Estative, which is billed as a first-of-its-kind real estate platform, is primed to launch in Dubai. Designed to act as a ‘pivot’ in the world of real estate marketing, Estative is said to be the world’s only real estate social media platform, combining all social media marketing tools – including technical and visual content, podcasts and social influencers – enabling it to be at the service of the real estate market.

The launch of the Estative platform will be a key element in the The Estative Real Estate Conference and Exhibition, a regional industry event held in Dubai, which aims to introduce investment opportunities that may otherwise have gone ‘under the industry’s radar’.

The event will cover many areas relevant to real estate professionals and investors, including investment trends in major markets around the world and exploration of new markets. It will also enable the building of communication bridges between industry stakeholders including real estate developers, brokers, investors, design, construction and building material companies.

In late February 2023, Al Andalusia entered Dubai’s residential real estate market and, Sobha Realty launched Verde by Sobha in Dubai’s JLT district.

On the new platform, CEO Ayham Jbara said, “The launch of Estative comes at a time when the real estate market is very much in need of new investment opportunities that align with current market conditions in local and global markets alike. Our vision is to revitalise the real estate industry by offering products that address current challenges, by future-proofing our businesses and industry, and by enabling confidence in the industry as a whole.”

The conference and exhibition will also create an interactive climate that will offer the opportunity for government sector entities to meet and network with real estate investment professionals in the private sector; an opportunity intended to lead to positive impact on the real estate scene in the short and medium term.

Jbara concluded, “It will bring together developers and brokers and potential clients from all over the world, and will act as a meeting point for hundreds of prominent regional and international stakeholders.”

In late February 2023, W Capital’s CEO said that the Golden Residency Visa could boost Dubai’s real estate sector.

The post ‘First-of-its-kind’ real estate platform to launch in Dubai appeared first on Middle East Construction News.

Source: ME Construction News

In his capacity as the Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, has issued directives to allocate 8,500 land plots to Emirati citizens in the Al Yalayis 5 area.

These plots, which are spread over an area of 120m sqft are being handed over to key beneficiaries of a national housing programme.

The first phase of allocation of land plots will begin immediately (slated for 28 February). Citizens who have received the approval of the Mohammed bin Rashid Housing Establishment are eligible to obtain land plots.

In mid September 2022, Sheikh Hamdan launched an integrated housing plan for Dubai nationals and, in early January 2023, Bahrain invited developers to bid for the construction of 700 residential units.

The development of the Al Yalayis 5 area is designed not only to provide high-quality housing, but to encourage and facilitate recreation and wellness. It will include 10km of green areas for walking and sports activities, as well as a gym and cycling and running tracks. These tracks will use the latest technologies to offer ideal conditions for exercise and are located in a purpose-designed enclave secluded from traffic.

The area will also evolve into a complete mixed-use community, offering a range of high-quality entertainment and retail offers. It is being developed as an integrated, ‘greenfield’ site and is one of a planned series of housing opportunities being offered to nationals by the UAE government.

In late January 2023, Saudi’s PIF and Samsung C&T partnered to develop construction tech and modular housing.

The post 8,500 housing plots awarded to UAE nationals appeared first on Middle East Construction News.

Source: ME Construction News

The Government of Ras Al Khaimah (RAK) intends to launch the ‘world’s first free zone dedicated to digital and virtual asset companies’. RAK Digital Assets Oasis will be a purpose-built, true innovation-enabling free zone for non-regulated activities in the virtual assets sector, RAK said.

According to a statement, the free zone is intended to be the only free zone in the world solely dedicated to digital and virtual assets service providers innovating in new and emerging sectors of the future including metaverse, blockchain, utility tokens, virtual asset wallets, NFTs, DAOs, DApp, and other Web3-related businesses.

RAK Digital Assets Oasis will open for applications in the second quarter of 2023, it added.

“We are proud to further the UAE’s position as a primary destination for innovation with the launch of RAK Digital Assets Oasis. We are building the free zone of the future for the companies of the future. As the world’s first free zone solely dedicated to digital and virtual asset companies, we look forward to supporting the ambitions of entrepreneurs from around the world with our progressive, supportive, and quick-to-adapt approach, and our innovation-enabling environment,” said Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, Chairman of RAK ICC and Chairman of RAK Digital Assets Oasis.

In early December 2022, KEZAD Communities and EAJ merged to form a new $1.9bn staff accommodation company.

Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, Chairman of RAK ICC and Chairman of RAK Digital Assets Oasis

Making the announcement, Dr. Sameer Al Ansari, CEO of RAK ICC and CEO of Digital Assets Oasis stated, “I’m privileged to help implement the forward-thinking vision of the leadership of Ras Al Khaimah to enable, foster, and promote innovation in new and emerging sectors of the future. With the UAE’s established reputation as an innovation hub, RAK Digital Assets Oasis delivers a truly unique offering to global entrepreneurs bringing together an unmatched combination of accessibility and liveability, supported by Ras Al Khaimah’s business-friendly infrastructure, progressive policies, and an international lifestyle offering.”

Ras Al Khaimah has established a reputation as a global business-friendly hub with political stability, a progressive, supportive, and quick-to-adapt approach, and an innovation-enabling environment in a strategic time-zone that fills the gap between financial centres in the West and the East, the statement noted.

RAK Digital Assets Oasis’ unique lifestyle proposition will support companies with robust, innovation-enabling adoption frameworks, advisory and professional services, hybrid workspaces, accelerators and incubators, sandboxes, access to funding, and an environment that encourages entrepreneurs to imagine, create, and evolve, it added.

Dr. Al Ansari remarked, “We look forward to welcoming the world’s brightest Web3 minds with their most disruptive ideas that uncover new approaches to creating a better future. We are committed to empowering the next generation of global entrepreneurial talent to build transformative solutions and create impact, while shaping the future of businesses and economies.”

In late December 2022, Hassana said it had invested in JAFZA.

Dr. Sameer Al Ansari, CEO of RAK ICC and CEO of Digital Assets Oasis

The free zone aligns with the UAE’s position as a primary destination for innovation. RAK Digital Assets Oasis will be a remote-work friendly, globally connected destination for digital and virtual asset companies building innovative business models for the future that will be well positioned to tap into the region’s emerging markets, the statement concluded.

In late January 2023, a Knight Frank report showed Grade A warehouse lease rates were continuing to rise.

The post RAK to launch free zone dedicated to digital and virtual asset firms appeared first on Middle East Construction News.

Source: ME Construction News

The Dubai real estate sector is expected to benefit from the impact of the 65,000 people who recently received the Golden Visa, according to Walid Al Zarooni, CEO of Dubai-based real estate brokerage W Capital.

He added that global research indicates that Dubai is expected to attract a large share of the citizenship market through global investment, which is expected to grow five-fold to $100bn by 2025.

Walid Al Zarooni added that ‘golden card holders’ are always potential investors for Dubai real estate, and each of them may be planning to buy a family property. This means potentially huge economic returns on the golden card, resulting from the activity of multiple sectors such education, consumer expenditure and health.

He said, “Dubai is keen to enhance its population growth through various measures and attract investors with high net worth and skills, which will have a positive impact on the real estate sector in the medium term and enhance the demand for luxury housing categories.”

In late July 2022, Madhav Dhar, Co-Founder and COO of ZāZEN Properties said that people have realised that if and when a new pandemic hits, or if there is economic or political turmoil, Dubai is the best city to be in and, in mid February 2023, a new Deloitte report said it anticipated growth across residential and commercial sectors in 2023 in Dubai and Saudi Arabia.

He said the goal of the UAE Golden Residency Visa, like other types of visas, is to attract independent entrepreneurs and business talents, to enhance the local economy, support diversity and economic growth, and attract exceptional minds and talents to be permanent partners in the UAE development process. This vision will work to improve the UAE’s position as a global incubator for innovation and talent.

Another factor is that the length of the residency period encourages real estate tenants to buy their property outright, because, for example, when calculating the total value of the rent paid to lease a residential unit over 10 years, whether an apartment or a villa, it is close to the price of owning the unit itself. Hence, it is preferable to buy the unit, which is also a good investment and can be recovered at any time.

Moreover, investors can obtain a Golden Visa upon full ownership of a property with a value of not less than US $540,000, and there is the added advantage of being able to buy the property via a dedicated loan from a specific group of UAE banks, potentially simplifying and speeding up the whole process.

In late February 2023, Q Properties said the latest phase of Reem Hills has sold out.

The post Golden Residency Visa could boost Dubai real estate says W Capital appeared first on Middle East Construction News.

Source: ME Construction News

Baynouna Solar Energy Company (BSCE) has announced the opening of its new 200MW solar park in Amman, Jordan. According to BSCE, the Baynouna Solar Park is the largest clean energy project in Jordan and will produce over 560GW/h of energy annually, which is enough to power 160,000 homes.

BSCE is a joint venture (JV) between Abu Dhabi-based renewable energy company Masdar and Finnish investment and asset management group Taaleri.

The firm said the project was developed through a power purchase agreement between Masdar and National Electric Power Company, Jordan’s state electricity provider. It noted that the solar park will displace 360,000 tonnes of carbon dioxide per year, equivalent to taking nearly 80,000 cars off the road.

The project was inaugurated in the presence of Bisher Al-Khasawneh, Prime Minister of Jordan, and was attended by Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, COP28 President-Designate, and Chairman of Masdar; Dr Saleh Al Kharabsheh, Jordan’s Minister of Energy and Mineral Resources; and Sheikh Khalifa Bin Mohammed Bin Khalid Al Nahyan, UAE Ambassador to Jordan. The ceremony was also attended by other high-level officials from the government of Jordan and senior executives from Masdar, the statement noted.

In early February 2023, ILF was awarded the consultancy contract for three solar PV projects in Saudi Arabia.

“In partnership with the Jordanian government, the Baynouna Solar Park will contribute to Jordan’s climate targets, provide access to clean energy, create jobs and ensure economic growth. Along with our other project here – the Tafila Wind Farm – Masdar is already helping Jordan to produce 29% of its electricity from renewable sources and will support its goal of increasing that to 50% by the end of the decade,” said Al Jaber.

He continued, “Ambitious, transformative partnerships like these are precisely what we need if we are to deliver on the promise of the Paris Agreement and continue to ensure that we are holding back emissions, not progress. COP28 will focus on moving from goals to implementation, with a clear focus on demonstrable action on mitigation, adaptation, loss and damage, and finance, as we aim to keep the objective of limiting global warming to 1.5 degrees alive.”

Financial institutions that supported the project include the International Finance Corporation (IFC), the Opec Fund for International Development (OFID), the KfW Group’s DEG, and the Japan International Cooperation Agency (JICA).

Al Kharabsheh remarked, “We are focused on developing local energy sources to achieve energy security, enhance self-reliance and limit the effects of climate change. If we look at the world today, we see that renewable energy, especially solar and wind energy, are the fastest growing and widespread renewable energy sources and the time has come to maximise the benefits of renewables.”

In early February 2023, Masdar opened an office in Baku in support of Azerbaijan’s renewable energy sector.

Al Ramahi expressed delight at witnessing the inauguration of this project, which is billed as one of the fruits of Masdar’s long collaborative partnership with Jordan. He commented, “We stand ready to support Jordan in its energy transition and will look to increase our presence in the Kingdom through the development of further clean energy projects that will drive economic growth for the nation.”

Taaleri Group CEO Peter Ramsay remarked, “We are very excited to be inaugurating the largest solar park in Jordan. This impressive project is a testament to the strength of cooperation between Masdar and Taaleri, two pioneers who have been active in the renewable energy field for a long time. We are proud to advance our common global climate change mitigation goals together with our partners and investors.”

The statement also highlighted that Masdar also operates the 117MW Tafila Wind Farm, which was completed in 2015 – and is said to be the first commercial utility-scale wind project in the Middle East.

In late February 2023, SirajPower said it would deploy its Solar Hybrid solution to a Halwan Crusher project site.

The post Baynouna Solar Energy Company opens Jordan’s largest clean energy project appeared first on Middle East Construction News.

Source: ME Construction News

Outdoor experiential hospitality company Collective Retreats has reached an agreement with Neom, to open a next-generation, ultra-sustainable retreat in Trojena, the snow-capped mountain destination located in Saudi Arabia’s northwestern region.

The retreat will feature approximately 60 open-air guest rooms and meeting space concepts, as well as water features, communal campfires and culinary experiences, projecting the essence of the Collective Retreats brand while showcasing a unique blend of natural and developed landscapes.

Slated for launch in the start of 2026, ‘Collective Trojena’ will re-imagine the outdoor hospitality experience – offering guests unprecedented access to discover and explore the region’s spectacular beauty. It is located 50km from the Gulf of Aqaba, the statement said.

In early March 2022, Trojena was first unveiled by His Royal Highness Mohammed bin Salman, Saudi Arabia’s Crown Prince and Chairman of the Neom Company Board of Directors and, in late October 2022, Hotel Development inked a deal with Ennismore to open two hotels in Trojena.

Collective Trojena will also offer direct access to the development’s full array of year-round and world-class outdoor activities, including skiing and snowboarding, high altitude training, paragliding, mountain biking, hiking, and water sports as well as culture-forward programming around film, art, music, and food.

On its new venture, Collective Retreats’ CEO and Founder Peter Mack said: “We founded Collective Retreats with the singular goal of changing the way people travel. We want travellers to see the world with renewed curiosity and a greater appreciation for conservation of the extraordinary natural beauty that surrounds us. Trojena provides the ultimate backdrop to achieve this mission in ways we never imagined.  In addition to giving a global audience a new perspective on this spectacular mountain setting, we are committed to demonstrating that luxury travel should not be extractive and it’s possible to both preserve the environment  and deliver extraordinary guest experiences.”

Set within Neom, Trojena is said to be paving the way for the next frontier in sustainability by powering the mountain destination with a combination of solar and wind energy, while developing technology in water desalination and brine processing to achieve a zero waste residual.

In mid January 2023, General Hotel Management said it would manage the Trojena resort.

The post ‘Collective Trojena’ set to be ultimate GenNext hub appeared first on Middle East Construction News.

Source: ME Construction News

Tawazun Industrial Park (TIP) has inked a lease agreement with Yellow Door Energy for the development of a 4,382kW solar park project. Construction of the project is expected to begin in the second quarter of 2023, and the project is expected to be operational by the end of 2023.

Over 7,600 solar panels will be installed for both rooftop and carport applications; once completed, the solar park is expected to produce 7.1m KW/h of clean energy in the first year of operation, which is equivalent to reducing carbon emissions by 5,000 metric tonnes, the statement noted.

The TIP move comes as part of its celebration of ‘Year of Sustainability’ in UAE and in line with COP28’s objectives.

The agreement was signed by Faiz Saleh Al Nahdi, Managing Director and CEO of TIP, and Jeremy Crane, CEO of Yellow Door, in the presence of several senior officials from both sides at the Tawazun Council Chalet at IDEX.

In early June 2021, Majid Al Futtaim and Yellow Door Energy signed an agreement to build Bahrain’s largest private solar plant.

Shareef Hashim Al Hashmi, CEO of the Tawazun Council and Chairman of TIP, pointed out that sustainability was fundamental to the council and the Park’s strategies and operations.

He explained, “The initiative taken by TIP to expand the usage of renewable energy demonstrates our dedication to supporting the UAE’s Net Zero by 2050 Strategy Plan and our keenness to strike a balance between industrial and technological progress and sustainable development.”

Al Nahdi added, “As the region’s premier defense and security park, we value security of all aspects and energy security is an integral part of our ethos. The 4.4MW solar lease with Yellow Door Energy will enable us to secure our energy supply from a clean and reliable source of electricity, lower our electricity bills and contribute to the Nation’s Clean Energy by 2050 Strategy.”

He noted that the plant project is a new milestone in the park’s sustainability strategy, promoting environmental preservation and reducing carbon emissions.

In late November 2021, Yellow Door Energy was awarded an ETG solar project in Dubai.

Crane remarked, “Yellow Door Energy is honoured to partner with TIP on this solar lease, in time to celebrate the Year of Sustainability and contribute to COP28’s objectives. Yellow Door Energy was founded in the UAE, and today we reaffirm our commitment to the nation by signing the solar lease in the capital.”

He concluded, “This is our first project in Abu Dhabi, and we look forward to providing more businesses in the emirate with affordable, reliable and sustainable energy for many years to come.”

In late October 2022, Yellow Door Energy said it would develop over $1bn in sustainable energy projects following a $400mn equity raise.

The post Tawazun Industrial Park and Yellow Door Energy ink deal for 4.4MW solar project appeared first on Middle East Construction News.

Source: ME Construction News

Saudi-based Abdullah Al Othaim Investment Company has unveiled its Konoz (Box of Treasures) project – a US $1.86bn development in Riyadh, which will feature an entertainment city, a luxury hotel and premium residential offering, in addition to commercial, F&B and retail outlets.

The project’s name is said to reflect the visual and architectural representation of gemstones throughout the development’s various zones.

Konoz, which will be spread over a 50,000sqm area, and has been designed by architectural firm Benoy, which has over 75 years’ experience in designing multi-use projects and implementing the latest construction technologies.

Speaking at the launch, Group Chairman Abdullah bin Saleh Al Othaim said the project was in line with the comprehensive Riyadh Strategy, which aims to transform the city into a hub for investment, innovation, and tourism.

In early December 2022, it was announced that the Time Out Market Riyadh would open in Diriyah Square by 2027 and, in mid February 2023, the Saudi Crown Prince launched the New Murabba Development Company to develop world’s largest modern downtown in Riyadh.

“The unveiling of Konoz in the capital city of Riyadh, is an indication of the city’s drive towards becoming a global hub. The project underscores the company’s expansion strategy to solidify its status as a leader in large-scale development initiatives. It embodies the ongoing growth and development taking place in Riyadh and Saudi Arabia, driven by the country’s Vision 2030, which aims to transform the nation into a sustainable and diverse economy,” he stated.

Group CEO Meshaal Bin Omairh pointed out that Konoz aligns with the company’s vision of developing modern and innovative projects in strategic locations across Riyadh to create a premier destination, enhance the quality of life in the city, and to create jobs.

The project features 15,000sqm of green areas, parking for 5,500 vehicles, a 120,000sqm commercial centre, a 250-key world-class luxury hotel and 120 serviced residential apartments, as well as a 700-unit residential apartment complex.

In late February 2023, Saudi Arabia’s NHC launched the Al Fursan Suburb in northeast Riyadh.

The post Abdullah Al Othaim Investment Company reveals a $1.8bn ‘treasure’ in Riyadh appeared first on Middle East Construction News.

Source: ME Construction News

Developer DAMAC Properties has announced the handing over of its ZADA Tower development in Business Bay to customers.

The handover adds to DAMAC’s growing portfolios of properties in Business Bay, with several high-rise developments completed or underway in the central location. In mid-2022, the developer handed over two adjacent towers – Reva and Vera, the firm said.

Situated in a prime location, ZADA is a 26-storey building that offers residents amenities such as a swimming pool, a children’s play area, a fitness centre, and retail outlets. Residents will also be close to several shopping, dining, and entertainment experiences in the vicinity.

Main work on the tower began at the end of September 2020 and the project’s successful completion and handover demonstrates the efficient pace of construction despite the challenges of COVID-19 at the time the work began, the developer said.

In late January 2023, the developer launched DAMAC Bay by Cavalli.

“As DAMAC is expanding globally, we continue to deliver world-class luxury projects in our home-base of Dubai. The city’s property market is thriving and real estate along the Dubai Canal is proving to be a popular selling point for interested customers,” said Mohammed Tahaineh, General Manager of DAMAC Properties.

“Our strong presence in Business Bay continues to grow and we are happy to be contributing to the development along the Dubai Canal where we can offer our residents some of the best views in the city,” he added, pointing out that aside from Reva and Vera, the developer also has an array of residential towers across the areas of Business Bay and Downtown Dubai, such as AYKON City, four DAMAC Maison hotels, and two Paramount Hotels by DAMAC.

The Vera Residence is a 30-storey tower featuring a basement and ground level, three podium levels, 25 residential floors with studios, one- and two-story apartments, and a communal rooftop area.

The high-end apartment block has a range of amenities including a children’s play area, barbecue area, temperature-controlled swimming pool, gym, running track, sauna and steam rooms, landscaped gardens, and covered parking spaces, the developer pointed out.

In early February 2023, the developer awarded the $241.2mn main works construction contract for Cavalli Tower.

Meanwhile, Reva Residences stands near the Dubai Canal, with access to the waterway’s covered walkways, lifestyle offerings and parks. The retail and dining options of the Burj area, are also a short distance away. The development also offers a collection of premium luxury apartments on the highest floors of the Reva Residences project, the statement concluded.

In early February 2023, it was announced that DAMAC Data Centres’ KSA facilities would go live before the end of 2023.

The post DAMAC hands over ZADA Tower in Business Bay to customers appeared first on Middle East Construction News.

Source: ME Construction News

Fire and life safety specialist Tenable Fire Engineering Consultancy (FEC) has appointed Roy Fernandes as Projects Director, the firm has announced.

In a statement, Tenable said that Fernandes’ new role will see him focus on company growth in regional and international markets, with the aim of expanding the consultancy’s portfolio of global projects.

Tenable FEC’s Dubai Director, Sam Alcock, commented on Fernandes’ appointment: “As we continue to grow year on year, we are excited to welcome Roy to our team to further support our growth plans for 2023 and beyond. Roy demonstrates a clear passion for the fire and life safety industry, which is evident through his previous achievements, strong client partnerships and desire for development.”

“As we expand into more markets, Roy’s proficiency in international codes will bring tremendous value to our team and clients and will allow us to work more efficiently across multiple projects and countries,” he added.

In early December 2020, Tenable’s Sam Alcock joined the 2020 Big Project Middle East Awards’ judging panel.

With more than 17 years’ of experience across a diverse range of sectors, including hospitality and transportation across the Middle East, Fernandes takes on his new role with in-depth expertise in fire and life safety consultancy services, specialising in code consulting.

He has nearly two decades of experience in managing high-profile projects and developing client relationships, and will utilise his technical expertise to develop Tenable FEC’s global portfolio of projects, with a strong focus on Saudi Arabia, Africa, India, the UAE and Oman, the statement continued.

Prior to joining Tenable FEC, Fernandes held senior project management roles with Jensen Hughes and Aon Fire Protection Engineering. He played a pivotal role in executing these organisations’ growth strategies, while delivering customer-centric fire and life safety consulting solutions across international projects spanning various verticals.

Commenting on his new role, Fernandes remarked, “I’m delighted to be joining Tenable FEC. The team places paramount importance on the preservation of life within the built environment, no matter the size or scope of a project, which is fully aligned with my own ambitions of raising regional standards and delivering world-class fire and life safety consultancy services.”

In mid February 2021, Alcock spoke to Middle East Construction News about how fire and life safety strategies need to evolve, so as to protect buildings and their residents.

He concluded, “I believe I can bring further value to our existing and future client partnerships and implement growth strategies that will help the organisation exceed its 2022 achievements.”

In late May 2022, Tenable FEC opened an office in Saudi following a significant increase in contracts won.

The post Tenable appoints Roy Fernandes as Projects Director appeared first on Middle East Construction News.

Source: ME Construction News