Emaar’s $20bn project; RAK tourism boom; Red Sea construction update; Nesma & Partners' expansion

Major UAE-based developers have awarded multiple contracts this week, with Sharjah’s Arada and Nakheel taking the lead.

Additionally, Emaar Properties revealed its upcoming $20 billion luxury waterfront project this week. Called ‘The Oasis’, the project will feature 7,000 residential units, lakes, canals, and parklands.

Meanwhile, Saudi Arabia’s Red Sea Global announced a construction update for its billion-dollar gigaproject. Its CEO John Pagano leaves an impactful comment.?

Aldar appoints new Group Chief Financial and Sustainability Officer

Aldar Properties ?has appointed Faisal Falaknaz as Group Chief Financial and Sustainability Officer (GCFSO), further strengthening the Emirati representation on its senior management team.

This follows his appointment as interim GCFSO in January, where he has since led the Group’s finance, treasury, investor relations, strategy, digital services expertise, as well Aldar’s comprehensive sustainability framework and agenda.

As GCFSO, Faisal Falaknaz brings institutional knowledge and experience having previously served as Chief Financial Officer of?Aldar Investment , which owns and manages Aldar’s portfolio of recurring income assets.

Red Sea Global construction update: “We made exceptional progress in 6 years,” says John Pagano

Red Sea Global ?(RSG), the multi-project developer behind the world’s most ambitious regenerative tourism destinations, Amaala and The Red Sea, has released a comprehensive update on construction progress across phase one of The Red Sea destination.

This month marks six years since The Red Sea was first announced by His Royal Highness Saudi Crown Prince Mohammad bin Salman as an international tourist destination as part of the kingdom’s 2030 Vision.

Now, with The Red Sea’s first three hotels and phase one of the international airport on track to open later this year, its latest construction update reveals the remarkable progress achieved across the destination, including at a further 13 hotels and on the supporting infrastructure.

Saudi’s Nesma & Partners acquires engineering titan Kent

Nesma & Partners , a leading contracting company in the Middle East, has signed an agreement to acquire?Kent , a global energy services provider.

This agreement aligns two successful and entrepreneurial companies with a shared vision for sustainable expansion, creating greater opportunities in new and existing markets as well as service development and enhancement.

Completion is anticipated by the end of the calendar year, subject to regulatory approvals and satisfaction of customary closing conditions, at which time Nesma & Partners will become the owner of Kent.

Ras Al Khaimah’s tourism boom: Welcomes record number visitors in H1

Ras Al Khaimah Tourism Development Authority (RAKTDA) announces a record-breaking first six months, with the Emirate reporting its highest-ever half-year arrival numbers.

The impressive performance saw Ras Al Khaimah welcome 600,000 visitors between January and June 2023, a total increase of 14.8% versus H1 2022 and the highest-ever tourism-related revenue achieved for a half-year period.?

Reinforcing its position as a destination of the future, the results follow a series of strategic investments, partnerships and initiatives to boost tourism, setting a path for continued growth in 2023 and beyond.

The Oasis: Emaar reveals upcoming $20bn luxury waterfront project

In June,?Emaar ?unveiled its latest opulent undertaking named The Oasis, a grandeur waterfront development project situated on the periphery of Dubai, with an estimated value of $20 billion.

Encompassing an impressive assortment of 7,000 residential units, encompassing opulent mansions and villas, the development assures prospective inhabitants unparalleled panoramas overlooking canals, lakes, and expansive parklands.

Saudi’s Diriyah Company development receives key certification

The first phase of Saudi-based Diriyah Company has been awarded Platinum Level LEED for Cities Certification by the US Green Building Council.?

This accreditation in LEED for Cities and Communities marks the first time a project in the Middle East has received such an accolade.?

Platinum certification is the highest level within the LEED framework and recognises Diriyah’s commitment to a smarter, more resilient, sustainable and inclusive future.

Sharjah’s Arada awards $108mn contract for its Aljada project

Sharjah-based developer?Arada ?has awarded an AED395 million ($108 million) contract to?Gulf Asia Contracting Company ?(GAC) for the construction of Nasaq District, a cluster of six upscale apartment buildings located within its mega mixed-use community Aljada.?

Nasaq District will boast 649 homes ranging from one- to three-bedroom apartments, which are characterised by stylish and contemporary architecture, said the Emirati developer in a statement.?

Each block offers residents direct access both to Aljada’s tree-lined East Boulevard which brings a wide variety of shopping and dining experiences, as well as the community’s urban linear park, which includes extensive sporting facilities, it added.

That's all for this week. Thank you for reading!

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