Abu Dhabi-based Aldar Properties has selected Trojan General Contracting as the main contractor for the first three precincts of Yas Acres, a flagship development on Yas Island.
UAE-based Damac Properties has unveiled plans to develop Golfotel, the only premium five-tower hotel property surrounded by a golf course in Dubai.Golfotel will house more than 2,000 modern rooms with golf views of the Trump World Golf Club Dubai, which is set within the 55M sq ft community AKOYA Oxygen.Amenities at the hotel will include a lounge and international restaurants, a gymnasium, and an outdoor swimming pool, as well as shuttle services to the tourist attractions all over Dubai and complimentary airport transfer.Damac Properties senior vice president, Niall McLoughlin, said: “Investors will be pleased with the opportunity to own a hotel room on an international golf course that reaps higher returns than any other investment classes. “Owning a hospitality unit provides an attractive return on investment due to the burgeoning tourism industry and potential revenues that can be generated. “What we are offering is even more lucrative owing to the unique setting in a golf community — such properties usually command a premium because of their location.”
Salini Impregilo has bagged a $300M contract from Al Khozama Management Company in Saudi Arabia.
Saudi Arabia has announced plans for a 334 sq km “entertainment city” south of Riyadh [pictured].The project will feature sports, cultural and recreational facilities — including a safari and a Six Flags theme park. The new city will be funded by the kingdom’s Public Investment Fund, who will be the main investor, and other local and international investors. Deputy crown prince Mohammed bin Salman Al Saud said in a statement, carried out by state news agency SPA, that the project will become “a prominent cultural landmark and an important centre for meeting the future generation's recreational, cultural and social needs in the kingdom”.Construction work is expected to commence in 2018, with the first phase of the project to open in 2022.
UAE-based real estate development firm Aldar Properties PJSC has awarded a contract worth AED500M ($136M) to Ghantoot General Construction for the construction of its luxury residential project in Yas Island, UAE.
Omran Properties is set to launch three real estate projects worth a combined value of AED2.47bn ($672.5M) in Sharjah [pictured], UAE.
Emaar Properties revealed plans to build a residential project in Dubai, UAE.
Salini Impregilo has signed a $435M contract with Meydan Group LLC to build the Meydan One Mall in Dubai [pictured], UAE.
UAE-based conglomerate Al-Futtaim has broken ground on a 78,500 sq m mall project in Jebel Ali, Dubai.
Dubai-based firm Al Futtaim Carillion has been chosen as the main contractor for the development of the three Theme Districts at the Expo 2020 Dubai site.
Dubai Holding has signed a memorandum of understanding (MoU) with Dubai Municipality to develop Dubai’s largest public park.
Construction firm Tutor Perini has won an $80M contract from the U.S. Air Force to design and build the Khurais Electronic Warfare Range in Saudi Arabia for the Royal Saudi Air Force.
A joint-venture of Qatari firm AlJaber Engineering and Turkish firm Tekfen Construction has been selected as the main contractor by the Supreme Committee for Delivery & Legacy (SC) for a new stadium in the Al Thumama district in Doha, Qatar.
Dubai Contracting Company has been selected by Dubai Properties as the main contractor for the 1/JBR project located at Jumeirah Beach Residence [pictured].
A joint venture of Arabian Construction Company (ACC) and UK-based construction firm Kier has secured a $187M order to construct a residential project in Dubai.
HLG Contracting has secured a AED401M ($109M) order from Hasabi Real Estate for the construction of the Al Garhoud Towers in Dubai, UAE.
Finland-based Admares has been selected for phase 1 of the Marasi Business Bay development in Dubai.
Dubai South has signed a memorandum of understanding (MoU) with Deyaar Development to develop a mixed-use project in Dubai South’s Residential District.
Youssef Ouchagour, construction industry analyst at Timetric’s Construction Intelligence Center, looks at the current state of the healthcare construction market and presents five of the largest healthcare projects currently under construction in the Gulf Cooperation Council (GCC) region.Building adequate and effective healthcare facilities has become an urgent priority in the GCC region as the pressure continues to grow on the existing healthcare infrastructure due to a number of regional factors, including rapid population growth, higher life expectancy, a higher per capita income and a rise in lifestyle related diseases. GCC healthcare construction market outlookAccording to Timetric’s Construction Intelligence Center (CIC) project database, there are 119 active healthcare projects in the GCC countries with a combined value of $46bn. As expected, the majority of these projects are located in Saudi Arabia, the country with the largest population in the GCC, followed in order by the United Arab Emirates, Kuwait, Oman, Qatar and Bahrain. 40% of active projects in the GCC region, with a combined value of $21bn) are under execution, with the remaining 60% of projects at various pre-execution stages, with a combined value of $25bn. This shows that there is a wealth of future opportunities within the healthcare sector for the GCC construction industry.The expected growth of the Healthcare Sector in the GCC region over the next few years will be mainly driven by the GCC governments’ efforts to strengthen and modernise their healthcare system — 68% of the active Healthcare projects in GCC countries are publicly funded projects; these have a combined value of $39bn. Privately funded projects represent 25% of the total number of active healthcare projects in the region and have a combined value of $4.5bn. The total investment in healthcare projects through public/private partnership is around $2.2bn. The number of projects funded by the private sector is set to grow over the next few years due to the high demand for high quality healthcare facilities and services and the rise of the medical tourism trend in the region. The same is expected for projects funded through public/private partnerships as the GCC governments are looking for alternative ways to fund healthcare projects due to budget restraints.
UAE-based Majid Al Futtaim Group has unveiled plans to develop a new AED300M ($81.6M) community mall in Abu Dhabi, UAE.