Green Riyadh has officially launched in seven neighbourhoods in the city. The project, which is billed as one of the largest Integrated and comprehensive urban afforestation projects in the world, is being implemented in the Al-Aziziyah, Al-Naseem, Al-Jazeera, Al-Araija, Qurtuba, Al-Ghadir and Al-Nakhil neighborhoods.

The project will see 7.5mn trees being planted across the capital and will contribute an increase in per capita green space from 1.7sqm to 28sqm, and increase the total green space in the city to 9% or 545sqm.

It targets the afforestation of several locations in Riyadh such as parks, roads, and internal streets in neighborhoods, in addition to the courtyards of mosques and schools, stated Abdulaziz Al Moqbel, the director of the Green Riyadh Project. The afforestation has begun in roads and squares of seven residential neighborhoods in the Riyadh city, he added.

He noted that the project will establish 56 gardens in the Aziziyah neighborhood and 97 gardens in Al-Naseem neighborhood, and all of them are out of 3,000 gardens that are under construction as part of the program’s work, which will be developed soon during the coming period. The implementation of afforestation in the roads and neighborhoods will contribute to the construction of sidewalks and pedestrian pathways, which will help raise the walking steps of individuals.

Besides its key role in improving the quality of air and reducing temperature, it will save natural territories and biological diversity inside and outside the city of Riyadh, he explained.

In the long term, the project aims to completely rehabilitate 120 residential neighborhoods with afforestation, according to a report by the Saudi Gazette. The project is one of the four wellbeing projects launched by King Salman bin Abdulaziz in Riyadh in 2019, under supervision of the Committee of Grand Projects chaired by the HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Deputy Prime Minister.

The projects are said to be worth $23bn and aim to improve the lives of its citizens in Riyadh besides transforming the city into an attractive destination and making it one of the world’s most livable cities. It is said to be a key element of the Kingdom’s 2030 vision and is said to be an important part of the city’s journey to becoming one of the top 100 cities in the world and eventually achieving the highest ranking possible, the report explained.

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Ithra Dubai, a leading Dubai-based real estate developer and manager, fully owned by the Investment Corporation of Dubai, has announced the opening of the Dubai Gold Souq Extension (GSE).

In a statement, Ithra Dubai said that the Dubai Gold Souk Extension will rejuvenate Dubai’s historic heart of commerce and reignite Dubai’s reputation as the City of Gold, delivering an elevated shopping and trading experience.

It added that the extension maintains the charm and cultural characteristics of the original souk but offers a more urban experience with shaded walkways, superior facilities including workshops and co-working spaces, covered parking, restaurants, a nearby waterfront promenade, and a range of hotels; catering to residents, entrepreneurs, and tourists from around the world.

Of the 295 shops, over 50 jewellery brands have opened during the soft launch and for the grand opening, more brands and specialty restaurants are setting up shop, the developer said.

Issam Galadari, Director and CEO of Ithra Dubai said: “The Gold Souk Extension is a tribute to Dubai’s legacy of trade, and we are proud to be part of it. The historic significance of this area has been uplifted to provide an enriched experience while accommodating the increasing number of visitors. Located in Dubai’s original trading hub, it will be one of Dubai’s top cultural attractions and the world’s destination for jewellery, revitalising Dubai’s moniker: the City of Gold.”

In line with Dubai’s 2040 Urban Master Plan, this 1,181,025sqft development will transform the Emirate’s legacy into modern reality, supporting trade, tourism, and growth to secure a golden future.

Galadari pointed out that the GSE will be the crowning jewel of the Deira Enrichment Project, a modern mixed-use community developed for residential living, business, commerce, and leisure and features a transportation hub that connects Deira to the heart of Dubai. and ensures superior accessibility to the project.

For her part, H.E Laila Suhail, Board Member & Chairperson – Marketing – Dubai Jewellery Group, said: “In order to push the dominance of Dubai as the Jewellery Destination of the World, Dubai Jewellery Group post covid opening has implemented several initiatives to revive and push the gold sector.

“Sitting in front of the iconic Dubai Gold Souk, and against the backdrop of the Deira Creek, Gold Souk Extension will offer something new and added facilities which will further enhance the Dubai Gold Souk experience,” she concluded.

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Taqeef, the originator of desert cooling systems in the UAE and the Middle East, supported ENOC’s Service Station of the Future at Expo2020 in its goal of achieving ‘Platinum’ certification with sustainable, state-of-the-art, energy-efficient cooling solutions.

The project is the first Leadership in Energy and Environmental Design (LEED) Platinum-certified service station in the world, with the design inspired by the ghaf tree. The Service Station of the Future was fitted with 13 indoor and outdoor units of the new generation O General Variable Refrigerant Flow (VRF) technology to cool 300 of space.

Platinum is the highest possible rating under Leadership in Energy and Environmental Design (LEED) – the most widely used green building rating system globally, and a mark of excellence for highly efficient, cost-saving sustainable design and construction.

“Taqeef has been at the forefront of championing air-conditioning technologies that achieve increasing levels of energy conservation beyond the referenced standard to reduce environmental impacts associated with excessive energy use. We are proud to have played a significant role in supporting ENOC in fulfilling its vision of a sustainable and technologically advanced concept,” commented Tariq Al Ghussein, CEO, Taqeef.

VRF systems are sustainable, cost-effective HVAC systems that offer many benefits, including energy savings, increased comfort, design and installation flexibility, lower maintenance costs, and quiet operation. Through these benefits, VRF technology offers the ability to obtain a significant number of points toward LEED certification.

With 50 years of HVAC leadership, Taqeef is setting the agenda for more conscious cooling – with cleaner, greener systems and designs in the residential and commercial sectors.  Backed by award-winning knowledge and service expertise, and economies in installation and low equipment life cycle costs, Taqeef’s insight and added value is helping reduce the impact of cooling on the environment, one degree at a time.

By utilising Taqeef’s O General VRF units, ENOC’s service station gained points in the following categories for LEED certification:

Category: Energy & Atmosphere (EA)

Prerequisite: Fundamental Commissioning of the Building Energy Systems

Prerequisite: Minimum Energy Performance

Prerequisite: Fundamental Refrigerant Management 

The VRF system does not use any chlorofluorocarbon (CFC)-based refrigerant.

Credit: Enhanced Refrigerant Management 

Credit: Optimize Energy Performance

Category: Indoor Environmental Quality (IEQ)

Credit: Controllability of Systems – Thermal Comfort

O General VRF systems can allow zoning with highly reliable controllers which can precisely control the temperature.

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Dubai Airports has confirmed plans to leverage the capacity and infrastructure of Dubai World Central (DWC) – Dubai’s second airport – to ensure a seamless guest experience during the temporary closure of Dubai International Airport’s (DXB) northern runway from May 9^th to June 22^nd, 2022.

The runway will be closed for a 45-day period to undergo a comprehensive upgrade designed to improve safety, service and capacity levels for the tens of millions of passengers that use the airport annually.

DWC will handle more than 1,000 flights per week during the rehabilitation period, with the majority of those flights being operated by flydubai, Spice Jet, Indigo and Gulf Air, a WAM report said.

To accommodate the additional passenger traffic, DWC will reopen its guest experience and service touchpoints to ensure a smooth transition. The airport’s facilities, including restaurants, cafes and retail outlets, will be fully operational, and check-in desks, customs and immigration will also be ready to welcome guests returning to the airport.

To ensure disruption is limited during the period, Dubai Airports is advising all passengers who are due to travel into or out of Dubai during the closure period to check with their respective airlines in advance to confirm the airport and/or terminal.

Dubai Airports has also announced a special series of transport links between DXB and DWC. These will provide flexible options for those travelling during the 45-day closure, including an inter-airport complimentary 24/7 coach service for transfers between the two airports, free on-site parking facilities for passengers at DWC and special fares for RTA taxis flagged for journeys from DWC.

Paul Griffiths, CEO of Dubai Airports said: “The planning of this important infrastructure project was carefully done to minimise disruption to our passengers and ensure our partners across the Dubai aviation community are working seamlessly to maintain the highest safety and guest experience standards at both Dubai International and Dubai World Central airports.”

The northern runway rehabilitation project will involve the placement of approximately 160,000 tonnes of asphalt and 30,000m3 of concrete to strengthen and resurface the runway and the adjacent taxiways. Some 264 km of secondary cables will be replaced, and over 4,400 runway lights have been upgraded to modern, economic and environmentally friendly technology as part of the project.

DXB’s northern runway previously underwent a similar rehabilitation programme in 2014, and the southern runway was refurbished in 2019.

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Aluminium Bahrain (Alba) has unveiled its environment, social and governance (ESG) roadmap, which align with Bahrain’s objective of ‘Net Zero Emissions by 2060’.

The roadmap was said to have been developed in collaboration with a well-known ESG consulting firm, and highlights six strategic priorities over the years: (1) Decarbonisation, (2) Green Energy & Aluminium, (3) Circular Economy & Secondary Aluminium, (4) Employee Welfare, (5) Collaboration & Partnership and (6) Transparency, Communications & Due Diligence.

According to a statement, Alba CEO Ali Al Baqali held a presentation on Alba’s ESG Roadmap in a hybrid format, which was attended by company’s executives, directors, and management team, as well as numerous employees and contractors’ workers. The ESG Roadmap will be further cascaded to all departments through a plant-wide campaign.

Commenting on the roadmap, Al Baqali noted, “As the world’s largest aluminium smelter ex-China, we have the responsibility to make the right choice today for a better tomorrow. Alba’s ESG Roadmap is an all-inclusive approach that embeds our ambitious targets to address the challenges that are and will affect us. The six priority areas outlined in the roadmap will accelerate our pace to further sustainable value for our people and society.”

Led by the CEO, a special ESG Taskforce Committee has also been created to evaluate the ESG-linked initiatives for each of the six priorities and monitor the company’s achievements, the statement concluded.

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Aldar Group has reported a net profit of $187.3 million for the first quarter of 2022, a year-on-year growth of 26.5%.

According to its financial results, the Abu Dhabi-based real estate developer saw revenues standing at $729.6 million for Q1 2022, representing y-o-y growth of 31.5%, while gross profit reached $304.9 million – a growth of 44%.

Talal Al Dhiyebi, Group Chief Executive Officer of Aldar Properties, said, “During the first quarter, Aldar not only delivered a strong financial performance, but we also diversified our sources of funding and scaled up our operational capabilities in preparation for further growth opportunities.

“We attracted a major investment from Apollo Global Management, which is driving the accelerated expansion and diversification of our investment property business. We also entered the high potential market of Ras Al Khaimah through two acquisitions in retail and hospitality, further increasing our geographic footprint, having entered the Egypt market at the end of last year.”

A WAM report added that Aldar’s strategic land bank for development expanded with a 6.2 million square metre plot acquired on Saadiyat Island during the second quarter.

The group also reported a strong liquidity position, with $1.52 billion of free cash and $1.33 billion of committed undrawn facilities.

Al Dhiyebi added: “In the coming months, Aldar will capitalise on a robust deal pipeline to further broaden our asset base. With demand for quality Abu Dhabi property remaining strong among investors and end-users, we will also ramp up development activity and new project launches, particularly on the expanded strategic land bank on Saadiyat Island.

“As we enter an exciting phase of growth, we continue to invest in talent and innovation to ensure efficient delivery of our ambitious strategy, while making strong progress on our ESG framework. By taking concrete steps on energy efficiency and carbon reduction, we aim to be a sustainability leader in the UAE in support of an inclusive, net-zero economy.”

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The official launch of the Nahida power plant has been announced by the Oman Electricity Transmission Company. The project was built at a cost of $44mn and is located in the Governorate of A’Dakhiliyah in Oman.

The 132/400KV power plant is considered the main linking grid between the north and south of Oman by connecting the power network of Oman Electricity Transmission Company in the north, with the power network of Petroleum Development Oman (PDO), according to a report by the Oman News Agency (ONA).

Saleh Nasser Al Rumhy, CEO of Oman Electricity Transmission Company, said the plant is an addition to the main electricity grid and the link that connects the power network of the north with the ‘Rabt’ or ‘Link’ project.

It will multiply the efficiency and integration among power grids in Oman and will play a vital role in enhancing the reliability and safety of managing the electricity sector, he stated.

The plant comprises 14 gas cells with a voltage of 400kV, two transformers with a voltage of 132/400kV as each transformer has a capacity of 500MVA, and eight gas cells with a voltage of 132kV, as well as control, protection, communications devices and associated construction works.

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Oman’s Ministry of Commerce, Industry and Investment Promotion, in cooperation with the government and private sectors, has announced 18 investment opportunities worth more than $3.8 billion in the Sultanate.

According to a Oman News Agency, of these investment opportunities, six projects are in the tourism sector and are worth $2.52 billion, while the remaining 12 are linked to the circular economy sector for waste management projects worth $1.37 billion.

It added that the scope of work includes a recreational park, a zoo and aqua park with international specifications, as well as a commercial area, an educational and entertainment centre, a residential area, and hotels.

Minister of Heritage and Tourism Salim Mohammed Al Mahrouqi affirmed that these proposed projects represent an integrative and promising model.

“They are the first group of many investment opportunities, particularly in the tourism sector, which are estimated at more than $38.9 billion during the next 20 years,” he stated.

According to him, these projects represent the starting point for building a solid base for the tourism sector and the addition of a diversified dimension to the national economy. It is expected that these projects will be completed within the next four years.

Asila Salim Al Samsami, Undersecretary for Investment Promotion, said the move comes as part of the ministry’s initiatives to find investment opportunities for various sectors and in partnership with the Muscat National Development and Investment Company (ASAAS), Oman Tourism Development Company (Omran), Oman Environmental Services Holding Company (be’ah) and Jabal Bausher Heights Real Estate Development Company.

For some investment opportunities, feasibility studies and market assessment studies are required, she added.

Omran CEO Engineer Hashel Obaid Al Mahrouqi said the group was working to provide investment opportunities for local and international partners and to attract leading brands in the field of hospitality, culture and entertainment to the Sultanate of Oman.

The three projects proposed for investment by Omran are the Phase Two of its integrated tourism project “Yeti”, the business centre project in Madinat Al Irfan in Muscat and Musandam Adventures project, which includes the establishment of an adventure centre and a marina and hotel., said the ONA report.

The first phase of the same project will witness the inauguration of the zip line, which will be opened in 2022, forming a starting point to enhance tourism experiences and products in the Governorate of Musandam.

Asaas CEO Sulaiman Ahmed Al Kindi said the company was about to complete the multi-use Al Raya Complex project in the Ministries District in the Governorate of Muscat.

“The project is one of the major public-private partnership projects in the country. Integrated operations are expected to start in March 2023, thus turning Oman into a historic tourist destination,” he added.

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Fasset, a digital asset gateway and provider of real-world asset tokens, has announced a strategic cooperation with Creek Capital, a Dubai Financial Services Authority (DFSA) regulated asset manager, that is known for its investments into energy transition in the Middle East region.

Fasset, regulated in multiple jurisdictions, including the Dubai Multi Commodities Centre (DMCC), said that this strategic initiative will include working closely with SirajPower, a portfolio company of Creek, which is one of the largest solar distributed generation players in the region.

As part of this collaboration, the companies have signed a Memorandum of Understanding (MoU) to accelerate the growth of the solar industry in the Middle East through the introduction of an alternative and innovative investment solution for sustainable power assets, a statement said.

On its cooperation with SirajPower, Mohammad Raafi Hossain, Fasset’s Chief Executive Officer and former Advisor to the UAE Prime Minister’s Office said: “We’re excited to be marking yet another milestone in the journey towards sustainability and renewable energy for the Middle East with the region’s first tokenization of a solar project.

“This is a step forward in accelerating the financing of sustainable infrastructure and promoting capital inflows to ESG projects in the Gulf. In our continued support of renewable energy and digital assets, it is a privilege to work with industry leaders, such as SirajPower, to make investing in ESG assets more accessible. We are proud to work with local regulators in the DMCC and ADGM and are excited to explore the regulatory frameworks of DIFC and DWTC.”

To achieve these shared objectives, Fasset will enable the tokenization of SirajPower’s solar assets in the United Arab Emirates—the first of its kind in the country and the region—which will serve to democratise sustainable investment opportunities to a broader pool of investors.

Leveraging blockchain technology, Fasset is fractionalising previously illiquid infrastructure assets—namely, solar assets, where each token represents a digital fractional ownership of SirajPower’s solar project. By offering investors the opportunity to access these assets at a lower minimum ticket price and creating unprecedented market liquidity, this collaboration will reduce barriers to entry to invest in low-risk and high-yielding asset classes, the statement added.

Chairman of SirajPower, Mohammed Abdulghaffar Hussain, said: “Since securing US$50 million in funding in 2020 and with ongoing plans to raise a further US$250 million to expand our footprint in the Gulf, SirajPower has been at the frontier of renewable energy in the Middle East and our rapid growth is a testament to the region’s potential in the sustainable power sector.

“With the accelerating threats of climate change, we are proud to play a key role in shaping the growing solar sector in the Gulf region and to contribute to Fasset’s vision of championing ESG efforts, fast-tracking the Middle East’s green initiatives for a more sustainable future.”

SirajPower is a leading distributed solar solutions provider in the Middle East and currently operates and maintains more than 200 facilities in the UAE, representing more than 800,000 sqm and displacing more than 85,000 metric tons of CO² emissions annually.

Established by the management team of Creek Capital, SirajPower holds the largest share of the Middle Eastern solar market and serves a leadership role in the UAE’s sustainable energy sector. As part of its solar business, the company provides comprehensive turnkey solutions combining development, financing, construction and operation of solar rooftops for commercial and industrial applications in the UAE.

Speaking on the initiative, David Auriau, Managing Director at Creek Capital, said: “We are thrilled to be working with Fasset, especially as the UAE emerges as a leader in ESG development and digital economy. We believe that this first-of-its-kind initiative is incredibly timely as the Executive Council announced last year the Dubai Strategic Plan 2030, focusing on innovation-led growth and echoing the United Arab Emirates Vision 2021’s commitment to sustainability.

“With local authorities prioritising forward-thinking and innovation, we are proud to contribute to the recognition of the UAE’s vision of greener, more sustainable growth,” he concluded.

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Source: ME Construction News