The OPEC Fund for International Development (OPEC Fund) and Saudi-based utility project developer Acwa Power have entered into two loan agreements worth US $20mn each. The financing deal will enable the development of two wind power plants in Uzbekistan.

The new facilities will contribute to the country’s renewable energy generation capacity, while also reducing greenhouse gas emissions and diversifying the country’s energy mix, the statement explained.

The funds will support the construction and operation of the 500MW Dzhankeldy wind farm and the 500MW Bash wind power plant, and will take shape in the country’s Bukhara region.

OPEC Fund Director-General Dr Abdulhamid Alkhalifa said, “Increasing private sector participation is key to support Uzbekistan’s ambitious energy transition. We are happy to cooperate with the authorities as well as with our development and private sector partners on energy sector projects that will boost the share of renewables in energy generation and provide reliable and affordable clean energy.”

In mid June 2020, the OPEC Fund unveiled a landmark logistics plan for Oman.

The loan agreement for the Dzhankeldy wind farm will support the development of the plant’s infrastructure including its construction, operation, and maintenance, as well as the development of 128km of transmission infrastructure.

As per the OPEC Fund, the Dzhankeldy plant is expected to generate 1,550GWh of electricity annually, while the Bash plant  will generate in excess of 1,650GWh of electricity annually, and will include the construction and installation of 160km of transmission infrastructure.

Together, the two plants are expected to reduce CO2 emissions by 1.8 billion tonnes, the statement pointed out.

The financing for both projects was provided through a consortium of international lenders, with the European Bank for Reconstruction and Development (EBRD) serving as the technical bank, and Standard Chartered Bank acting as the documentation bank, according to Dr Alkhalifa.

In early January 2023, the Ducab Group said it was supplying 633km of cabling for an Egyptian windfarm.

The consortium also includes the French development financier Proparco, Germany’s development bank Deutsche Investitions- und Entwicklungsgesellschaft (DEG), the Industrial and Commercial Bank of China, and the Asian Development Bank (ADB), he concluded.

In late March 2023, the Big Project ME editorial team announced that the second edition of its Energy & Sustainability Summit will take place on 24 May in Dubai.

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Source: ME Construction News

Developer Azizi Developments has launched Azizi Grand in Dubai Sports City, which comprises 431 homes and is scheduled for delivery by Q4 2024. The firm said the project aims to offer residents the best of luxury and sports, with a focus on modern, healthy and sustainable living.

According to a statement from the developer, the residential project will offer a mix of studios, one- and two-bedroom residences, as well as a gymnasium, two swimming pools, kids’ play areas, barbecue zone and landscaped gardens in addition to other health and convenience-focused amenities.

Located on Al Fay Road, Azizi Grand is at the heart of the action, yet at a comfortable distance from the daily grind of the city. Nestled amidst schools, sports academies, equestrian clubs, golfing clubs, stadiums, and lavish greenery, Azizi Grand is situated minutes from Al Khail Road and Mohammed bin Zayed Road, said an official from the firm.

In late January 2023, Azizi said its Park Avenue I project was 58% complete and, in early February 2023, it noted that its Park Avenue II project is set for Q2 handover.

“Built around the concept of healthy and sustainable futuristic living, this exceptional new development, situated in Dubai Sports City, is for those seeking an active lifestyle with easy connectivity while still wanting to enjoy the serenity of being away from the city’s bustle,” stated CEO Farhad Azizi.

He continued, “We trust that with its outstanding build quality, strategic location, and extraordinary range of amenities, our valued investors will be as excited as us to see sales go live.”

The project boasts open, customisable layouts, spacious balconies that stretch across the entire lengths of the apartments overlooking the vast greenery surrounding the building, built-in shelving and cabinetry for tasteful storage in the bathrooms, built-in wardrobes and vanity units in the bedrooms, soft modern lighting, exquisite tiling, framed floor-to-ceiling double-glazed windows with breath-taking views, customizable open-plan kitchens with premium cabinets and appliances, he concluded.

In early March 2023, Azizi extended its partnership with Kludi.

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Source: ME Construction News

Red Sea Global (RSG) has appointed ILF Consulting Engineers as an independent engineer for the implementation phase of a major carbon-neutral utility system in Saudi Arabia.

According to RSG, the project is being developed under the PPP model by a consortium led by leading Saudi utility developer Acwa Power, and is estimated to cost approximately US $1.5bn.

Once complete, the project will provide renewable power, potable water, wastewater treatment, district cooling as well as solid waste treatment services for 16 hotels, an international airport and the infrastructure that make up Phase One of The Red Sea destination in Saudi Arabia.

ILF Consulting Engineers continues its advisory to Red Sea Global as the Saudi PIF unit embarks on this ambitious journey, said a spokesperson.

In mid November 2022, a MoU between Partanna and Red Sea Global was signed that will see the firms explore carbon-negative concrete developments, and in late January 2023, RSG awarded a $266mn contract to AL-AYUNI for first phase of development at Amaala.

He added, “The extension of our involvement in this landmark development is seen as both an expression of trust as well as a mandate to continue delivering engineering excellence through our integrated team comprising ILF Consulting Engineers in Saudi Arabia, Austria, Germany and Polska.”

RSG said that the renewable energy for the project will be provided through a solar PV plant with a 340MW capacity, as well as a 1,200MW BESS (battery energy storage system), and an internal combustion engine of 108.98MW capacity.

Around 32,500cu/m of potable water per day will be provided through a seawater reverse osmosis (SWRO) desalination plant, while its district cooling capacity will around 32,500 RT.

ILF was the technical advisor during the tendering stage of the PPP scheme, which resulted in a utilities concession agreement, the statement concluded.

In late March 2023, RSG awarded the contracts for Amaala’s Marina Village.

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Source: ME Construction News

Moody’s Investors Service has maintained the long- and short-term issuer ratings of Saudi Real Estate Refinance Company (SRC) at ‘A2/P-1’ and changed the outlook to positive from stable.

Moody’s also kept the ‘Aa2.sa/SA-1’ long- and short-term national scale issuer ratings.

This was mainly driven by Moody’s affirmation of the ‘A1’ issuer rating for the Public Investment Fund (PIF), the parent and support provider of Saudi Real Estate Refinance.

The rating highlighted the company’s solid asset quality and strong capitalisation, which are backed by ongoing and still-evolving profitability, a high reliance on wholesale funding, and concentrated exposure to the relatively new mortgage market in the Kingdom.

In early February 2023, PIF & AeroFarms sign deal to develop vertical farms across MENA and, later in the month, PIF said it raised US $5.5bn with a second green bond.

Meanwhile, the positive outlook reflects the PIF’s potentially stronger capacity to support the Saudi company at times of stress. It also indicates that a downgrade in the near term is less likely to happen.

Nonetheless, downward pressure on the company’s ratings could develop through severe losses on its mortgage portfolio, which might erode a significant portion of its capital, thereby heightening liquidity and market risks.

Moody’s Investors Service noted, however, that the ratings could be further upgraded if PIF’s ability to anchor Saudi Real Estate Refinance further improves.

In mid February 2023, PIF said it invested $1.3bn in Saudi construction firms.

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Source: ME Construction News

Egis has sealed a new strategic partnership with the Emirates Green Building Council (EmiratesGBC), which paves the way for the company becoming a full industry partner with EmiratesGBC, the highest level of membership in the council.

EmiratesGBC is a non-government organisation that promotes and educates on sustainability in the built environment in the UAE, as well as being an established member in the World Green Building Council.

As an industry partner, Egis will work closely with EmiratesGBC to promote the adoption of sustainable building practices and technologies in the region. The company says it has been providing sustainability services across the world for over 50 years, and the company’s partnership with the EmiratesGBC is a reflection of its commitment to promoting sustainable practices in the Middle East.

In early March 2023, Egis said it would acquire Saudi-based Omrania and, later in the month, Big Project Middle East confirmed a new date for its 2023 Energy & Sustainability Summit – 24 May.

Alaa AbuSiam, CEO, Middle East and South Asia, Egis said, “We are pleased to join forces with EmiratesGBC during the Year of Sustainability in the UAE, and to support the transition towards more sustainable building practices in the country. Sustainability is the core part of our business strategy, and we believe that this partnership will enable us to make a real impact in the region. We will also closely collaborate with EmiratesGBC towards effective and fruitful participation in UNFCCC’s COP28 in Dubai.”

“COP28 is especially significant because it comes at a critical time when the world is facing an unprecedented climate emergency. As such, we will have to ensure bold actions are taken and effective decisions are made, to address the urgent climate crisis,” he added.

He believes the company will also be able to contribute its knowledge and expertise to the development of regenerative design solutions, sustainable practices, and help businesses in the region to reduce their carbon footprint, minimise waste, and adopt more sustainable practices to advocate the regions aspirations towards Carbon Neutrality.

In late March 2023, Egis said it would provide PMC services for the Al Mutlaa City Development in Kuwait.

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Source: ME Construction News

Projects worth US $403mn have been approved by the Islamic Development Bank (IsDB) in its member countries including Egypt, Kyrgyzstan and Tajikistan to help boost their infrastructure. One of the key projects given the greenlight was $344.5mn in financing for Phase I of the Electric Express Train Project in Egypt.

According to IsDB, the project is being implemented to provide access to safe, affordable, accessible and sustainable transport systems for all by developing a 660km sustainable, green, and climate-resilient electric express railway system. The project is expected to benefit 25m people annually and decrease greenhouse gas (GHG) emissions by approximately 250,000t of CO2 annually.

The projects were approved by IsDB at its 350th board meeting in Jeddah. Chaired by IsDB President and Group Chairman Dr Muhammad Al Jasser, the meeting is said to have approved funds for projects that support socio-economic development and promote sustainability in member countries in key sectors such as energy, education, and transport.

Dr Al Jasser explained, “These transformative projects will have a significant impact on improving transportation, education, and energy, as well as promoting regional economic integration and addressing emergency situations. The IsDB Group remains committed to supporting its member countries in their pursuit of prosperity and resilience, particularly during these challenging times.”

In early February 2023, Drees & Sommer’s Stephan Degenhart said that infrastructure, healthcare and hospitality would drive GCC construction in 2023 and, in late March 2023, AD Ports signed a 30-year agreement with Egyptian authorities for a new seaport at Safaga.

The board also approved an additional financing of $13mn for the Central Asia South Asia Electricity Transmission and Trade Project (CASA-1000) in the Republic of Kyrgyzstan. The bank had originally approved $50mn towards this project, which aims to meet the electricity demand in Afghanistan and Pakistan, through the establishment of cross-border energy exchange among four IsDB member countries as part of the bank’s regional economic integration strategy.

Once operational, the project will leverage efficient and environmentally friendly indigenous hydropower resources of Kyrgyzstan and Tajikistan, creating conditions for sustainable electricity trade between Central and South Asia, said the statement from IsDB, the statement noted.

The third approved project is the National Education Development Strategy of Tajikistan being implemented in partnership with Islamic Solidarity Fund for Development (ISFD), Global Partnership for Education (GPE) and OPEC Fund for International Development (OFID). For this project, IsDB has approved financing worth $35mn and the contribution of ISFD is worth $10mn.

The project aims to improve the learning environment and facilitate system strengthening for the country’s sustainable implementation of an inclusive, competency-based education system.

The board members also deliberated on an emergency grant funding from the IsDB to provide support to Turkey and Syria in the aftermath of devastating earthquakes that struck both countries, the statement concluded.

In late March 2023, the African Development Bank approved a grant to boost Ghana’s use of renewable energy.

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Source: ME Construction News

Two major bridges and a 2.32km tunnel have been opened according to Dubai’s Roads and Transport Authority (RTA). The infrastructure project is part of the Falcon Interchange Improvement Project located‎ between Al Khaleej Street, Khalid Bin Al Waleed Road, and Al Ghubaiba Road, and has a capacity of 27,200 vehicles per hour.

The two bridges are connected by the Infinity Bridge and Al Shindagha Tunnel from the Northern side, and will connect with the bridges that RTA is currently constructing at the junction of Sheikh Rashid Road and Sheikh Khalifa bin Zayed Street from the Southern side, the statement from the RTA explained.

RTA Director-General and Chairman Mattar Al Tayer said the scope of work involved the construction of two main bridges on Al Khaleej Street extending 1825m long, each of them having six lanes with a total capacity of 12,000 vehicles per hour in both directions.

“The first bridge measures 750m while the second bridge extends 1075m in the southern direction. These bridges are linked to the new Infinity Bridge and Al Shindagha Tunnel from Deira side, as well as the improved junctions on Sheikh Rashid Road. Furthermore, a two-lane tunnel has been opened for left turns from Khalid Bin Al Waleed Road to Al Mina Street. This tunnel stretches 500m and accommodates up to 3,200 vehicles per hour,” he noted.

In late December 2022, the RTA said Phase I of the Sheikh Rashid Corridor Project was now open and, in late January 2023, the RTA opened the Sheikh Zayed bin Hamdan Al Nahyan street improvement project.

He also said that the RTA recently awarded the first contract under Phase IV of the Al Shindagha Corridor Improvement Project. Its scope covers Sheikh Rashid Road from its junction with Sheikh Khalifa bin Zayed Street to the Falcon Interchange on Al Mina Street, stretching 4.8km. Works under this phase include the construction of three bridges with a total length of 3.1km and a capacity of 19,400 vehicles per hour for all lanes.

“The contractor is currently finalising the construction of the third bridge within the project, which is a single-lane slope bridge for right turns from Khalid Bin Al Waleed Road to Al Khaleej Street. The bridge spans 250m and accommodates up to 1,600 vehicles per hour. Works in progress also include a signalised surface junction that connects Al Khaleej Street with Al Ghubaiba Road and Khalid Bin Al Waleed Road, in addition to pavements, lighting, traffic systems, rainwater drainage, and irrigation systems. It is anticipated that all works will be completed by July this year,” elaborated Al Tayer.

According to the RTA, the bridges and tunnel project is a key segment of the 13km-long Al Shindagha Corridor Improvement Project, which is one of the largest projects currently being built by the RTA. At a cost of US $1.44bn, it encompasses the construction of 15 junctions spanning 13km in total.

Owing to the project’s massive scope, the project has been split into five phases. The corridor serves Deira and Bur Dubai in addition to several development projects such as Deira Islands, Dubai Seafront, Dubai Maritime City and Mina Rashid, it added.

In mid March 2023, the RTA said a $217mn contract was awarded for the Al-Shindagha Corridor project.

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Source: ME Construction News

Following an agreement between Aldar Properties and Mubadala Investment Company, commercial assets will be developed in Al Maryah Island. As per the terms of the deal, Aldar will own a 60% stake in the joint venture (JV), while the rest will be held by Mubadala.

The commercial assets will be developed within Abu Dhabi’s international financial centre and free zone, the Abu Dhabi Global Market (ADGM).

The joint venture, once finalised, will contribute to ADGM’s thriving ecosystem, providing capacity for more businesses to operate from Al Maryah Island. It follows Aldar’s acquisition of the four commercial towers at ADGM from Mubadala, and a subsequent deal between the two parties to partner in the acquisition of Al Maryah Tower, both of which were completed in 2022, a statement from Aldar pointed out.

The partnership is said to be a testament to the long-standing ambition of both Aldar and Mubadala to drive growth in Abu Dhabi’s real estate market, and to play a pivotal role in developing the commercial office offering on Al Maryah Island, which continues to experience a surge in demand.

In early February 2023, Aldar Properties formed a JV with Dubai Holding to enter the Dubai real estate market.

As a result of Aldar’s active asset management and the increased leasing activity, office leasing occupancy of the four ADGM office towers has reached 96%.

The addition of the new tower will bring Aldar Investment’s total net leasable area of commercial office space to over 400,000sqm, said a top official.

“Through our ongoing management and successful leasing programme of the four ADGM office towers, we continue to see considerable demand for Grade A office space on Al Maryah Island. Through a phased approach, the joint venture will continue to increase the supply of prime office space on the island to ensure the ADGM freezone grows from strength to strength as a financial centre of global significance. The first project enables us to take the necessary steps to satisfy the current pent-up demand, with plans for more to come,” explained Jassem Saleh Busaibe, CEO of Aldar Investment.

Upon completion of the initial office tower’s construction, which is expected by the end of 2026, the property will be managed by Aldar Investment, which currently houses over $8.7bn in assets under management. The office tower will have a total net leasable area of 63,000sqm and aims to be LEED Gold certified. It will offer a varied mix of micro-office, multi-tenanted, and single-tenanted floors, the statement said.

In early February 2023, a new master project was announced on Saadiyat Island by Aldar.

Khalifa Al Romaithi, Executive Director of UAE Real Estate at Mubadala said Al Maryah Island is a one-stop destination that provides unrivalled connectivity for people to work, live, shop, and play.

“Through this JV with Aldar, we are solidifying our commitment to enhance the business ecosystem and attract prime partners to Al Maryah Island,” he concluded.

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Source: ME Construction News

Red Sea Global has awarded two major contracts for the first phase of development at Amaala’s Triple Bay Marina Village to construction firm Saudi Arabian Baytur.

According to the developer, the contracts include work on its marine life institute – the world’s first fully immersive experiential marine life center – as well as its Yacht Club.

“To develop a truly state-of-the-art marina village at Amaala, we need partners that are not only best in their fields, but who understand and align with our goals and governance principles,” stated Fahad Al Balawi, the Head of Construction of Amaala at Red Sea Global.

As per the terms of the deal, Baytur will be responsible for the construction and oversight of numerous aspects of Triple Bay Marina Village and marine life institute, including structural concrete, dewatering, earthworks, and back of house finishes.

In mid November 2022, a MoU between Partanna and Red Sea Global was signed that will see the firms explore carbon-negative concrete developments.

A separate contract covers the concrete, steel, and mechanical, electrical and plumbing (MEP) works for the Yacht Club at Triple Bay, the firm added.

“Through our existing work with Saudi Arabian Baytur, we have seen first-hand the high-quality execution of the construction contracts they undertake. And working with best-in-class organizations based here in the Kingdom, we can further our commitment to help create opportunities for Saudi businesses, and work with the best in Saudi talent,” Balawi added.

Saudi Arabian Baytur CEO Murat Giray expressed delight at expanding its partnership with Red Sea lobal. He commented, “We feel ideally suited to support them in creating truly world-class destinations, working with them and alongside other partners – such as leading architects Foster + Partners – to set new standards in sustainable development and create destinations that will put Saudi Arabia on the map.”

Designed to evolve and elevate the very best in travel, Amaala is an ultra-luxury destination and the first global integrated family wellness destination, set to curate transformative personal journeys inspired by arts, wellness, and the purity of the Red Sea, he explained.

In late January 2023, RSG awarded a $266mn contract to AL-AYUNI for first phase of development at Amaala.

Al Balawi pointed out the state-of-the-art facilities and an attractive year-long events calendar will ensure Amaala is a distinctive wellness destination worldwide.

The first development phase of Amaala is well underway and expects to welcome its first guests in 2024. Once complete, Amaala will be home to more than 3,000 hotel rooms across 25 hotels, and approximately 900 luxury residential villas, apartments, and estate homes, alongside high-end retail establishments, fine dining, wellness, and recreational facilities, he concluded.

In early February 2023, RSG achieved Platinum LEED certification on its Turtle Bay villas and townhouses.

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Source: ME Construction News

Developer DAMAC Properties has appointed a cluster of  leading consultancy companies for its master community development, DAMAC Lagoons, in Dubailand. The companies are: Energoprojekt Entel; AECOM; BHNS Engineering Consultants and Khatib & Alami.

As per this agreement, Energoprojekt Entel will provide consultancy services for a 132/11kV sub-station. The substations will be built in compliance with DEWA’s regulations and specifications under the supervision of Energoprojekt Entel. These works will help provide power supply and accelerate the progress of further development activities at Damac Lagoons, the developer explained.

According to DAMAC, AECOM has been awarded the consultancy service contract for the Venice cluster and the Central Hub, within the master development.

In late January 2023, DAMAC launched its DAMAC Bay by Cavalli project and, in early February 2023, the developer awarded a $241.2mn main works construction contract for Cavalli Tower.

In addition, a contract for consultancy services for three of the community’s clusters, including Malta, Nice 1 and Nice 2, was awarded to BHNS Engineering Consultants. A similar contract has been awarded to Khatib & Alami for Nice 3, Costa Brava villa package and Portofino clusters.

Confirming the contracts, General Manager Mohammed Tahaineh stated, “Work is progressing well across all clusters as part of phase 1 of the DAMAC Lagoons development. After our recent launch of a newly added ninth cluster to the community, Ibiza, we are pleased to see the pace of works at the Damac Lagoons master development, and look forward to keeping our commitments for a timely delivery.”

DAMAC Lagoons is the developer’s third master community development in Dubai. The water-inspired community is adjacent to the DAMAC Hills development, and offers vacation-style living as a part of the residents’ day-to-day lifestyle.

In late February 2023, DAMAC handed over ZADA Tower in Business Bay to customers.

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Source: ME Construction News