Developer Arada has successfully closed a US $100mn tap of its existing $350mn sukuk, which was issued in June and listed on the London Stock Exchange.

In a statement, Arada said that the tap was priced at 99 cents on the dollar, with an investor yield of 8.386%. Arada’s existing five-year fixed rate RegS debut Sukuk issuance was rated BB- by Fitch and B1 by Moody’s, it added.

Ahmed Alkhoshaibi, Group CEO of Arada, said, “Arada continues to expand at an extremely rapid pace. To maintain that aggressive growth strategy, we took the decision to tap the markets opportunistically to secure the capital that will guarantee our plans remain on track. This exceptional response and over-subscription from the international debt capital markets is a further sign of faith in Arada’s impressive growth trajectory, fundamentals and future prospects. We’re especially pleased to have closed this issuance during an uncertain time for global markets, which is again a hugely positive endorsement of our investor proposition, good governance record and credit strength.”

In June 2022, Arada awarded a $20.4mn contract to build Sharjah’s largest and most technologically advanced fitness centre and, in October 2022, the developer launched the Masaar Discovery Centre.

He added that the tap witnessed resilient demand from the global finance markets, with a lead order of $185mn. The proceeds from the tap will be used for general corporate purposes and to support the development of Arada’s existing projects.

The Joint Lead Managers and Bookrunners for the tap were Standard Chartered Bank and Emirates NBD Capital, HSBC, Abu Dhabi Commercial Bank, Mashreq, Sharjah Islamic Bank, Kamco Invest, and Warba Bank. In May, Moody’s and Fitch assigned Arada first-time credit ratings, of B1 and B+ respectively, both with a stable outlook.

Since its launch in 2017, Arada has launched three master-planned projects in Sharjah, with a combined sales value of $9.12bn, which are said to be setting a new standard for integrated community living in the emirate.

In October 2022, Arada awarded $124mn in contracts to Airolink for the development of Aljada homes.

In January this year, Arada announced the purchase of a plot of land on Dubai’s The Palm Jumeirah luxury megaproject, in line with the company’s stated intention to diversify into new markets.

The developer said it is on track for a year-on-year 25% increase in the value of property sold in 2022, and is also aiming to complete 4,000 homes during the course of the year. In total, Arada has sold nearly 11,000 units since inception, valued at over $2.17bn. The developer has completed 2,600 units, with another 27,500 homes in the pipeline, it concluded.

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Alfanar has won a contract to develop a 110MW solar photovoltaic power plant project, which will be part of a floating solar panel system. The US $320mn contract was awarded by the Saline Water Conversion Corporation (SWCC).

According to a statement, the SWCC project will also see the development of a 380kV substation, along with 172km of overhead transmission lines. The SWCC said the solar plant will play a critical role in powering the nearby Jubail desalination plant with renewable energy, thereby reducing the use of 410,000 barrels of crude oil per year.

The signing ceremony was attended by the Minister of Environment, Water and Agriculture, Abdulrahman Al Fadhli, who is also the Chairman of the Board at SWCC, along with SWCC Governor Abdullah Al Abdulkarim and Alfanar’s Managing Director Sabah Al Mutlaq and Executive Vice President Amer Al Ajmi.

In February 2021, Alfanar signed a MoU with Aramco to develop in-Kingdom initiatives and, in March 2022, Saudi Arabia announced over 60 water projects worth US $9.33bn.

Alfanar pointed out that it is aligned with the Saudi Green Initiative, which is a part of Vision 2030 and is investing strategically in renewable energy technologies, such as solar and wind energy.

The Jubail desalination plant, which boasts a production capacity of one million cu/m per day of water, is said to be one of the largest water desalination plants in the world.

In May 2022, an Acwa Power-led consortium said it had won a major Saudi water deal.

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Jeddah Mayoralty has said that work is in full swing on the South Obhur Corniche waterfront project, with the expectation that work will be complete by Q2 2023.

Spread over an area of 180,000sqm, the $61mn waterfront destination features five projects aimed at boosting the quality of life for residents, and raising the per capita share of green spaces and recreational areas. The entire destination covers the extension of a 2.5km seafront.

According to the developer, the South Obhur seafront project will add tourist value to the city of Jeddah, as it will provide squares and recreational areas, sandy beaches, a bike path, a sea walkway, green spaces, and parking lots, in addition to a number of attractive investment opportunities.

In September 2022, Lifestyle Developers said it had begun construction work on the Vue in Jeddah,  and, in October 2022, Alstom announced it had signed a five-year $53mn O&M contract with Jeddah Airports Company.

In addition, the project work will include infrastructure development, in addition to a marine scaffold, service and investment buildings, marine works, and complete infrastructure facilities. This includes the development of an electricity network, as well as a sewage network for rainwater and torrential rain. The project will also have surveillance cameras covering the entire site linked to a control room, Jeddah Mayoralty added.

Obhur is known for its variety of luxury resorts and beaches, which offer a number of recreational activities and events for all age groups.

Late in October 2022, Ajdan Real Estate said it would develop its $66.5mn Bayfront project on Al-Khobar Corniche.

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Wolffkran has revealed a new fiber rope for tower cranes that can replace a steel rope 1:1 without any modification of the crane. The chaRope, which is being showcased on a WOLFF crane at Bauma this week, was developed in cooperation with the rope specialist Trowis GmbH, the company said.

The fibers of the rope core are made of extremely dimensionally stable material, which help preserve the rope’s round cross-section, so it can be used in the most challenging environments such as icy mountain peaks or hot desert regions, WOLFF explained.

“Thanks to the unique design, the chaRope fiber rope has the same diameter as a steel rope and is thus significantly thinner than comparable products from competitors,” says Thomas Heidrich, CTO and Member of the Group Management Board at Wolffkran GmbH.

In March 2021, Wolffkran said it had achieved climate-neutral certification in Germany.

The rope design consists of a multi-layered, twisted rope core made of high-tensile high-tech fibers and an abrasion-resistant, thin-walled fiber composite cover. As a result, the company noted it can offer 12mm and 16mm diameter crane ropes at market entry. In Wolffkran’s current portfolio, this applies to all models in the WOLFF Clear series, the new WOLFF 21 FX cranes and the WOLFF 8033.16 Cross.

Aside from its small diameter, the unique fiber composite design of the rope cover has further advantages over conventional, braided covers. It is impermeable meaning moisture can’t penetrate through to the inside of the rope, nor can lubricants or fiber abrasions leak through to the outside.

“The rope does not run dry, even after many years, and the environment is not polluted with microscopic plastic,” adds Peter Streubel, Managing Director of Trowis GmbH.

In October 2022, Tadano said it would debut a 70t crane with increased lifting capacities at Bauma 2022 while, later in the month, Raimondi Cranes unveiled its new brand and company vision.

The test phase for the chaRope fiber rope is expected to be completed in June 2023, before being made available on the market in August 2023.

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Caterpillar Work Tools Division has announced new Tilt Rotate System (TRS) models for Cat 302.7 through 310 next generation mini excavators.

The new TRS4 and TRS8 S45 plus updated TRS6 models allow attached work tools to rotate 360 degrees and tilt 40 degrees side-to-side, the manufacturer says, enabling the machine to reach more work areas from a single position, while maneuvering around obstructions when excavating, grading ditches, sorting recycle materials, and placing pipe. The new TRS models are said to multiply the mini excavator’s versatility and are available in various configurations to match the application.

System design includes a top interface that connects the TRS to the carrier machine and a bottom interface that connects various work tools to the TRS. Top interface connections for the TRS4, TRS6 and TRS8 include a choice between an S Type hydraulic-coupler or pin on, while bottom interface options include the Pin Grabber or S type coupler, the firm said.

In early September 2022, Caterpillar said it had inked a deal to replace the haul truck fleet at a Chilean mine while, later in the month, Komatsu said it would focus on future technologies at Bauma 2022.

All TRS models are standardised with an auxiliary TRSAux1 hydraulic function at the bottom. This allows for the installation of an integrated grapple module when the TRS model is attached to the carrier via the S type coupler system, the company explained.

The TRS6 and TRS8 feature a standard TRSAux2 auxiliary port at the bottom to connect a variety for different hydraulic tools. The manufacturer adds that sensors for these TRS models work in combination with Cat mini excavator software and a variety of different external reference suppliers for 2D and 3D work applications.

Late in September 2022, Caterpillar said it had surpassed five billion tonnes of material hauled autonomously.

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Ahead of the FIFA World Cup Qatar 2022, Qatar Tourism has announced new tourism attractions, hotels and resorts that will be open to visitors.

The tourism body noted, this unprecedented year of development represents a major milestone in Qatar’s emergence as a tourist destination, with the country seeking to welcome six million visitors a year by 2030.

“2022 has been an extraordinary year in Qatar with so many major new hotel and tourism openings. From shopping malls to beach clubs, museums to theme parks, there are now activities and experiences in Qatar for every type of traveller, from every nation, and to suit every budget. With more than one million fans expected to visit for the FIFA World Cup Qatar 2022, we’re proud to be able to offer a true breadth of experiences and entertainment beyond our stadiums, fan festivals and matches,” said Chief Operating Officer of Qatar Tourism, Berthold Trenkel.

In early October 2022, JLL signed an agreement with a Qatar real estate brokerage to boost property investments, while, a week later, Bevan Farmer was elevated to Head of Qatar at Addleshaw Goddard.

Highlighting the entertainment options, Qatar Tourism discussed: Al Maha Island; Lusail Winter Wonderland and Lusail Boulevard; Qetaifan Island North; Corinthia Yacht Club and West Walk.

Commenting on Lusail Bolevard, Qatar Tourism said the shopping, commercial and residential area is set to become the Champs-Élysées of the Middle East, with the open-air, climate-controlled boulevard offering a vast range of experiences. Lusail Boulevard is set to open in time for the FIFA World Cup Qatar 2022 – with three-day family friendly festival, which will run from 3-5 November 2022, featuring headline concerts, shows and DJs, the tourism body stated.

A number of new beaches & beach clubs will also open according to Qatar Tourism including: the West Bay North Beach Project; West Bay Beach; B12 Beach Club Doha; DOHASANDS Beach Club; 974 Beach Club; La Mar Beach Club and Makani Beach Club.

In mid-October 2022, Knight Frank predicted that Qatar’s hospitality sector would grow by 89% by 2025.

From an arts & culture standpoint, Qatar Tourism said the Museum of Islamic Art (MIA) re-opend to the public on 5 October 2022, following a year-long facilities enhancement project. The re-imagination of its permanent collection of over 1,000 objects will create a new visitor-focused layout and storyline, allowing the museum to showcase its world-renowned exhibits as never before. Aimed at families with children, the new galleries at MIA include hands-on experiences and activities, it said.

With regards to shopping, Qatar Tourism shone a light on Printemps Doha and noted that the opening marked the first opening for the Parisian department store brand outside of France.

The tourism body also highlight the opening/imminent opening of no less than 13 hotel and resort facilities including: Fuwairit Kite Beach; The St. Regis Marsa Arabia Island; Rixos Gulf Hotel Doha; The Outpost Al Barari; Rixos Qetaifan Island North Doha; Waldorf Astoria Doha West Bay; Waldorf Astoria Doha Lusail; The Ned Doha; The Chedi Katara Hotel & Resort; Raffles Doha and Fairmont Doha; the Rosewood Doha; Katara Hills LXR Hotels and the DoubleTree by Hilton Doha Downtown.

Late in October 2022, Dar Al Arkan began sales of apartments at its $275mn Les Vagues residences by ELIE SAAB in Qatar.

Qatar Tourism said the new offerings build on a wave of several other tourism related facilities for visitors throughout 2022.

March witnessed the opening of 3-2-1 Qatar Olympic and Sports Museum, the world’s most sophisticated modern museum dedicated to sport. The following month the extravagant shopping mall Place Vendôme opened its doors, featuring over 500 stores and an entertaining dancing fountain display. The Le Royal Méridien Doha hotel was then blended seamlessly into the new French-inspired mall this summer, it said.

This year also saw other hotel openings such as the region’s largest wellness resort: Zulal Wellness Resort by Chiva-Som and the Pullman Doha West Bay that opened in August, the tourism body pointed out.

In 2021 there were lots of other exciting openings, Qatar Tourism added. The theme park Quest Doha launched with over 30 rides including the world’s tallest indoor rollercoaster, and the world’s tallest indoor shot & drop tower. The luxury five-star Banyan Tree Doha opened with five dining options and a Rainforest Hydrotherapy spa. The Hilton Salwa Beach Resort & Villas also opened its doors with 3.5km of private beaches, and the Desert Falls Water and Adventure Park, one of the largest theme parks in the Middle East, opened with 28 slides and rides, it concluded.

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Trackunit has connected more than 1.4m assets globally, almost tripling the number of assets it has linked in the last year, the company has announced.

According to the technology provider, connected assets have risen from less than 500,000 a year ago, setting a new milestone and representing a significant spike in the adoption of its software.

The growth follows Trackunit’s move to partner with the industrial IoT division of Canada’s ZTR in November 2021, but also as new business comes on board ahead of the return of Bauma, the company says.

In June 2020, Ahern partnered with Trackunit for telematics across the group.

The company will have several products on display at the world’s largest machinery trade fair including Trackunit Kin, Trackunit Raw, 5G-ready Spot 2, Trackunit Manager and the Trackunit Iris Platform.

“Trackunit is delighted to be back exhibiting at Bauma. Trackunit solutions offer connectivity designed for the construction industry that provides wide and highly secure access that our partners and users need to increase their optimisation.” said Trackunit SVP of Products Dave Swan.

Throughout the week, the company will also showcase its Product Portal unveiled at the Eliminate Downtime Festival in June 2022.

In October 2021, Snorkel launched its global telematics solution Snorkel OnSite and, in September 2022, Trackunit launched a 5G device for equipment tracking.

“The portal represents a construction industry first as the entry point for wide-scale, structured collaboration and provides direct access to the company’s innovation engine room with a transparent view of product roadmaps,” continued Swan.

He concluded, “Eliminating downtime continues to underpin everything we do. As long as that remains our foundation, I believe we can keep bringing products to the market that solve real industry problems.”

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A corporate carbon footprint assessment of Oriental Press has been completed by Farnek. According to the facilities management firm, measuring CO2e emissions at the printing company was the first phase of the project, which involved comprehensive data mapping and categorisation for all of its existing printing operations.

According to Farnek, this included energy and fuel consumption, purchased materials such as substrates, printing plates, ink, IPA, rubber blanket, packaging materials and auxiliary materials, upstream and downstream transportation, and other supply chain categories.

Through the use of third party software, Farnek said that it was able to calculate Oriental’s CO2e emissions using consumption data and recognised scientific databases for measuring emission factors, in accordance with Greenhouse Gas Protocol, Corporate Value Chain (Scope 3) and ISO 14064 standards.

In August 2022, Farnek said it had been awarded $11.54mn in security contracts over the last 12 months.

“The highest source of emissions for Oriental Press was from their raw materials – paper substrates which resulted in 51.9% of their CO2e emissions, whereas electricity consumption accounted for just 12.2% of total carbon emissions. Upstream and downstream transportation for their purchased goods and product delivery to their customers, accounted for 8.73% of total carbon emissions, while refrigerant leaks accounted for 4.95% of overall carbon emissions,” said Nadia Ibrahim, Associate Director – Consultancy & Sustainability at Farnek.

Using an operational control approach, Farnek calculated the carbon footprint for all of Oriental’s business activities in Dubai, for the full year Jan 2021 to Dec 2021. That resulted in a total of 18,864 tonnes of CO2e, with Scope 1 (direct emissions) accounting for 5.3% of the total, Scope 2 (indirect emissions) – 12.2% and Scope 3 (all other emissions) – 82.5%, the firm said.

Ibrahim added, “Oriental Press was committed to reducing, reusing and recycling the waste it generates and over 92% of that waste is now recycled.”

In September 2022, Farnek said it had organised 4.6t of basic food and essentials for 131 Sri Lankan families.

As part of their sustainability commitment, Oriental Press is already using FSC and PEFC certified papers among other certificates, 100% recycled greyboard, vegetable-based ink, water-based glue and alcohol-free fountain solutions. The completion of their carbon footprint assessment is the first step towards achieving Net Zero emissions by 2050. Through this comprehensive assessment, the major emission hotspots have been identified where Oriental Press will now drive their decarbonisation efforts, the statement from Farnek explained.

“Reducing emissions from our existing resources is our first and utmost priority for our net zero roadmap,” said Mohamed Al Zeera, Managing Director, Oriental Press.

In order to reduce carbon emissions associated with electricity consumption, Oriental Press plans to conduct an in-depth energy audit of their production facility to identify the major energy consuming assets and implement energy conservation measures to further reduce energy consumption, followed by a transition to renewable energy sources, the statement added.

In October 2022, Farnek signed the MOCCAE’s pledge to support the UAE’s decarbonisation drive.

“Our decarbonisation plan will be a continuous process and remain an integral part of our corporate strategy. Farnek has also recommended setting short-, medium- and long-term targets, principally because some measures can be implemented quickly whereas others can take time and require significant capital investment, which will need to be planned and budgeted for,” concluded Al Zeera.

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