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Infrastructure specialist Ferrovial, through its toll-road subsidiary Cintra, has invested US $802.3mn for a 24% stake in IRB Infrastructure Trust in India.
IRB is an investment vehicle that integrates road concessions and construction and has a portfolio of 12 toll road concessions in India, with a pipeline of three more to come. Since it was founded in 1998, it has built more than 18,500 lane kilometers of roads in India.
According to a report, Ferrovial is acquiring the stake from affiliates of GIC, which currently own a 49% stake of IRB Infrastructure Trust. After the transaction is closed, GIC’s affiliates will retain a 25% stake in IRB Infrastructure Trust and IRB Infrastructure Developers will maintain its current 51% stake. The total investment amount includes $105.2mn to fund outstanding equity commitments in projects being developed by IRB Infrastructure Trust.
“India’s infrastructure development plans have expanded substantially in recent years with planned capital expenditures of $260.2bn in roads and highways between the years 2020-2025, according to the Indian Department of Economic Affairs report on National Infrastructure Pipeline,” Ferrovial noted.
“In this context, IRB Infrastructure Trust is one of the leading platforms in the country with the ability to leverage synergies between a large Build-Operate-Transfer (BOT) developer, a leading financial investor, and a global strategic partner to optimise project planning and selection processes and maximize value creation,” the company concluded.
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Saudi Entertainment Ventures (SEVEN) has awarded a contract to Egyptian group Hassan Allam Holding for the construction of a major entertainment complex spanning 160,000sqm. A key hospitality project for PIF, the entertainment complex will built at Al Khuzama, in the Al Kharj region of Central Saudi Arabia.
The tender for the main contract was issued in August last year, and the bids were submitted in September.
US-based engineering firm Gensler and Lebanon’s Dar Al Handasah are the project consultants for the Al Kharj entertainment complex, while UK-headquartered Mace Group is the project management consultant.
The Al Khuzama contract is in line with PIF’s stated strategic objectives of creating a chain of major hospitality projects: it follows an earlier decision to invest in a large-scale leisure hub strategically located between the cities of Abha and Khamis Mushait near Abha International Airport. This will feature a built-up area of more than 79,000sqm.
In addition, PIF is also building an extensive entertainment destination in Yanbu, at an investment value of over US $293.27mn.
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His Highness Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai has announced that Nakheel and Meydan are to be merged under the umbrella of Dubai Holding. Accordingly, the boards of directors of Nakheel and Meydan will be abolished.
The two companies will join forces with Dubai Holding in an effort to sustain and advance growth through a unified and integrated vision that builds on gains, spurs efforts and boosts Dubai’s global competitiveness, the Executive Office added. The entity will be led by Sheikh Ahmed bin Saeed, as per the Executive Office.
“In a new milestone to reinforce and boost our economic growth, today we directed the inclusion of Nakheel and Meydan companies under the umbrella of Dubai Holding, forming a global economic entity with a diverse portfolio in sectors such as technology, media, hospitality, real estate, retail, and more, led by Sheikh Ahmed bin Saeed Al Maktoum. The goal is to create a more financially efficient entity, owning assets worth hundreds of billions, and comprising global expertise across various sectors with which we can compete regionally and globally, achieving our national objectives, and realising the Dubai Economic Agenda D33,” said Shiekh Mohammed.
He added, “Wishing all the best to the team on this new mission. We are optimistic about an upcoming phase where we will multiply our growth, compete with our ambitions, and achieve our economic vision for our people.”
Since its establishment in 2004, Dubai Holding has aimed at fostering an innovation-driven knowledge-based economy, the Executive Office said. Dubai Holding’s portfolio includes Jumeirah Group, Dubai Properties and Tecom Group.
Nakheel and Meydan have previously unveiled several projects in sectors including property, retail, hospitality, food and beverage, leisure and entertainment and health care. They now join Dubai Holding to develop a highly diversified conglomerate operating in several sectors across property, tourism, hospitality, leisure and entertainment, and investments, the Executive Office said.
“This move is set to combine a complementary suite of services and expertise to diversify the economy and maximise their competitiveness in the global marketplace. This strategic vision will provide an ideal platform to address the growing demand for specialised services globally and seeks to leverage new opportunities that are emerging and serve the global demand expected in the long term,” it added.
The beginnings of Dubai Holding are said to be strongly interlinked with the emirate’s strategies in positioning itself as a global business and tourism centre. The entity has interests in areas including hospitality, property, asset management, entertainment and investments, and is the personal corporate portfolio of Sheikh Mohammed, with Sheikh Ahmed as its Chairman.
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Miral has announced the development of two beaches at Yas Bay Waterfront, a day-to-night hospitality destination on Yas Island. Complementing the existing lifestyle and leisure offerings, the beaches will have a combined length 560m.
Located on the west side of the pier, the West Beach has been designed as a family destination and will feature beachside play areas for children, world-class dining outlets, food trucks, pedestrian walkways, as well as rest and recreation facilities.
East beach, located on the east side of the pier and just across the Etihad Arena, will feature outdoor fitness spaces and sports zones for beach football and volleyball. Open seating areas, coupled with a sunset lounge, will allow visitors to experience a variety of sports, entertainment, and music events.
Jonathan Brown, Chief Portfolio Officer said, “We are pleased to enhance our leisure and lifestyle offerings at Yas Bay Waterfront with the announcement of two beach developments. These upcoming experiences are an extension of our vision to enrich the diverse and unique experiences available to visitors on Yas Island, positioning it as a top global destination for leisure and entertainment while further contributing to Abu Dhabi’s wider tourism growth.”
Both developments will be located minutes away from Yas Island’s well-known raft of award-winning attractions and experiences, including SeaWorld Yas Island; Ferrari World Yas Island; Warner Bros. World Abu Dhabi; and Yas Waterworld Abu Dhabi.
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The Heavy Equipment and Truck (HEAT) Show, a premier event in the world of commercial vehicles and heavy machinery, is set to take place from 18-21 November 2024 at the Dhahran Expo in Dammam, Saudi Arabia.
The landmark exhibition, the largest of its kind in Saudi Arabia, is strategically positioned in the epicentre of the oil and gas industry and aims to showcase the latest in heavy equipment, trucks, and transportation solutions, reflecting the need for dynamic innovations at a time of unprecedented growth in the Kingdom.
Over four days, the HEAT Show will bring together manufacturers, distributors, industry experts, and key stakeholders from across the region and beyond to explore the latest trends, technologies, and advancements in heavy machinery and vehicles. The event is designed to encourage business opportunities, networking, and knowledge exchange, catering to the growing demands and challenges of the exciting Saudi Arabian market.
Exhibition Highlights:
Regional Participation: An international platform for attendees from various sectors, including construction, logistics, and energy, to source new technology and create strategic partnerships.
Local Support: Tailored to meet the unique needs of the construction and oil & gas sectors, showcasing specialised heavy equipment and vehicles.
Innovative Solutions: Discover cutting-edge technologies and solutions designed to enhance efficiency, safety, and sustainability in operations.
Live Demonstrations: Witness the power and capabilities of the latest heavy machinery and trucks through live demonstrations.
“The HEAT Show is more than just an exhibition; it’s a pivotal gathering where the paths of innovation, industry, and technology converge,” said Stephen White, Head of Content, Construction Machinery Middle East and Truck & Fleet Middle East. “Given the critical role of heavy machinery and transportation in the Saudi Arabian economy, this event promises to offer a wide variety of solutions that will drive efficiency, safety, and sustainability for operators across a huge number of sectors including construction, oil & gas, mining, logistics, transportation, and more.”
Dammam, the gateway to the Eastern Province of Saudi Arabia and a hub for the oil and gas industry, offers the perfect backdrop for the HEAT Show. The event underscores Saudi Arabia’s commitment to innovation and growth in alignment with Vision 2030, aiming to diversify the economy and promote sustainable development.
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In the dynamic realm of the UAE’s construction industry, strategic decisions in property enhancement emerge as a top priority. Amidst various factors influencing construction value, paints often remain an underestimated element. Quality paint is an integral component in construction that transcends mere aesthetics to substantially contribute to property valuations.
Transforming Exterior Aesthetics into Construction Value
Having engaged in a plethora of projects with Jotun, it is understood that colour selection extends beyond personal preference and emerges as a strategic decision influencing the perceived value of a property. In a competitive market like the UAE where first impressions carry immense weight, the exterior paint of a structure not only enhances architectural features but also effectively communicates durability and modernity.
Properties with well-chosen exterior colours have shown a notable increase in perceived value, attracting a broader range of potential buyers and quickening the sales process. At times property developers can leverage the brand positioning built from the painting of one project to build on its success and construct additional properties that are painted in a similar style, thus creating its own brand identity and increasing its value from the paint design and matching colours.
Colour Psychology between Interior and Exterior Spaces
A vital consideration for designers in construction projects is the general ambiance of the structure crafted by the paint colours. Leading paint brands recognise that the strategic deployment of colour psychology establishes visually pleasing connections between interior and exterior spaces, ensuring a seamless transition that appeals to potential stakeholders. For example, the subtle influence of earthy tones or neutral hues contributes to an overall calming effect, making spaces more inviting and desirable. In this regard, homes with well-coordinated interior and exterior colour schemes can witness a reduction in the time spent on the market, due to increased demand and value.
Spaciousness through Colour
Creating a sense of spaciousness is integral to maximising construction value as buyers are generally more willing to pay more for larger spaces or the perspective of spaciousness. In this regard, paints advocating for white and light neutral tones prevent spaces from appearing cluttered and help areas look more open and airier. Paint colour choices like this can increase value through perspectives of spaciousness and provide future occupants the flexibility to personalise their rooms with a relatively adaptable paint colour. Such hues align with trends of property buyers seeking homes that exude a sense of freedom and openness. Moreover, properties with strategically chosen colours that highlight spaciousness may have a faster sale rate compared to those that don’t.
Building Structural Resilience through Paint
In the UAE’s hot climate, durability is non-negotiable in the construction equation. Innovative paint solutions from credible brands offer a range of external coats designed to withstand the region’s harsh conditions. Light colours such as white, beige, or grey provide a contemporary aesthetic and contribute to reducing heat absorption, enhancing the longevity of structures.
Svein Johan Stub, General Manager, Jotun Paints Abu Dhabi.
Textured paints with features like crack bridging further exemplify the commitment to longevity and low maintenance, thereby helping construction build value through improved durability from specialised paints. It can also often happen that one does not associate beauty with protection, where homeowners or property buyers might assume that one is exclusive to the other. Hence, developers must choose paints that can do both to add to the property value by relieving homeowners’ concerns of aesthetics along with durability.
Navigating Local Regulations
Navigating local regulations is an essential aspect of any construction project in the UAE. By aligning with local guidelines and paint colour codes, properties become less prone to maintenance from mediocre compliance and present ready opportunities for potential buyers to purchase. This foresight alleviates concerns of additional paint jobs thereby positioning painted structures as hassle-free investments. Compliance with local regulations can reduce the likelihood of negotiations related to exterior appearance, contributing to a smoother sales process ultimately increasing the value of the property.
Meeting Certification Standards
Innovative paints can also help achieve building certifications that improve the overall positioning and construction value. For example, using certified paints that exceed benchmark standards can not only meet proven performance criteria and increase the building’s reputation as an innovative structure, but also contribute towards meeting green building standards – which if achieved, can increase the property’s value due to increased energy efficiency and durability.
In conclusion, as the UAE’s construction industry continues to evolve, innovative paint solutions stand as pivotal players in elevating construction value. Through strategic colour choices, durability considerations, and compliance with local regulations, paint contributes to the long-term viability and attractiveness of properties in the competitive marketplace. For B2B and B2C stakeholders, embracing innovative paint solutions ensures that construction projects not only meet industry standards but exceed expectations, setting new benchmarks for excellence and added value in the vibrant construction landscape of the UAE.
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