Saudi Water Partnerships Company (SWPC) has said that it has successfully achieved financial close for the Tabuk-2 project with the participation of success partners from the relevant authorities such as the Supervisory committee at the Ministry of Environment, Water and Agriculture, developers and the project consultants.

The Tabuk-2 project is an Independent Sewage Treatment Plant with a 90,000-cu m per day capacity. It will be developed by a consortium led by Spanish infrastructure major ACCIONA at a total investment of $146.4 million.

The ACCIONA consortium, which comprises local partners Tawzea and Tamasuk, will then operate it for a period of 25 years from the commercial operation date, a statement said. Despite the current conditions and obstacles caused by Covid-19 pandemic, SWPC was successful in closing the financial deal, it added.

CEO Engineer Khalid AlQureshi, said: “Despite the fluctuations, liquidity crises and changing global market conditions, SWPC and the consortium succeeded in completing the financial closure procedures in close cooperation with the group of lenders, which indicates the company’s efforts.”

“We will provide full support for investment projects and take efforts to enhance private sector participation in sustainable development by providing the opportunity for local and foreign investors to take part in the implementation of these projects, thus achieving sustainable development, providing job opportunities for young people, and supporting local product and balanced development,” remarked AlQureshi.

Reaching this stage in the project and starting construction works under these difficult circumstances is a complete indication of investor confidence in the kingdom’s economy and future growth, he added.

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Source: ME Construction News

Imdaad, the UAE-based facilities management group, has said that it has signed up by Dubai Municipality to provide cleaning services in the city’s industrial areas.

In a statement, Imdaad said that the three-year contract covers six industrial zones and includes wide-ranging services. This will include mechanical and manual sweeping, litter collection, mechanical and manual levelling of open areas, and the cleaning of gullies.

An experienced team of 222 engineers, technicians and cleaning crews will be deployed, it added.

Commenting on the win, Group CEO Jamal Abdulla Lootah said: “This new agreement strengthens our relationship with Dubai Municipality and reflects our long-standing partner’s continued satisfaction with Imdaad’s services.”

“It also highlights our growing presence in the public sector as well as our diverse capabilities to provide cleaning and FM services across a wide range of industries,” he stated.

The areas covered by the contract include the Al Ramool Industrial Area, the Al Khabaisi Industrial Area, the Jebel Ali Industrial Area, the Al Qusais Industrial Areas 1-5, the Al Quoz Industrial Areas 1-4, and the Ras Al Khor Industrial Areas 1-3.

The new contract follows the signing of a three-year agreement in March with Dubai Municipality to provide comprehensive waste management, recycling, and infrastructure cleaning services in Dubai’s Al Mizhar 1, Al Mizhar 2, Muhaisnah 1, and Nad Al Hamar districts.

Under the terms of that contract, Imdaad has deployed a 99-strong workforce and 11,712 bins of various capacities.

“We are confident that our expert team will ensure the highest standards of cleanliness, hygiene, and attractiveness across the contract area, helping businesses in Dubai’s Industrial Areas to conduct operations in a safe and clean environment while also maximizing the comfort and convenience of residents, customers, and visitors,” Lootah concluded.

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Source: ME Construction News

Mazoon Electricity said its total investments to enhance Oman’s power network has exceeded $207mn. In line with its 2022 project plans, it is building several primary substations with related 33kV and 11kV feeders to expand the power network, enhance network performance, and ensure service sustainability for customers across governorates under its coverage area.

According to a statement from the firm, the projects are being executed in governorates including Al Dakhiliyah, North Al Sharqiyah, South Al Sharqiyah, South Al Batinah, and the Wilayat of Suwaiq in North Al Batinah.

Mazoon Electricity said it recently began operations of electricity distribution project that called for an investment of $72.7mn. The projects completed included a 33kV portion of the Wadi Bani Awf grid station in Rustaq and another primary substation in Suwaiq. In addition, operations were commissioned for primary substations in Fanja, Masrun in Ibra and Sayma, Humaydah, Afyah in Al Dakhiliyah. Operations were also commissioned for transformers in Ras Al Hadd in Sur, Jibreen in Bahla, Hayy Al Turath in Nizwa, Ezz station in Manah, and Wadi Al Tayeen, and for related lines to the aforementioned substations, the statement noted.

The company is currently working to complete other key projects, the most important of which are the primary stations in Al Bashaer in Rustaq and Tharmad in Suwaiq with capacity (three x 20MVA) and stations in Nizwa with capacity (two x 20MVA), Hayy Asim in Barka with capacity (two x 20MVA), Seih Al Nama in Al Mudhaibi with capacity (two x 20MVA), Adam, Barakat Al Moaz and Samail industrial stations in Al Dakhiliyah and three stations in South Al Sharqiah covering a number of wilayats including Sur, Jalan Bani Bu Hassan and Jalan Bani Bu Ali. The completion ratio of these projects ranges from 20% to 95%, and plans are underway to complete them during 2022. The value of the investment in these projects is said to be $88.3mn.

To implement the company’s projects which have been approved by the Authority for Public Services Regulatory, the company awarded a number of tenders at an estimated value of $28.6mn. They include construction of primary stations in Niyabat, Sinaw in North Al Sharqiyah and Nizwa, stations each in Hayy Asim in Barka and Wadi Al Maawil in South Al Batinah, along with the related feeder and distribution lines. The projects will be implemented from this month onwards.

“In addition to these projects which aim to enhance the electricity network in the aforementioned governorates, work is underway to invest in low voltage (LV) network extension projects to supply the customers as well as reinforcement of the existing LV network and developing this network to comply high level HSE and stability standards with annual investments worth more than $104mn,” said Mohammed bin Rashid Al-Quri, senior project manager at Mazoon Electricity Company.

Al-Quri concluded that these projects are of utmost importance for the provision of sustainable service to the company’s customers. In addition, they contribute to supporting the electricity sector with a high-quality network consistent with international standards. Moreover, the company is introducing and developing electronic systems to operate and monitor the performance of the power network and ensure service continuity.

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Source: ME Construction News

Aldar Properties has launched the second phase of its Alreeman II development. ‘Fay Alreeman’ is said to be a $544mn master-planned residential community that is taking shape in the Alshamkha area of Abu Dhabi. The developer said villas within this phase are available for purchase exclusively by UAE nationals.

Following demand for infrastructure-enabled land plots in phase one, Fay Alreeman will see the launch of 554 villas available in three-, four-, five- and six-bedroom layouts, said the developer. The villas are expected to go on sale on April 24, with handovers expected to begin in Q4, 2025.

To cater to the demand from customers for homes that are adapted to their tastes, all villas within Fay Alreeman will be available in a choice of three elevations – Mediterranean, Modern Arabic, and Contemporary, the developer noted. Property designs are said to be based on focus group studies with Aldar’s customers to ensure a customer-centric approach to the product. Fay Alreeman properties cater to the needs of buyers by offering spacious floorplans with large, closed kitchens, family rooms, and majlis spaces, among other features, it added.

“Alreeman II has been well received by the market as UAE nationals continue to seek well-priced, high-quality and comfortable living spaces in desirable destinations across the emirate. Launching a range of villas in the second phase is a direct response to the demand we have seen in the market for a ready product that residents can quickly move into. We are also delighted to offer each home in a variety of options – a decision that is rooted in the customer research that we have undertaken, to better understand their needs and desires. We are very much looking forward to welcoming new homeowners to the community,” said Aldar chief commercial officer Rashed Al Omaira.

The Alreeman II development will spread across an area of 2.4mn sqm and the developer said residents will benefit from a range of amenities that will cater to their specific needs and interests.

Fay Alreeman’s masterplan has been designed in clusters, each with its own parks and amenities to build a strong sense of community. The community was designed to ensure individuality between properties and to cater to prominent customer needs, which include the desire for larger kitchen spacing, enhanced flow across housing units, and more modern-looking homes, the developer concluded.

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Source: ME Construction News

Dubai Investments, the Dubai Financial Market-listed diversified investment company, has said that it has entered a deal to divest a 50% stake in Emirates District Cooling Company (EMICOOL) to Actis, a global investor in sustainable infrastructure, at a corporate valuation of USD$1 billion, and an equity valuation of $653 million.

With an extensive network in multiple geographies, the JV is aimed at supporting EMICOOL in its vision towards becoming one of the leading providers of sustainable and efficient district cooling services in the wider MENA region, a statement said.

“Our JV deal with Actis is aimed at serving the growing demands of the district cooling sector by seamlessly integrating the capabilities of both the parties. We are very happy to announce this divestment deal as a part of the Company’s robust plans towards implementing a prudent approach to asset management, facilitating efficient recycling of capital to invest in future growth.

“Over these years, Dubai Investments focused on re-engineering the cost of operations, invested in plant development, enhanced technological know-how and created a strategic asset that has added significant value to the UAE’s district cooling sector, and we are optimistic it will grow further with Actis onboard now,” said Khalid Bin Kalban, Vice Chairman and CEO, Dubai Investments.

The transaction ceremony was attended by Khalid Bin Kalban, Vice Chairman and CEO, Dubai Investments, Abdulaziz Bin Yagub Al Serkal, Chairman, EMICOOL and Adrian Mucalov, Actis Partner. Also present at the transaction ceremony were other senior representatives from Dubai Investments, Actis, EMICOOL and Al Mal Capital.

The deal is counted as one of largest transactions in the district cooling industry in the MENA region. The transaction underpins the growing demand for district cooling in the region, crystalising significant value for Dubai Investments and testifies the Company’s strategy for value creation through competent partnerships.

Al Mal Capital, a subsidiary of Dubai Investments and a diversified, multi-line investment institution acted as the sole financial advisor to Dubai Investments on this transaction.

Actis is a leading global long-term investor in sustainable infrastructure and has raised US$24bn in capital since its inception. Actis’ Long Life Infrastructure team invest in stabilised operating assets within multiple infrastructure sectors, driving operational value, to deliver a strong cash yield for investors and measurable ESG impact.

Commenting on the transaction of the JV, Adrian Mucalov, Actis Partner, said: “We are delighted to have entered this landmark transaction with Dubai Investments, to back one of the leading players in the district cooling sector. We look forward to a long-term partnership and will support EMICOOL to consistently deliver high quality services and customer care. Actis also sees clear opportunity for EMICOOL to become a regional leader in sustainable district cooling and related services.”

EMICOOL is connected to more than 2,200 buildings across the UAE including more than eight diversified sectors like residential, retails, commercial buildings, hotels, schools, universities, hospitals, furnished apartments, industrial and staff accommodations across UAE.

The company provides district cooling services to DIP, Dubai Motor City, Dubai Sports City, Uptown Mirdif, Palazzo Versace, DAMAC Hills and Mirdiff Hills, Night Souk by Nakheel, RTA Metro Stations (Expo line) & DWTC at Expo 2020, facilitating sustainable developments, the statement concluded.

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Source: ME Construction News

Bahrain-based GFH Financial Group has announced that its UK subsidiary, Roebuck Asset Management has concluded an off-market sale of a Tesco Distribution Centre for more than $135 million.

In a statement, GFH said that the 540,000sqft temperature-controlled centre was originally developed by Tesco in 2010. The warehouse serves in excess of 400 supermarkets and convivence stores across the South-West of England and South Wales, forming a crucial link in Tesco’s distribution network.

The sale marks the conclusion of an extremely successful hold period of Roebuck, who acquired the asset for $94 million in October 2017, on behalf of a consortium of institutional investors from Korea.

Roebuck Managing Partner Hugh Brown said: “The sale of Tesco Avonmouth has delivered our Korean investors significant out performance following a four and-half-year hold period producing total annual return in excess of 16%.”

The strong income and value increase provided the investors with a post-tax internal rate of return (IRR) of more than 16%, well in advance of the target business plan for such a core asset, the statement added.

The asset was the second acquisition Roebuck made with South Korean investors and also with Capstone Asset Management. The sale of Tesco Avonmouth follows Roebuck’s 2021 sale of the Accolade Wines, Avonmouth Warehouse for $123m to Tritax Big Box REIT, it said.

“It was fantastic to work with Capstone on another successful investment and the intention is to hopefully find new projects to work on together. Roebuck is actively pursuing opportunities to recycle capital from these sales for either UK and European logistics assets,” Brown added.

GFH acquired a majority stake in Roebuck, which continues to operate independently, in December 2020 including its investments in these strategic assets. Since the acquisition, Roebuck has significantly grown in terms of team members and new offices, with locations being opened in London and Spain, while there are plans for further office openings over the next 18 months.

The intention is to continue to grow assets under management (AUM) and collectively as a group target new acquisitions of $500 million over the course of 2022, the statement said, adding that this would be accomplished with GFH’s backing.

Roebuck is using its local market expertise and significant track record to establish new investment vehicles in the Core + and Value Add space working with existing and new institutional investors, the statement continued.

Nael Mustafa, the Board Member at Roebuck Asset Management and Co- Chief Investment Officer at GFH, said: “We’re pleased to announce this important exit by Roebuck of one of the prime logistics assets in the portfolio. The strategy to sell the Tesco distribution centre is in line with Roebuck’s plans to continue to build on its already very strong track record.”

The strategy is in line with our recent combined sale of the Amazon portfolio in Spain which generated similar returns over a shorter hold period. While divesting from these assets reduces the immediate AUM, the pipeline identified and secured across Europe will result in a net gain over the course of 2022.

“We look forward to announcing new transactions with Roebuck within the European logistics marketplace,” he concluded.

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Source: ME Construction News

The total length of Emirates Central Cooling Systems Corporation’s (Empower) district cooling pipeline network across Dubai exceeded 369km by the end of 2021. Empower said the network grew by 33.2% during the 2018-2021 period.

The company attributed the network expansion in 2021 to the new projects added to Empower’s portfolio, most notably the Marsa Al Arab, and the expansions of Dubai Healthcare City, Dubai Land Residential Complex (DLRC), Business Bay and the expansion of DIFC to provide company’s district cooling services to Wasl 1 and others, the firm said in a statement.

“The expansion of our district cooling network is driven by the increasing demand for environmentally-friendly district cooling services on the one hand and on the other hand, it reflects Empower’s tireless efforts to develop an infrastructure that help achieving the goals of Dubai sustainable development plans,” said Empower CEO Ahmad Bin Shafar.

Bin Shafar pointed out that the expansion was also due to the continuous and increasing urban development process in Dubai. He concluded, “The network expansion operations are implemented using cutting-edge technologies that ensure uninterrupted delivery of services to our customers.”

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Source: ME Construction News

Dar Al Arkan has announced the topping out of its Urban Oasis residential tower. The $218mn, 34-storey project is being developed in partnership with Missoni and is located near the Dubai Water Canal.

The structural completion milestone was celebrated by Dar Al Arkan chairman Yousef Al Shelash, who visited the site and took part in the topping out ceremony, the developer noted.

Urban Oasis is Dar Al Arkan’s first project in the UAE, and the region’s first ever bespoke Missoni-inspired living spaces designed by the fashion brand’s MissoniHome line, which is dedicated to interiors, decor, and furnishings, said a statement.

Situated on the Dubai Water Canal, it is in close proximity to Downtown Dubai’s top attractions such as Burj Khalifa and The Dubai Mall, and many other premium lifestyle locations. The project’s homes offer spectacular and uninterrupted views of the Dubai Water Canal, making the tower a true urban oasis within the bustling city. It consists of high-end one, two and three-bedroom apartments and four-bedroom penthouses with luxury interiors from MissoniHome, stated the Saudi developer.

The tower has been 80% sold to a diverse range of homeowners and investors from all over the world representing over 45 nationalities. It is due for completion by the end of next year.

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Source: ME Construction News

Works have been completed on the 14,000sqm Al Futtaim Auto Park in Al Ain, according to design-build specialist Amana. The Auto Park is said to feature a complete showroom and workshop facility for servicing motor vehicles. It also boasts a solar photovoltaic (PV) system that can generate 800MWh.

The project is the first automotive facility to operate all brands under one roof, as well as being the only multistory automotive facility in Al Ain, which can hold almost 70 new and used cars on both floors. Its end-to-end offering includes commercial vehicles, in addition to passenger cars, new and used, for sale, leasing, and renting, a statement from Amana noted.

Its 487.9kWp solar PV plan is expected to generate 800MWh of energy, whilst offsetting 334 metric tons of carbon dioxide during its first year of operation.

“The Al Futtaim Auto Park in Al Ain has become a signifier of a greener, smarter future for the nation. Building it with a solar PV system, we combined significant energy production with seamless architectural integration. Thus the project opens up new prospects for the deployment of renewable energy. Solar photovoltaic systems are a critical solution to help decarbonise the construction sector, responsible for more than one third of global annual greenhouse gas emissions,” said Amana CEO Jihad Bsaibes.

Its strong and diversified portfolio of capabilities, beyond standard industrial contracting, enabled a seamless and successful installation, even as construction of the building was ongoing, explained Bsaibes.

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Source: ME Construction News

LONGi has been awarded a contract to supply 406MW of its Hi-MO 5 bifacial modules to the SepcoIII Electric Power Construction Company for the development of Saudi Arabia’s Red Sea Project. Included in the package is what is said to be the world’s largest battery storage facility of 1000MWh, which will allow the destination to remain completely off-grid and powered by renewables day and night.

According to a statement from the solar technology company, the project will be completely powered by renewable energy on a scale not previously achieved anywhere in the world, with energy to be generated via solar panels and wind turbines to meet initial demand of 210MW, with further expansion planned.

The Red Sea Development Company (TRSDC) awarded its highest-value contract to date to a consortium led by Acwa Power to design, build, operate and transfer the project’s utilities infrastructure, generating up to 650,000MWh of CO2 free power. The CO2 emissions saved are the equivalent of some half a million tons annually, the statement said.

“The Red Sea Project is a vital undertaking as part of Saudi Vision 2030 and the completion of the project will lead to a new way of life in the Middle East. LONGi will spare no effort to contribute to the region’s energy transformation. As a world-leading solar technology company, LONGi will continue to contribute to global energy transformation together with partners from all sectors,” said group vice president Dennis She.

The agreement also covers the construction of three seawater reverse osmosis (SWRO) plants, designed to provide clean drinking water, a solid waste management center and an innovative sewage treatment plant (STP) that is expected to allow waste to be managed in a way that enhances the environment, by creating new wetland habitats and supplementing the venue with irrigation water for landscaping, the firm said.

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Source: ME Construction News