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Neom’s hospitality division – Hotel Development – has inked an agreement with Ennismore, a lifestyle hospitality company, as its inaugural hotel partner. The deal will see Ennismore open two of its brands – 25hours Hotels and Morgans Originals – in Trojena, the mountain tourism destination that features a ski village in Neom city.
According to Hotel Development, the agreement aligns with its main goal of establishing global partnerships with reputed hospitality firms.
“Hotel Development aims to accelerate human progress by redefining how we travel, stay, and live. Our partnership with Ennismore echoes our mission to pioneer in the space of experiential hospitality in a way that shapes the future of hotels in the Kingdom and beyond. With a shared passion for developing differentiated and imaginative hospitality concepts, we look forward to seeing this relationship – and others like it – flourish,” said Chris Newman, Executive Director, Hotel Development at Neom.
In March 2022, HRH Mohammed bin Salman unveiled Trojena.
Early enabling construction works have already begun in Trojena, with main construction work on the ski village expected to begin at the end of 2022, Neom noted.
In addition to hospitality, the village includes residential components centered around a public plaza, as well as high-end retail and dining experiences. The sides of the mountain extend onto the roof of the village, creating a stunning ski slope skyline that can be activated year-round through various adventure sports facilities, it added.
Philip Gullett, Executive Director and Region Head, Trojena added, “The mountains of Trojena are set to become one of the most awe-inspiring destinations the world over. Both 25hours Hotels and Morgans Originals are ideal brands for Trojena as we look to deliver extraordinary experiences for residents and visitors seeking luxury, adventure, entertainment, livability, and escape from the status quo.”
In July 2022, the Saudi Crown Prince unveiled designs for The Line, and revealed the future city will be just 200m wide.
The 25hours team, together with founder Christoph Hoffmann and Berlin’s Studio Aisslinger are working on a bespoke story and design concept for Trojena, Neom said. The narrative is inspired by the futuristic architecture of the building, and will include nods to science-fiction movies as well as to the alpine heritage of the brand. The 25hours Hotel will have an in-house cinema, a farm-to-table restaurant, a bike workshop with co-working, as well as a rooftop restaurant with pool, it continued.
The Morgans Originals hotel will be designed to transport guests from the surreal and natural landscapes of Trojena, into a world rooted in the iconic cultural legacy of the brand. The hotel will feature four world-class dining outlets and a 2,000sqm destination spa and bathhouse, in addition to an architecturally significant ski slope roof and rooftop pool bar overlooking the dramatic Trojena mountains. The hotel will also feature an eight-storey vertical core with microclimates and immersive art experiences that will showcase the individuality of the brand, Neom explained.
Gaurav Bhushan, Co-CEO of Ennismore concluded, “25hours Hotels and Morgans Originals are lifestyle brands rooted in creativity, bringing design-focused spaces and authentic culinary experiences, creating deep connections with our guests. As we grow globally, we are excited for our brands to open in Trojena, a unique setting, which will attract both local and international visitors.”
In September 2022, it was revealed that over $1.1tn in real estate and infrastructure projects are currently underway in Saudi Arabia.
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Metropolitan Capital Real Estate (MCRE) said it registered over $136mn in sales for Q3 2022 in the Abu Dhabi property market, making it the most successful third quarter in the company’s history. The firm said the result was a 200% increase from 2021 with record months in August and September.
According to MCRE, it recorded $40.8mn in sales in August, which represented 180% growth compared to August 2021. The firm said that result was followed up by a record month for September, when the company broke its monthly sales record registering over $68mn in sales – 200% growth for the month year-on-year.
The Abu Dhabi real estate market has been historically driven by residents with up to 80% of real estate purchases made by Emiratis or residents. However, Abu Dhabi’s growing attractiveness as a safe city for families and a competitive city for business and investment has helped its appeal with international buyers, the firm pointed out.
In September 2022, the Abu Dhabi DoE revealed new policies to accelerate the UAE’s move towards Net Zero and, later in the month, Abu Dhabi’s Al Qana announced the opening of the UAE’s largest cinema complex.
“The Abu Dhabi real estate market has seen phenomenal growth and has become a really attractive opportunity for investors and residents this past year. The summer is usually pretty quiet, however this year the Abu Dhabi market saw significant activity with UAE nationals and residents accounting for most of our transactions in Q3. Off plan transactions have always been the most popular, however the secondary market has recently taken off, which prompted us to expanded the size of our dedicated secondary market team to accommodate demand. The most popular locations for sales remain Yas Island, Al Saadiyat Island, Al Reem Island, Khalifa City, Al Raha Beach which account for 80% of our sales,” said Evgeny Ratskevich, CEO of Metropolitan Capital Real Estate.
In June, MCRE saw a significant increase in business from international clients, with 70% of its transactions coming from international customers. Investors showing the most interest in Abu Dhabi real estate were business owners and senior executives from the CIS region and western European countries such as Germany, France, Italy, Austria and Switzerland, it explained.
During the first four months of the year, MCRE said it also saw a 50% increase in international buyers vs. 2021, with nearly 90% of the buyers choosing to relocate to the city with their families.
In October 2022, the Metropolitan Group was recognised as the best place for women to work in the GCC and, later in the month, the Abu Dhabi’s Department of Municipalities and Transport unveiled the Abu Dhabi Digital Twin project.
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Dubai Electricity and Water Authority (DEWA) has won a Guinness World Records title for owning and managing the largest single-site water desalination facility in the world – Jebel Ali Power Generation & Water Production Complex – with a production capacity of 2.22m cu/m per day.
This is the second world record title for Jebel Ali complex. Last year, it had clinched the record for being the largest single-site natural gas power generation facility in the world. The facility has a power generation capacity of 9,547MW.
Announcing the recognition, Saeed Mohammed Al Tayer, Managing Director & CEO, said that DEWA works to achieve a number of ambitious development plans to keep pace with the growing demand for electricity and water services, as well as with Dubai’s ambitious urban and economic plans.
In August 2022, DEWA said that smart solutions are a priority and, later in the month, it announced revenues of US $1.91bn for Q2 2022.
“We carry on the journey of excellence in all fields and at all levels and move steadily towards preparing for the next 50 years and building a sustainable future. This supports the UAE Centennial 2071 objectives to make the UAE the world’s leading nation by its centennial in 2071,” he said.
The DEWA chief received the certificate from Guinness World Records officials during the 24th edition of Water, Energy, Technology and Environment Exhibition (Wetex) and Dubai Solar Show 2022.
He pointed out that DEWA adopts three pillars to sustain water production – using clean solar energy to desalinate seawater; using reverse osmosis technology, which consumes less energy than MSF plants; and the Aquifier Storage and Recovery (ASR) project, through which excess desalinated water production is stored in underground basins, retrieved and pumped back into the water network as needed.
In September 2022, DEWA announced that it had received four bids for the 900MW sixth phase of the MBR Solar Park and, later in the month, it called for EoIs for a major solar power project.
“This innovative holistic model preserves the environment and represents a sustainable economic solution. It also underlines Dubai’s ability to anticipate and shape the future,” he concluded.
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Union Properties has announced the successful completion of a US $162mn debt restructuring, which includes the repayment of $60.7mn to lenders, as part of a comprehensive restructuring plan agreed by all parties.
According to a statement from Union Properties, the restructuring marks a major milestone in the developer’s turnaround strategy, which was announced during the first quarter of 2022. Following the restructuring, the developer will benefit from significantly improved profitability and cash flow generation, as the agreed plan effectively reduces financing costs.
Additionally, the strengthened balance sheet means the company will be able to raise additional financing for future real estate projects, while also enabling it to consider new value creation opportunities.
In September 2021, the developer broke ground on the first phase of a new development in Motor City.
Amer Khansaheb, Board Member and Managing Director of Union Properties, commented: “The successful completion of our debt restructuring process is an important milestone in Union Properties’ turnaround strategy, placing us on a firm foundation to drive future growth and value creation for our shareholders. With a bolstered balance sheet and improved free cash flows, we are now in a strong position to leverage our deep expertise, reputation, and highly sought-after land bank locations.
“The strong performance and outlook for the UAE’s real estate market provides significant opportunities for Union Properties, including the potential for new real estate developments.”
He added that Union Properties’ management remains focused on improving the efficiency of the business and driving cost synergies across its subsidiaries, and is confident in its debt servicing abilities going forward.
In October 2021, the Dubai Autodrome announced the completion of its $4.49mn Business Park Phase 2 project.
The strong brand of the group and its subsidiaries is being leveraged to accelerate growth and capture emerging opportunities created by the positive momentum in the UAE’s economy and real estate market. Union Properties also continues to focus on driving improvements in its governance and internal controls as it moves forward in its turnaround strategy, the company concluded.
In August 2022, Union Properties said it saw a net profit for Q2 2022 after healthy performance from its subsidiaries.
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Epiroc has launched its new long-hole production drill rig for medium to large-sized drifts, designed to offer increased automation and drilling quality, the company says.
According to the manufacturer, the Simba E70 S offers a step-by-step programme that continuously tracks and evaluates performance and then optimises accordingly to improve the utilisation of the machine in the mining process.
This is made possible by production reporting; the first step in Epiroc’s optimisation programme, while the real value is created as the machine is producing metres.
In August 2022, Epiroc said it had completed the acquisition of RNP México.
“The connected Simba E70 S provides us with performance and quality data, so we can take the first step towards providing tailored process management to our customers,” says Mikael Larslin, Global Product Manager Production Drilling at Epiroc’s Underground division.
The Simba E70 S is part of Epiroc’s Smart series and can also be delivered with the optional battery-electric driveline for reduced environmental impact and healthier underground conditions.
“After tracking effectiveness and utilisation, we compare the result to global benchmarks. In that way, we can easily analyse if the machine is being used in the most optimal way or if there is room for improvements,” Olav Kvist, Global Portfolio Manager Production Drilling at Epiroc’s Underground division says.
In September 2022, the firm said it was acquiring mining equipment manufacturer AARD.
“Increased utilisation is the main goal. By guiding customers through a structured step-by-step optimisation program, we can increase their efficiency and profits over time. Change management based on data and reports is the real customer value,” he adds.
In October 2022, TML said it would launch its remote controlled machine with 360° rotary telescopic arm at Bauma 2022.
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After coming out of a stressful progress meeting recently for a critical project, I started to reflect on how the different stages of project execution have provoked a number of panicky and chilling experiences in my 16 years of working life. In fact, it almost became habitual to have a level of anxiety before starting a new project/phase – and then enjoying the feeling of calm when the project would come to a close, saying to myself: “well that wasn’t too bad after all.”
So what I have I learned from all this? Here are some of the mantras that I have adopted from my experience – and the panic scenarios that prompted them.
Usual suspects: the project characters
These are the characters that can all too easily panic when there are project budget overruns or missed deadlines. Typically, within the higher ranks (the higher up they are, the more the panic and anxiety they can create among subordinates) they do not like hearing any bad news, especially without any prior warnings. To keep the panic mode under control, I have learned:
- It’s best to forewarn them of any potential risks
- Communicate with them on a regular basis with honest project updates, whether good or bad
- Set aside the first hour of every day for these client updates
- For long term success, one should recognise one’s limitations and be transparent in your reporting – for example, if the project is falling behind, say so, explain why, and list exactly the resources you will need to get it back on track (more on this below)
The project programme fallacy
There is a misconception that if the project team isn’t hitting every milestone on the dates specified, the project is obviously a failure. My take from my years of work is that all stakeholders need to be made aware that the initial project milestones are created weeks/months ahead of time, and not all requirements can be known when a project is launched – the project may still produce good results. Project managers must be clear and transparent when managing stakeholder expectations and explain to stakeholders that a ‘project plan’ is merely a ‘projection’ of what you expect to happen in the future.
Following an outdated project plan will merely result in failure. Project managers should communicate to stakeholders what they can expect regarding imminent milestones. As soon as a milestone seems to be at risk, this fact must be communicated immediately. Explain the reasons and communicate any new plans based on updated project priorities. One shouldn’t ‘fear’ baseline project programmes – but rather, have control and work proactively.
The project risks – sudden scares and using an adaptive approach
As experience builds, one will realise that things will sometimes go wrong; things can and will ‘come out of nowhere’ and create sudden scares. Of course, the trick is trying to ascertain when this is most likely to happen: what are the ‘hotspots’ and what form are they most likely to take?
Regardless, there will always be some project issues that arise without any warning (especially when everything else seems to going smoothly). In my experience, one needs to keep a record of these as and when they occur, because the reality is that while they may appear random, they are actually anything but – and the next time these crop up, you’ll know exactly how to target, mitigate and resolve them. Prioritising the resolution of sudden risks (impact wise) also aids in the overall mitigation, and lessens panic when multiple risks arise within a short span of time.
The ability to use the best mix of planning and structured thinking, while also staying flexible and agile, is the key. Too much planning without being agile, and it’s all too easy to fail to adapt when the situation/risk changes.
Having a back-up plan is good, but be open to adapting. The crux is to adopt a hybrid approach – where the focus is on project value and positive outcomes, and less priority on rigid tools, organisational processes or literal outputs. At times, the strangest and or simplest tool/idea will help kill/mitigate a risk, and this comes only when you can keep a cool, open mind.
Plus, while it can be very satisfying to resolve a prickly project issue, we need to remain vigilant to the possibility that it could recur. If its been previously identified as a risk, you’ll now have quantitative data regarding its impact, which you can use to be better prepared in the future.
Project decision making – the ‘stop and reflect’ method
The skill to pause and reflect before making a decision is important in times of panic. Any decision-making must be reviewed, based on one’s current mindset/mood. It’s important to query if you (or your line manager) would reach the same decision on a different day, i.e., if you or the manager were in a different frame of mind.
It’s a truism that if you are stressed, upset, exhausted or angry, it is clearly best to avoid making big decisions. Things regularly go wrong when project managers are habitually over-stressed, tired and anxious. An effective approach is prioritising self-care and taking effective short breaks for regular reflection and review.
Having a positive mentality and a well-rested, calm demeanor is a simple, yet often underrated component of good decision making, especially in panicky situations.
The ‘error free’ project scenario
We shouldn’t expect project matters to be right or go well every time. We all make poor decisions and assumptions from time to time. What’s most important is to continually reflect on the outcomes of one’s decisions and how one would approach the situation differently in the future. Identify the prejudice one may have had and which part of the decision-making process could be improved, if any.
In an imperfect, ever-changing world of project construction, continual reflection, transparency and owning/learning from your mistakes will make you a more effective decision-maker and well-respected project manager/leader.
The final assault
Believe it or not, there is no ideal or perfect project scenario, whether in planning or execution. One thing or another will keep cropping up, no matter how many times you attempt to finish it.
For me, it is typically the last 10% of a project that takes a lot longer – and which will therefore cost a lot more – pro rata – than the actual 10% you will have budgeted for. Being fully aware that the final 10% of the project often takes more time (about 20% of time and effort) helps ensure there are no unwanted surprises, just as you thought the end was in sight…
This is a very important aspect that project managers/schedulers should try to remember when calculating earned value throughout the project. A lesson here is that it’s extremely useful to set checking ‘milestones’ whereby you can re-align any earned value estimations for project deliverables.
As time passes and we gain experience (not just from the sheer volume of what we go through, but from what we actually learned from it), we’ll be better-equipped to avoid panic and acquire a level of maturity – whereby instead of feeling fear, we can govern and control our project scenarios with a cool head, shrewdness and optimism.
Read more:
- ALEC steps up digital construction focus, earns BIM Kitemark certification
- Hill International appointed to provide PMC services for Aldar Properties’ projects
- Department of Municipalities and Transport unveils Abu Dhabi Digital Twin project
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Saudi-based lifestyle destination developer Ajdan Real Estate Development Company has signed a contract with Al-Muhaidib Group to develop, market, and operate ‘Bayfront’, which will include the Kingdom’s first Blue Flag-certified international standard beach at Al-Khobar Corniche.
In a statement, Ajdan said that Bayfront will be located on the northern part of Al-Khobar Beach. The project will span more than 100,000sqm from the shore and will include a 1,600sqm island.
The US $66.5mn project will offer a variety of retail, upper casual and fine-dining restaurants, as well as leisure and recreational features that are suitable for families and visitors, said Abdul Qadir Al Muhaidib, Senior Portfolio Manager at Al-Muhaidib Group.
In October 2022, HRH Mohammed bin Salman launched the Saudi Downtown Company to develop key areas in 12 cities and, later in the month, TRSDC confirms daa International as operator of Red Sea International airport.
Mohammed Al-Otaibi, CEO of Ajdan Real Estate Development Company added, “Bayfront offers exceptional quality-of-life to transform Al-Khobar into one of the top 100 global cities, which is one of the Saudi Vision 2030’s realisation plans.
“We will follow the Blue Flag requirements to increase the quality of services in the project’s facilities and enhance the region’s beach experience by developing an extraordinary destination to attract visitors to Al-Khobar,” he stated.
The Blue Flag standards include stringent international technical and environmental requirements and conditions compatible with the Kingdom’s principles in supporting the environment’s safety and promoting its recreational and tourism credentials.
Later in October 2022, Alstom said it signed a five-year $53mn O&M contract with Jeddah Airports Company.
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Real estate services firm Chestertons has appointed Andrew Elliott to lead its new commercial office, retail and industrial sales and leasing division.
Elliott is said to be a seasoned real estate expert who enjoyed a 17-year tenure at CRC (the commercial arm of Betterhomes), where he undertook various commercial-related roles.
“Andrew has a wealth of experience in the commercial real estate sector and, throughout his career, has been recognised for consistently delivering outstanding results for his clients. His knowledge and understanding of the market will be invaluable in our next phase of growth across the region. With the launch of our commercial division, we can now cater to a broader range of clients, while capitalising on the growing demand for commercial space,” said Chestertons CEO Nick Witty.
In February 2020, the firm opened its Al Reem Island office in Abu Dhabi.
Elliott remarked, “I’m looking forward to implementing a strategy and team that will be able to leverage the Chestertons brand values and cater to clients regionally and internationally.”
The UAE real estate market is expected to record a compound annual growth rate (CAGR) of 6% between 2022 – 2027 as demand for quality office space outstrips supply and, as a result, starts to push up prices in both sales and leasing, the firm said quoting research firm Mordor Intelligence. It added that Dubai office stock stood at nearly nine million sqm of gross leasable area (GLA) in 2021, with a further 70,000sqm expected to enter the market by the end of 2022.
Elliott commented, “Despite the challenges many industries faced due to COVID-19, the commercial real estate sector in Dubai was one of the few that, after a short period of adjustment, remained relatively unscathed and has subsequently gone on to prosper as the demand for office space continues to grow.”
In October 2022, Savills revealed its top second home locations with an emphasis on wellness.
He concluded, “A range of government-led reforms and initiatives have acted as a catalyst for commercial real estate and secured the emirate’s position as a global business hub. With the influx of international firms setting up here and local firms expanding, Chestertons are ideally placed to service these new demand levels.”
Later in October 2022, Knight Frank said that prime residential values in Dubai were up by 88.8%.
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