A collaboration agreement has been signed by Saudi Arabia’s Public Investment Fund (PIF) and Engineering & Construction Group. The latter is a key unit of engineering company Samsung C&T Corporation. The deal will see the firms adopt and develop innovative technologies that support Saudi’s real estate and construction projects.

As part of the deal, Samsung C&T Corp will build modular homes in the Kingdom in a joint investment with PIF. These residential units will either be deployed in Neom or in Riyadh, according to a report by The Korea Economic Daily, which cited a senior Korean minister.

The deal was signed by South Korea’s Minister of Land, Infrastructure and Transport Won Hee-ryong at a meeting hosted by PIF Governor Yasir Othman Al Rumayyan in Saudi Arabia.

In early January 2023, PIF and Ma’aden signed a JV to establish new entity to invest in global mining assets and later in the month, it was announced that Saudi’s new Event Investment Fund (EIF) would develop 35 venues by 2030.

“South Korean companies are expanding cooperation with the PIF for various sectors such as green hydrogen production, the Qiddiya project, as well as housing complex and urban development plans. We hope South Korean companies with abundant information and communication technology and urban development experience can contribute to realising Saudi Vision 2030 by participation in the Red Sea and Qiddiya projects,” explained Won.

Later, at a real estate forum organised by the Ministry of Municipal and Rural Affairs and Housing, the minister gave a keynote presentation focused on cooperation between the two countries on smart cities.

Won also signed a separate deal with the ministry on a smart city cooperation execution programme, which included a plan to hold working-level meetings in Seoul and Riyadh twice a year. As part of his Middle East visit, Won also made stops in Qatar and Iraq with the goal of enabling South Korean companies to win deals in the Middle East.

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

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Investment company Yas Holding has launched a real estate division that aims to ‘bring a new standard of luxury, high-quality and uniquely crafted properties to residents and investors in the UAE and beyond’. The launch of Taraf is said to be part of a diversification and growth push for Yas Holding. The developer said it will introduce ‘five thoughtfully designed properties in the UAE during 2023’.

According to Yas Holding, Taraf will deliver thoughtfully curated and exclusive residential properties in iconic and prime locations across the UAE, for discerning national and international clients.

“We are delighted to launch Taraf at a time when the UAE is witnessing a surge in long-term investments supported by strong confidence in the country’s economy, which has strengthened in recent years and is expected to witness continued growth. Taraf aims to shape inspiring lifestyles through the development of exceptional, exclusive, and enduring properties which create long-lasting value,” stated Low Ping, Chief Executive Officer at Yas Holding.

In early January 2023, Aldar launched Sustainable City – Yas Island.

Taraf is said to be committed to designing properties that are crafted with great attention to detail.  Such an approach reflects its unwavering dedication to create high quality, lifestyle-driven communities and also to inspire meaningful lives through places to love and live. Reflecting these values, the company’s first project will be announced in the coming weeks, the firm said.

Ping added, “While standing the test of time, Taraf’s properties will bring a sense of comfort and tranquility.  The launch of Taraf also aligns with our commitment to deliver premium, quality offerings that enrich the lives of our diverse communities, clients and stakeholders, whilst contributing to the further diversification and growth of Yas Holding, and the UAE.”

Ahmad Shibel, CEO, Real Estate at Yas Holding noted, “Taraf stands for innovation, elegance, high-quality design, and enduring value – and our properties will embody these values.  We are entering the market alongside the existing top real estate developers in the country with multiple developments in the coming year.”

In mid January 2023, Bloom appointed the main contractor for Phase One of Bloom Living.

The launch of Taraf coincides with the ongoing growth of the UAE property market, on the back of government initiatives to build economic resilience and growth.

In late January 2023, Modon Properties opened its new fish market in Abu Dhabi’s Mina Zayed district.

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ENOC’s Tasjeel in collaboration with Sharjah Asset Management has broken ground on its first site offering testing services for both light and heavy vehicles.

Located in the Al Sajaa area of Sharjah, the new site brings the total number of testing centres in the emirate to 13, a statement said. Spanning a total area of 32,777sqm, the new Tasjeel site will have five testing lanes for light vehicles, and five testing lanes for heavy vehicles. It will also contain a workshop, as well as a food court, including a drive-thru restaurant.

In addition to offering seamless testing and registration processes for both categories of vehicles, the site will offer a comprehensive range of automotive facilities, including vehicle and driver licensing services, the statement continued.

The ground-breaking was attended by His Excellency Sheikh Mohammed bin Saud Al Qasimi, Chairman of Sharjah Asset Management, Sheikh Saud bin Mohammed bin Saud Al Qasimi, CEO of the Real Estate Sector in Sharjah Assets Management, His Excellency Saif Humaid Al Falasi, Group Chief Executive Officer of ENOC, as well as Major General Saif Al Zari Al Shamsi, Commander-in-Chief of Sharjah Police, along with a number of officers and managers.

In early December 2022, the RTA awarded contracts for three all-inclusive truck rest stops in Dubai.

His Excellency Saif Humaid Al Falasi, Group CEO, ENOC stated, “As the first and largest testing and registration centre in the UAE, we are committed to delivering the highest standards of customer service whilst prioritising safety on the roads. This will be the first site to offer testing services for both light vehicles and heavy vehicles, where our knowledgeable technicians will use the very latest technologies to streamline the vehicle testing and registration renewal process.”

Tasjeel sites provide a wide range of services including number plates, international driving licenses, chassis checking measurement for light vehicles, battery tests, on board diagnostic test, VIP services, and more.

Currently, Tasjeel owns and operates 30 sites in Dubai, Sharjah, Ras Al Khaimah, Khorfakkan, Al Dhaid, Hatta and Kalba – all of which use state-of-the-art equipment – as well as three mobile units. All Tasjeel centres are equipped with the latest testing and inspection machinery and qualified staff. As of 2022, Tasjeel has tested over 1.4m vehicles per year across its testing bays in the country, the company stated.

ENOC partnered with Dubai Police to set up Tasjeel in 1999 to offer fast and convenient vehicle testing services in the Emirate. In 2006, Tasjeel commenced vehicle testing and registration services for Sharjah Police, becoming the official testing and registration provider in the emirate, it explained.

In late January 2023, Beeah Recycling inked a deal to develop the UAE’s first EV battery recycling plant and, in the same month, the Truck & Fleet Middle East editorial team unveiled the shortlist for the 2023 Truck and Fleet Awards.

Waleed Al Sayegh, CEO of Sharjah Asset Management Company commented, “This joint cooperation stems from our vision at Sharjah Asset Management to enhance the economic and social development of the emirate of Sharjah in partnership with the public and private sectors, and to provide comprehensive facilities and service infrastructure projects that contribute to the diversification and strengthening of the Sharjah Asset Management portfolio.”

He concluded, “The cooperation helps anticipate challenges through an advanced and smart system, keeping pace with the proactive approach of the emirate of Sharjah and the UAE to enhance capabilities in a multitude of fields, and to serve the residents and visitors of the Emirate of Sharjah.”

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A global surge in investments into climate risk digital solutions is being fueled by growing loses from extreme weather according to a report by research and advisory firm Verdantix. According to the firm, the climate risk digital solutions market will skyrocket to US $4bn by 2027, compared to just $880mn in 2021.

The firm stated that spending on software and consultant packages offering business performance climate risk analysis is the fastest-growing sector, and is predicted to hit over $1bn.

Verdantix pointed out that high market growth expectations are attracting increasing interest from major firms; McKinsey, Conning, BlackRock, Moody’s and S&P Global were highlighted as some of the major organisations to have acquired or launched climate resilience solutions in the past two years.

The increasing severity of extreme weather events is one of the major drivers for the growth of the market – global losses in 2021 are estimated at $280bn, the firm revealed. It said that climate risk digital solutions enable companies to plan for and protect against losses.

In late January 2023, Drees & Sommer’s Stephan Degenhart said that “COP28 has the potential to have a significant impact on the built environment in the region” and, AESG’s Katarina Uherova Hasbani pointed out that sustainable practices can also build resilience, lower operational costs, and create value through new product and solution lines.

They also help firms to demonstrate to insurers that they know their risk, which is valuable considering the rising cost of property insurance premiums which are predicted to rise 22% by 2040, it added.

Alice Saunders, Net Zero and Climate Risk Analyst at Verdantix explained, “We are seeing huge growth in the climate risk digital solutions sector, and it is a major target for investment. This is one of the first reports looking at the market, which due to a combination of regulatory and non-regulatory drivers, will see spending rise to record levels and sustained growth. Much of this will be fuelled by corporate firms seeking to reduce financial losses from extreme weather losses and turning to consultancy firms to support them in managing their climate risks.”

The report ‘Market Size and Forecast: Climate Risk Digital Solutions 2021-2027 (Global)’ highlights that increasing regulation is also a major influence on climate risk digital solutions. Task Force on Climate-Related Financial Disclosures (TCFD) aligned regulations are being implemented globally with European Union regulations taking effect in 2024, and US rules expected to follow suit.

The financial services sector will see the fastest growth in spending on climate risk digital solutions partly due to regulatory pressure but also because of the commercial risk to their businesses, the firm said.

Late in January 2023, Sheikh Mohamed bin Zayed Al Nahyan announced 2023 as the ‘Year of Sustainability’.

It said that it expected Europe and North America to account for around 75% of the market by 2027 but said that the fastest growing region globally will be Asia-Pacific with a compound annual growth rate of 34% partly because of early adoption of TCFD rules.

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Espace has announced robust expansion plans for Dubai’s real estate sector in 2023, with a US $4mn investment in additional office space. The firm said it aims to expand more significantly into the off-plan and new projects sectors.

It will be cultivating its presence in the city to meet the growing market expectations in the apartments, freehold villas, off-plan and new project segments. The brokerage said that it ended 2022 successfully, achieving growth in excess of 35%, outperforming its target of 25% for the year.

John Lyons, Managing Director of Espace Real Estate commented: “As primarily a secondary-homes brokerage, in the past year we have experienced a 37% increase in buyer registrations in comparison to 2021. Property listings have slowed down by 17%, indicating that robust demand outstrips supply in Dubai’s vibrant real estate sector. As demand for Dubai Real Estate shows no signs of abating, we are confident that the property sector and wider Dubai economy will continue to grow in 2023. We are committed to progressively strengthening Espace Real Estate to ensure that we maintain our position as the most prominent property brokerage in the region.”

In early January 2023, Zoom Property Insights revealed the top locations for apartment and villa sales in 2022 in Dubai and, CBRE said that Dubai enjoyed a record total of residential transactions in 2022.

In 2022, Dubai’s real estate sector experienced a boom as property prices reached pre-pandemic levels, with demand for apartments and freehold villas showing no signs of slowing down.

Espace said it closed last year with record-breaking transactions, valued in the billions of dirhams across apartments, villas, townhouses, and some notable off-plan projects.

Lyons concluded, “Looking ahead, the market-leading brokerage identifies that the short-term rentals segment will struggle to outperform the returns available in the long-term rental market, which is a change in the status quo from recent years. There has been a significant increase in the number of properties available in the short-term rental market, which has prevented any significant growth in the average daily rate. Whereas in the long-term rental market, supply is very tight, and rental prices have risen dramatically in previous months, placing pressure on the short-term market.”

In late January 2023, Samana said it would invest $680mn into 12 new projects in 2023.

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Red Sea Global (RSG) has awarded a US $266.3mn contract to AL-AYUNI Investment and Contracting Company, for the first phase of development at Amaala, the ultra-luxury tourism destination located on the Kingdom’s north-western coast across its Triple Bay masterplan.

In a statement, RSG said that the primary infrastructure and utility contract was awarded to AL-AYUNI based on its overall technical and commercial competencies, as well as its regional and global credentials. It added that all design and construction methods meet RSG’s stringent criteria for end-to-end sustainable development, including economic, financial, social, and institutional factors.

Classified as a ‘First Class’ contractor in the Kingdom since 2006, AL-AYUNI will be responsible for delivering state-of-the-art primary utility infrastructure systems, while minimising Triple Bay’s carbon footprint as part of Amaala’s commitment towards Net Zero operations, the statement continued.

In mid November 2022, Partanna and Red Sea Global signed a MoU that will see the firms explore carbon-negative concrete developments and, later in the month, RSG became the first Saudi company to be awarded ISO 37000 certification.

John Pagano, Group Chief Executive Officer, Red Sea Global

“Today’s infrastructure deal forms a critical part of Red Sea Global’s ambition to pioneer a new relationship between luxury tourism and the natural environment. The sheer scale of the developments and our relentless pursuit of regenerative tourism require meaningful partnerships that can deliver resilient infrastructure. Together with AL-AYUNI Investment and Contracting Company, we are confident that we can collectively shape the future of developments in the Kingdom and beyond,” said John Pagano, Group CEO of RSG.

Amaala’s first phase of development, focused on the Triple Bay masterplan, will encompass eight hotels and upwards of 1,200 hotel keys. Upon full completion in 2027, the destination will offer 3,000 hotel rooms across 25 hotels as well as high-end retail establishments, fine dining, wellness, and recreational facilities.

Faheed Al-Ayuni Chairman of AL-AYUNI Investment and Contracting Company said: “Red Sea Global is a future-forward developer that is closely aligned with our legacy of innovating world-class solutions, cementing trusted relationships, and setting new benchmarks.”

In early January 2023, it was announced that Diriyah would become the PIF’s fifth giga-project.

He concluded, “It is an honour for us to contribute to its pioneering destinations and we look forward to unlocking the full breadth of our robust capabilities to meet RSG’s ambitious sustainability targets.”

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Energy infrastructure consultancy Penspen secured US $65mn in new contracts during the second half of 2022. The firm, which says it is committed to improving access to cleaner energy across the globe, said that its H2 sales performance continues its strong growth from the last year, and notes it is maintaining a positive outlook for 2023.

With worldwide demand for accessible and affordable energy increasing amid high commodity prices, Penspen’s expertise continues to make a positive impact across the rapidly changing global energy industry, the firm explained.

“Our skilled teams have delivered a very strong performance across all of our regions and service lines and have helped our clients meet the challenges they face in a dynamic market.” said Peter O’Sullivan, Penspen CEO.

The company said its performance in H2 demonstrates its experience in designing, maintaining, and optimising the infrastructure of energy operators, utilities, and power providers, from initial concept through to sustainable operations. It added that it’s services are in strong demand.

In late November 2020, Penspen won an EPC contract for an oil field project in Abu Dhabi.

Peter O’Sullivan, CEO, Penspen

O’Sullivan added, “The outlook for 2023 is positive. We are growing our team to respond to our clients’ increasing requests to help them invest in the essential infrastructure required to respond to the challenges of both high commodity demand and the acceleration of the energy transition.”

Discussing some of its contract wins the firm said that it secured 28 new contracts in the Middle East across its project management consultancy, detailed engineering, and asset integrity service lines, including double-digit project management and consultancy for onshore services, engineering services for a CO2 recovery and injection project, risk-based asset integrity implementation for refining, and several multi-year framework agreements across all services for a major national oil company.

Neale Carter, Executive Vice President for the Middle East, Africa and Asia Pacific Regions remarked, “The MEA team is further solidifying its position as a trusted advisor for deep engineering knowledge on energy projects, delivering real value and consistent success across engineering and project management services in the region. This has resulted in several new framework agreements with major national oil companies.”

The firm also pointed out that it secured 77 new contracts in the UK and Europe across its asset integrity, asset management, and engineering service lines including a hydrogen assessment, gap analysis and blending facility design for a national gas system in Europe.

In early January 2021, Penspen said it had been awarded an Abu Dhabi engineering services deal.

In addition, it also won 27 contracts in North America and Latin America across its asset management and asset integrity service lines, including structural analysis services for the inspection of transportation infrastructure in Colombia, and multi-year asset management agreements for one of the largest exploration and production companies in the US.

In early September 2021,Penspen said it racked-up $70mn in MEA energy contracts.

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2023 could be a challenging year for the cement industry according to World Cement Association (WCA) Director, Emir Adiguzel. He made the comments as part of his Outlook for 2023 presentation.

Reflecting on the past two years of high demand post pandemic, Adiguzel said that several issues including tighter monetary policies, increased sea freight rates, and high fluctuations in the cost of energy may gradually exert pressure on cement producers to establish higher cement prices.

In addition, Adiguzel stated that major multinational cement companies will continue to divest cement assets in emerging markets, creating a unique opportunity for players in such markets, including China, to enlarge their portfolios in positive growth markets by acquiring the cheapest European cement assets. He also added that mid-size European cement producers may benefit from recent de-cementation policies of global multinational cement producers to enlarge their portfolio.

In early November 2022, Partanna Bahamas and the Government of the Bahamas inked a deal to develop the “world’s first carbon-negative affordable housing development” and, in early December 2022, VTT said that its electric kiln advances environmentally friendly cement and paper production.

He commented, “While we do not expect global cement volumes to increase, we expect prices to surge to double digits in 2023, as higher energy prices will have a serious impact on cement production costs.”

The comments were made on the back of the sixth General Assembly of the WCA, which took place virtually on 12 January. The International Cement Conference on Globe Trade 2023 will seek to answer these questions when it takes place from 23rd – 24th May 2023, at the Hilton Bomonti, Istanbul, Turkey.

The conference is being jointly organised by the WCA and the World Cement Network (WCN).

In mid January 2023, the ACI established a new centre of excellence for concrete industry productivity.

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In an effort to boost commercial, economic and technical collaboration in energy and water efficiency, sustainability and conservation, the Abu Dhabi Department of Energy (DoE) has signed a memorandum of understanding (MoU) with New York University Abu Dhabi (NYUAD). The MoU is said to align with both organisations’ endeavours to achieve Abu Dhabi’s long-term economic development goals.

The MoU outlines enhanced cooperation and the exchange of information and expertise between the DoE and NYUAD in capability development. It calls for scientific, technical, technological, legislative, and administrative cooperation in energy and water efficiency, sustainability, and conservation.

The MoU was signed by Eng. Ahmed Al Falasi, Acting Executive Director of the Energy Efficiency Sector and NYUAD Director of Sustainability and Stewardship Antonios Vouloudis, in the presence of dignitaries from both parties. The MoU will have a duration of three years and is governed by the laws of the UAE.

“This agreement is in line with our goal of promoting energy and water efficiencies by encouraging new technologies and methodologies while nurturing consumer education and behavioural change.” He added: We are delighted to formalise our partnership with NYUAD and exchange knowledge and experiences to further develop advanced policies for the clean energy and water value chain. This is the first step in our joint efforts to enhance energy and water efficiency and aid our prevailing DSM and Energy Rationalisation Strategy 2030 and reduce consumption. It will further strengthen Abu Dhabi’s position as a global hub for sustainability,” said Eng. Ahmed Al Falasi, Acting Executive Director of the Energy Efficiency Sector.

In early November 2022, Abu Dhabi environment and energy agencies unveiled a 60% clean electricity plan for emirate by 2035.

The collaboration will also see the firms jointly identify opportunities in Demand Side Management (DSM), energy and water efficiency, behavioural change, end-use consumption measurement, renewable energy, carbon footprint assessment, retrofits, energy and water resource issues, and clean energy certification.

Mariët Westermann, Vice Chancellor of NYUAD, added: “The MoU between NYU Abu Dhabi and the Department of Energy underscores the strength of our relationship and our shared commitment to making meaningful and lasting contributions to the energy sector as we work together to develop innovative solutions and research to meet the future energy needs of the UAE and the world. It will enable us to collaborate closely on research and projects that will help advance the energy transition in the region, while also providing our students with valuable educational opportunities that will prepare them for a successful career in the evolving energy sector. We are grateful for the support of the Department of Energy and look forward to a productive and successful partnership.”

NYUAD Director of Sustainability and Stewardship Antonios Vouloudis remarked, “This MoU is a fantastic opportunity for NYUAD to collaborate closely with the Department of Energy on various energy and environmental-related initiatives including demand-side management, energy and water efficiency, behavioral change, among others. This partnership is key towards our efforts to achieve the vision of transforming the NYUAD campus into one of the most sustainable in the region.”

The DoE and NYUAD also said they will share and mutually verify studies, data, and statistics on energy and water efficiencies and DSM, for their energy balance models and other analyses.

In early December 2022, MOCCAE said it was looking at waste management to accelerate the UAE’s transition to Net Zero.

In addition, they will promote training and capacity building, conduct pilot studies, and share data and models in the areas of behavioural change at the individual and societal levels to better implement program and policy development. They will peer-review documents in energy and water strategy, nudging, technology roadmaps and long-term scenarios. They will also design and implement training programs and exchange information about emerging opportunities, the statement concluded.

In late January 2023, Abu Dhabi’s DMT inked a MoU to promote the use of low-carbon hydrogen in public transportation.

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