengthening over the last six months, and the UAE dirham being fixed to its value, buyers from the UK and EU will continue to enjoy the benefit of relative affordability in Dubai’s real estate market as we move into 2023.

“November sales transactions in the UAE reinforce this notion as it was a record-breaking amount propped up by the well-being of the country’s economy. This trend should continue for the next year with Dubai properties being one of the most preferred long-term investment assets around the world,” he continued.

Jalili also highlighted the UAE’s deft handling of the pandemic, which has enabled a quicker recovery than that of most countries. He stated that the city is one of the more resilient economies in the world and citied experts who have predicted that it will grow by 4.3% in 2023 to become the fastest-growing economy in the Arabian Gulf.

“Dubai’s mainstream residential market is expected to contribute to this growth and simultaneously be a beneficiary by registering price increases of five to seven per cent by the end of this year and a similar rate of growth in the following year,” the statement concluded.

The post Dubai real estate market predicted to grow by 2% in 2023 – Unique Properties says appeared first on Middle East Construction News.

Source: ME Construction News

Saudi Electricity Company (SEC) has announced the appointment of WSP, the global professional services consulting firm, to support the utility provider in achieving compliance against local and international environmental regulations.

In a statement, SEC said that the consultancy would help it support the Kingdom’s environment and sustainability ambitions, and help it become an industry pioneer. The utility giant said that it had commissioned an environmental compliance programme covering all of its facilities in the Kingdom, driven by Vision 2030, which aims to protect and enhance the Kingdom’s environment.

The project’s aims include achieving the environmental compliance requirements for SEC’s operation facilities and assets, against the standards and regulations set by the National Centre for Environmental Compliance.

As per the deal, WSP’s Environment and Sustainability Advisory team will help the SEC in achieving these compliances, across two phases. The statement added that the move comes in line with SEC’s vision of being a leading power provider while protecting the environment through sustainable solutions.

Dr Abdullah M. AlShoaibi, Environment & Sustainability Manager, SEC, said: “We at the Saudi Electricity Company collaborate with WSP to develop corrective action plans and an EMS to ensure we achieve environmental sustainability and improve SEC’s Environmental and Sustainability Performance towards KSA’s sustainable future.”

As part of the first phase of the project, WSP will identify all compliance gaps, provide environmental auditing services, and develop the environmental compliance action plans and procedures required to achieve legal compliance with NCEC’s requirements.

The second phase will cover oversighting, tracking, and monitoring the Environmental Compliance Action plans’ implementation, including the development of key performance indicator to monitor and control the progress across SEC’s operation sites and assets.

Furthermore, WSP’s Environment & Sustainability Advisory team will also support SEC with the development of an Environmental Management System (EMS) based on international benchmarks.

The development of the EMS is a target set by SEC and defined as an internal KPI for meeting International Organisation for Standardisation’s (ISO) requirements, the statement continued.

On the project win, May Faraj, Head of Environment & Sustainability, WSP Middle East said: “I am confident our expertise and technical skills in the Environment & Sustainability space will lay the foundation for successful outcomes. What we’re setting out to achieve here is the provision of advisory services underpinned by bringing SEC’s sustainability commitments to realisation, in line with Vision 2030.

“We are proud to have been appointed by SEC; this is a strategic partnership on both ends. As we support SEC to achieve its sustainability ambitions, we are also thrilled to be working on such a big-scale project with a company of this magnitude,” he continued.

Mahmoud Hashish, Project Director and KSA Environment & Sustainability Lead, WSP Middle East added that the consultancy will continue to work closely with SEC, to ensure environmental compliance and protection, set up benchmarks for SEC to become pioneers in their field, and implement a national transformation plan in line with the Kingdom’s Vision 2030.

The post WSP appointed by Saudi Electricity Company to support environmental sustainability strategy appeared first on Middle East Construction News.

Source: ME Construction News

Penthouse.ae is listing what it claims is one of Dubai’s most expensive ready-to-move-in penthouses for AED 120M ($33.5mn) in the Jumeirah Gate Tower, at Address Jumeirah Beach Residence (JBR).

Inspired by the theme of ‘La Dolce Vita,’ the ultra-luxurious 10,000 sq. ft. ready-to-move-in penthouse occupies floors 73-75 has four bedrooms a majlis area, a private elevator, double height ceilings and offers amazing 360-degree views of the Dubai skyline, Bluewaters, Ain Dubai, Palm Jumeirah and Burj Al Arab as well as access to five-star amenities and facilities, describes the luxury division of Metropolitan Premium Properties.

According to the firm, owners of the uber-luxury penthouse will experience a unique resort-style lifestyle with 100m of direct beach access and the property is located a short distance to surrounding attractions, including The Beach and Dubai Marina Walk.

“We are seeing a huge influx of ultra-high net worth investors and buyers from Europe and the CIS in the last 6-12 months who are looking for ready-to-move-in homes and driving up demand for these uber-luxury units,” commented Petri Mannila, Sales Director of Penthouse.ae.

“We are currently listing 10 penthouses ranging from AED 100M up to AED 400M in Dubai some of them ready-to-move-in and a few are to be handed over in the next year or two. The Jumeirah Gate Tower penthouse is located on the very last land plot on Jumeriah Beach Walk making it an even more strategic investment opportunity.”

Penthouse.ae recently sold a penthouse for AED 80.5mn ($23mn) and has seen closure on many ultra-luxury properties including Sea Mirror, Jumeirah Bay Island which sold for AED 154mn ($42mn).

The post $33.5mn penthouse goes up for sale at Address JBR appeared first on Middle East Construction News.

Source: ME Construction News