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September 2, 2022 foasummit0

Farnek has said that 4.6 metric tonnes of basic food stuff and other essentials have been dispatched to the families of 131 Sri Lankan employees. The humanitarian project was said to be initiated by the company’s staff welfare committee in light of Sri Lanka’s ongoing economic crisis.

The island nation is currently suffering from what’s said to be the worst political and economic crisis in recent memory, which has left many families in the country struggling to survive. Sri Lanka relies on imports and with the country’s foreign currency reserves plummeting 99% to just $50mn since 2019, buying imported goods is extremely challenging, pushing up the price of domestic goods, Farnek noted.

According to the BBC, people have been struggling with daily power cuts and shortages of basics such as fuel, food and medicines. Inflation is said to be running at more than 50%.

“This humanitarian drive was initiated by our staff welfare team, to the delight of our Sri Lankan employees. The situation over there is heartbreaking and we wanted to do something practical to help ordinary families that are struggling on a daily basis,” commented Markus Oberlin, CEO, Farnek.

In December 2021, the Saudi Fund for Development inaugurated two vital projects in Sri Lanka.

The company said its Sri Lankan employees were invited to a meeting where staff welfare officers explained the project in detail, from initiation to dispatch. After the meeting, collection boxes were placed throughout Farnek’s offices and Farnek Village, its staff accommodation centre, for staff members to make donations.

Farnek then doubled the amount collected, and said it used its procurement department to purchase a range of everyday necessities, which included rice, flour, salt, milk powder, biscuits, daal and chickpeas, as well as washing powder, tooth paste and soap.

The company highlighted that management and employees gave up free time to pack the boxes before they were shipped to Sri Lanka. In total 131 boxes weighing a combined 4.6 tonnes were assembled. Farnek’s Sri Lankan employees added their home addresses and were also given the opportunity to place a personal message to their families inside the box. When they arrive in Colombo, couriers will deliver the boxes direct to the homes of these needy families, the firm pointed out.

Oberlin added, “People have to wait in queues for hours if not days just to get everyday household basics. Petrol is being rationed, there is a food shortage, inflation is running at 60% and food prices have almost doubled, hitting the poorest in society the hardest.”

Farnek pointed out that it has a track record of supporting the families of its employees, especially when they have been faced with hardship. It previously sent relief packages to Nepal after the destructive earthquake in 2015 and to South India in 2019, after the devastating floods.

In January 2022, Farnek showcased its roadmap to achieve Net Zero emissions by 2050 and, in August, said it was awarded $11.54mn in security contracts over the last 12 months.

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Source: ME Construction News


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September 2, 2022 foasummit0

Beijing-based Haihua Industry Group said it used MYCRANE’s online crane rental platform to source a 400t crawler crane for a three-column lift at a refinery.

Haihua said that it awarded the lifting contract to Sinopec Heavy Lifting and Transportation Co, who proposed a SANY crane, SCC4000A, in LJ configuration (super lift). Critical lift was required at 28m radius and 77m height for the 22.8t column sections.

According to MYCRANE, the client selected a crane already located in the same region as the job site, generating savings of 30% compared to other quotes.

At the 2022 Construction Machinery Middle East Awards the platform was shortlisted in the ‘Innovation of the Year’ category.

MYCRANE Founder and CEO Andrei Geikalo said: “In our initial discussions, it became apparent that most contractors known to the client were unable to meet its requirements, particularly in relation to site space and budget constraints. Fortunately, the client was able to use the MYCRANE rental platform to quickly access a range of additional suppliers, who were able to propose different options, and then award the project to their preferred contractor based on technical and commercial criteria.”

In a separate project this summer, MYCRANE provided support for the installation of nine pieces of equipment including four condensers weighing 26.8t (lifting height over 45m); four crystallisers weighing 48t (lifting height over 45m); and one wet dust collector weighing 20t.

The rental platform was said to be used to source a 400t mobile crane. However, when it was discovered that the heaviest piece of cargo was delivered with a weight 25% heavier than expected, MYCRANE found a way to adjust the weight of the rigging and reposition the crane, so it could be safely used whilst still within capacity, the company said.

In April 2022, the platform said it was expanding its global network franchise with the addition of Qatar, while in August, it added new crane types for the short-term rental market.

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Source: ME Construction News


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September 1, 2022 foasummit0

Consultancy Driver Trett has announced that Jonathan Sanderson has returned to the business as the Regional Managing Director for the Middle East.

Sanderson initially joined Driver Trett in 2018, successfully leading the claims department of the company’s Oman office, and subsequently became Oman Country Manger in 2021.

Commenting on his appointment Sanderson said, “I’m really pleased to be re-joining Driver Trett and to once again be working with one of the industry leaders in the provision of multi-disciplinary consultancy services, especially to be working alongside their highly skilled staff in delivering value adding services to our existing and new clients throughout the region.”

In a statement, the consultancy said that Sanderson has more than 30 years of experience in the construction industry, spread across the UK, Europe, and the Middle East. He has an LLM in Construction Law and Arbitration, BSc in Quantity Surveying, and also holds a professional membership with the Royal Institution of Chartered Surveyors. He has also held positions at the board level and has worked for main contractors, developers and consultants.

“I am looking forward to using my experience in setting out clear values and goals for the business within the Middle East alongside supporting the board’s vision and objectives in the region,” he remarked.

On his appointment, Mark Wheeler, Driver Trett Chief Executive Officer added, “We are delighted to have Jonathan back with the business and look forward to him leading the regional team in business in supporting our objectives and vision.”

In July 2021, Driver Trett named Mustafa Gun Country Manager for Qatar and Kuwait, and in October, expanded its team in Qatar.

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Source: ME Construction News


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September 1, 2022 foasummit0

Egyptian real estate developer GV Developments has signed an MoU with Egis for the development of Tarboul Industrial City in Giza, Egypt. The project will spread over 109mn sqm, with every area aimed at serving the purpose of sustainable production; it is to become a green, smart and liveable industrial city in the heart of Egypt’s trade area.

In a statement, Egis said that the MoU was signed by Sherif Hammouda, Chairman of GV Developments and the Managing Director of Egis in Egypt, Sameh Atalla. It comes within a framework partnership agreement between the two entities across a number of various real estate and hospitality projects and several activities.

The industrial city is said to be aligned with Egypt’s 2030 Vision across various aspects including creating integrated and sustainable ecosystems, improving the quality of life and living standards of Egyptians, creating a competitive and diversified economy and more.

In July 2022, Rosatom said it had begun onsite works on Egypt’s first nuclear plant.

Hammouda commented: “We are happy about our partnership with Egis and their extensive experience in multiple fields in engineering consulting and project management across all engineering sectors. Having Egis involved in the Tarboul Industrial City project reflects the project’s attractiveness as the first sustainable, smart industrial city in Egypt.”

GV Developments is said to be responsible for multiple large projects across the country including White Sands, Times Square Port Said and Tarboul Industrial City. The company also said it is involved in multiple waste to energy projects.

“We believe this partnership marks the beginning of a successful journey of collaborations that has a positive impact on the Egyptian economy. GV developments’ vision for Egypt’s future falls in line with Egis’ ambition of creating solutions for a green and sustainable future on a world-wide scale,” said Sameh Atalla.

In May 2022, CRTKL said that HoT and connectivity would shape the future of the Egyptian residential market. The firm also noted that wellness and happiness are key for Egyptian workplaces.

Egis has worked in Egypt since 2001 and has completed several key projects across multiple sectors including rail, water structures, energy, aviation and building projects as well as urban and mobility projects. Currently, the company is working on Cairo Metro Line 2,3 and 6, the Alexandria Raml Tram, Cairo Festival City – Aura & Living Stream 3, Porto New Cairo and more.

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Source: ME Construction News


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September 1, 2022 foasummit0

According to a new report by Strategy& Middle East, Middle Eastern residential developers can differentiate themselves from their competitors and increase value over the long-term by building close, long-term customer relationships through data-driven, customer experiences.

The report titled ‘Creating value and differentiation for real estate developers: Customer first, lifestyle led, data driven’ said that by using innovative technologies and data insights, developers can obtain a better picture of customer lifestyle requirements and post-purchase needs, enabling their customers to find the right community.

It added that this approach would shift the focus from transactions to relationships and can allow developers to adapt their offerings, increase customer lifetime value, generate new revenue streams, and ultimately, beat the competition.

Late in August 2022, real estate fintech start-up Stake said it had raised US $8mn.

“Developers can no longer compete largely on product delivery, price, or even sales and after-sales service. Instead, much like their retail peers, residential developers can differentiate themselves by offering a superlative customer experience that is driven by in-depth customer knowledge and enabled by data analytics,” said Bilal Mikati, Partner with Strategy& Middle East.

Although customer experience is already the main way for developers to stand out from the crowd, these companies can go further to maintain the value of their products. The report highlights the recent changes in the retail sector that used detailed knowledge of customers from data analytics to offer exceptional customer experience, and deployed multiple channels to build loyalty.

He added, “To stand out, developers need to provide personalised products and services for customers. These should be based on lifestyle factors, such as whether people are active or retirees, by drawing on relevant data that provide meaningful experiences.”

Sharjah unveiled a new ‘Holiday Homes Project’ early in August, as part of efforts to diversify economic growth.

The report pointed out that developers have three ways to differentiate themselves and add value: personalisation of products through micro-segmentation of the customer base; expansion of data-driven services; and the exploration of innovative technologies. Developers must cater to the appetite for technology of generation Z (those born after 1997 and who grew up with digital technology), it explained.

Zahi Awad, Principal with Strategy& Middle East added, “Generation Z is now renting and buying homes. This demographic has digital expectations that many developers are not meeting. A great product, attractive price, strong sales and after sales service are not enough. These customers need differentiated products and services that are authentically personalized to their lifestyles, and that provide them with the right community.”

The report advised that developers take a data-driven, community-focused approach to accrue three main benefits and opportunities. This includes a smoother sales experience, which helps to start the long-term relationship; while this is enhanced further with access to established digital communities, providing valuable data on customers, and helping developers tailor products and services; and helping to generate value in the community before the development is completed, turning customers into advocates for the project.

Ramy Sfeir, Partner with Strategy& Middle East concluded, “Using data to understand customers’ needs while placing them in the right setting can also improve their retention. People appreciate, and like to remain, in cohesive communities that reflect their wants. Such established, digitally-enabled communities provide valuable data insights that allow developers to elaborate products and services and come up with new areas for customer engagement.”

PNC Menon, Chairman of Sobha Group told Middle East Construction News (MECN) that smart homes are a critical component of smart cities.

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Source: ME Construction News


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September 1, 2022 foasummit0

Caterpillar and its dealer Finning International have signed a deal to replace BHP’s entire haul truck fleet at the Escondida mine in northern Chile. This agreement is said to be part of a strategic equipment renewal process developed by Escondida which is the world’s largest copper producer.

The first trucks are expected to arrive at the mine in the second half of 2023, with delivery of the remaining trucks to extend over the next 10 years, as the three companies work to replace one of the largest fleets in the industry, currently consisting of over 160 haul trucks.

Maintenance and support services provided under the agreement advance BHP’s local employment and gender balance strategies, while Finning’s Integrated Knowledge Centre, located in Antofagasta, will provide industry technical support for the fleet.

In August 2022, Magna Tyres said it had plans to introduce new tread patterns for mining equipment at Bauma 2022.

The agreement also allows Escondida and BHP to accelerate the implementation of its autonomy plans by transitioning the fleet to include technology that enables autonomous operation. Included in the fleet will be the new Caterpillar 798 AC electric drive trucks.

“This agreement is an important step to continue projecting into the future Escondida | BHP´s leadership in the industry,” said James Whittaker, President of Escondida | BHP.

“It will allow us to generate significant efficiencies at the operational level, but it is also in line with some of the main challenges that drive us as a company: innovation for the future of mining, decarbonisation, and development of capabilities in Antofagasta´s community,” he concluded.

In June 2022, Komatsu said it was expanding autonomous technology on haul trucks by 2024, and in July, Metso Outotec said it would deliver the world’s largest Premier grinding mills to a Zambian copper mine.

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Source: ME Construction News


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August 31, 2022 foasummit0

The UAE Climate-Responsible Companies Pledge has been unveiled by the Ministry of Climate Change and Environment (MOCCAE). The pledge aims to increase the engagement of the private sector in the country’s decarbonisation drive in line with the UAE Net Zero by 2050 initiative.

The pledge is said to form the nucleus of future collaboration among the private sector, NGOs, and international organisations, including Emirates Nature in association with the World Wildlife Fund (WWF). The latter is said to be a strategic implementation partner to the pledge and will look to support private sector entities as they move towards implementing their Net Zero plans.

The launch of the pledge is said to be part of MOCCAE’s initiatives focused on scaling up the UAE’s climate action in response to the call of the Glasgow Climate Pact, an outcome of the 26th UN Climate Change Conference (COP26), for countries to seek higher GHG emission reduction targets.

In May 2022, four regional experts spoke to Middle East Consultant about the region’s Net Zero journey.

“We are pleased to introduce the UAE Climate-Responsible Companies Pledge, and there’s no better place to do so than at NDCA, where we build rapport with all sectors to raise their climate ambition and turn them into active partners in our Net Zero drive. The pledge will help us – the UAE government – engage with entities that are keen to make an active contribution to our climate neutrality movement, and align their efforts to achieve our common objective. I invite all companies to show that they care about their impact on our climate, and that they’re ready and willing to translate their commitment into action by signing the UAE Climate-Responsible Companies Pledge,” said Her Excellency Mariam bint Mohammed Almheiri, Minister of Climate Change and Environment.

The launch took place as part of the fourth installment of the National Dialogue for Climate Ambition (NDCA), a series of sector-specific assemblies aimed at establishing a national sustainability outlook and informing the country’s pursuit of climate neutrality, MOCCAE noted. The fourth NDCA took place under the theme ‘Roadmap to achieve net zero in the hospitality sector’.

The event saw 21 companies across key sectors, such as cement, aluminum, and steel, join the pledge including BEEAH, Emerson, Emirates Nature-WWF, Majid Al Futtaim Group, Standard Chartered Bank, HSBC, Masdar, Emirates Global Aluminium, Emirates Steel Arkan Group, Aldar Properties, Emirates Environmental Group, Strata, Al Yah Satellite Communications Company (Yahsat), Chalhoub Group, Pure Harvest, AESG, Taka Solutions, Lafarge Emirates Cement, EY, EV Lab, and TotalEnergies. In February 2021, developer Arada inked a deal with MOCCAE to boost environmental sustainability.

In June 2022, SNC-Lavalin launched its ‘Engineering Net Zero in the GCC’ report, which is designed to help the region achieve its Net Zero carbon targets.

MOCCAE said that the organisations have committed to stepping up their collective efforts to combat climate change by measuring and reporting their greenhouse gas (GHG) emissions in a transparent manner, developing ambitious science-based plans to reduce their carbon footprint, and sharing these plans with the UAE government to contribute to achieving the national Net Zero target by 2050.

In addition, the signatories have pledged to factor in climate change mitigation and adaptation as core values and principles of their businesses and operational models, and adopt an all-inclusive approach that engages youth, women, and vulnerable segments of society in developing their Net Zero plans.

The keen interest of companies to sign the pledge reflects the awareness of private sector entities of the serious threat of climate change and its adverse impacts on the environment, food security, water security, and public health, MOCCAE concluded.

In an exclusive interview with Middle East Construction News in July 2022, WSP’s Sophia Kee warned that there’s a 93% certainty that the world will hit new temperature highs in the next five years.

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Source: ME Construction News


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August 31, 2022 foasummit0

In a pre-series ‘A funding’ round, Dubai-based start-up Stake has successfully raised $8mn. This is said to be the largest capital raised by a real estate investment platform in the Middle East and North Africa (MENA) region.

The latest funding is backed by venture capital firms MEVP and By Ventures, as well as returning investors Vivium Holding and Combined Growth Real Estate. It follows a $4mn seed round that the company closed in June 2021, bringing the business’ total raised funds to more than $12mn – all achieved in little more than 14 months.

The company operates a digital platform that allows investors to invest sums as low as $136.13 to own shares of income-generating properties in Dubai. This means that ownership benefits can be achieved without having to buy an entire apartment or villa, thereby avoiding the need to raise large amounts of capital up-front.

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Stake has said that it will use the new capital to advance both its product offer and technology, up-scaling its brand and expanding operations in the region.

The real estate fintech platform has around 42,000 users from more than 80 countries and 150 nationalities. It has posted an average 17% monthly growth rate in assets under management (AUM) and 500% overall growth in AUMs in the past 12 months.

One of the core advantages of the Stake offer is that by offering the opportunity to buy partial shares in properties, investors are protected to a certain extent from significant market fluctuations and can use further sums to acquire a portfolio ‘spread’, which might include existing ‘gilt-edged’ opportunities as well as more speculative opportunities, the firm concluded.

In early August, Emaar bought out Dubai Holding’s stake in Dubai Creek Harbour for $2.04bn and, later in the month, CBRE said that Bahrain’s real estate transaction volumes were on a positive trajectory.

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Source: ME Construction News