EU threatens to seize €300B from Russia for Ukraine rebuilding- & more

1) EU threatens to seize €300B from Russia for Ukraine rebuilding

European Commission president Ursula von der Leyen said that the EU can confiscate €300B from Russian Central Bank reserves and use the funds for Ukraine rebuilding. Ukraine’s sustained damage is estimated to be around €600bn.

2) Will China put a nuclear reactor on the moon?

China’s moon base will be built on the moon’s south pole by 2028. The base could be powered by nuclear power according to South China Morning Post SCMP ! Chief designer of China’s Lunar program, Wu Weiren stated that ‘china is developing a new system that uses nuclear energy to power its moon station!’?

3) Adani Group bags Dharavi redevelopment with a ?5,069 crore bid

Adani Group has won the bid for redevelopment of one of Asia’s largest slum clusters, in Mumbai, India. Maharashtra government has planned the redevelopment over 17 years, with rehabilitation over the next 7 years.?

4) Dublin housing crisis to thwart Elon Musk’s work-from-office policy?

As Elon Musk orders all 500 Dublin branch employees to return to office, employees are having to fight Dublin’s crippling housing crisis as they try to move to the city. Dublin is facing a critical housing shortage, with a growing population, rising costs, and low incentive to construct new homes!

5) India’s first privately built launch pad inaugurated

Space technology start-up AgniKul Cosmos built India’s first launchpad designed and operated by a private company. The facility located at Shriharikotta was inaugurated on 25th November. The facility was designed by Agnikul and built with help of ISRO and IN-SPACe .

6) Eagle Hills announces a $2.5B superyacht project in Albania

Developer Eagle Hills UAE has unveiled plans for a $2.5 Billion marina project that will accommodate the world’s largest superyacht and 12,000 luxury homes! The Durr?s Yachts & Marina will also feature Albania’s first terminal for international cruise liners.

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7) KPMG misstated value of contracts by ￡352M in Carillion audit, claims liquidator

Auditor KPMG misvalued 2 building contracts by ￡352 Million according to Carillion’s liquidator. The liquidator filed this claim as part of an ongoing ￡1.3B claim for the contractor’s creditors. Carillion collapsed 7 years ago with a debt of ￡7 Billion.

8) Latin America’s first cross-lam timber high-rise built in Chile

Timber high rises are cropping up around the world, and Latin America isn’t far behind! ‘Tamango Project’ by Tallwood architects in Chile is the region’s first 12-storey building with a timber structure!?

9) Saudi’s King Salman International airport to become world’s largest

New King Salman International airport in Riyadh is expected to become one of world’s largest airports with a capacity of 185 million travelers! The airport will contribute $7.18 Billion annually to the non-oil GDP and create 103,000 jobs!

10) Three teams compete to build Africa’s longest bridge, in Lagos

Three bids are in the running to build Fourth Mainland Bridge, a 38km link between Lagos city and Lagos Island. The project has a budget of $2.5 Billion. 3 consortiums led by China Communications, China Civil Engineering Construction, and China Gezhouba Group are in the running.?

11) Saudi has most hotels in construction pipeline in all of Middle East

Saudi Arabia has the highest number of hotels in the construction pipeline in Middle East, followed by UAE according to Lodging Econometrics’ Q3 2022 Middle East Construction Pipeline Trend. 210 out of a total of 535 projects are located in the Kingdom.

12) 16,000 bottles used to make Stonehenge in Milan

UK-based studio VATRAA is raising awareness about plastic pollution with a Plastic Monument in Milan. The monument is a Stonehenge like structure built using 1000s of plastic bottles. ‘Plastic waste could be our legacy for generations to come’ says the studio.

13) L&T to build one of India’s largest green energy project

Larsen & Toubro ’s heavy civil infrastructure division has won the contract for an off-stream pumped storage facility in Madhya Pradesh. The project is 10,080MWh Gandhisagar Pumped Storage Project, and involves construction of an upper reservoir, dam and channels.

14) Jordan aims for 50% renewable energy by 2030

Jordan’s Energy and Mineral Resources Minister has announced that the country wants to source 50% of its total energy use from renewable sources by 2030! The country’s renewable energy output is currently at 29%. Jordan ranks third in Arab countries for green energy production.

15) Euroconstruct paints a bleak picture for Europe’s construction growth

EUROCONSTRUCT forecasting a drop in growth to 0.2% in 2023 and 0.0% by 2024 for its 19 member states! The organization does not expect a recovery till 2025. Residential and residential renovation sectors will be most affected, only civil engineering will show positive momentum.

16) India plans ?2 trillion upgrade to its port infrastructure

India is planning a major ?2 trillion upgrade to port infrastructure in a bid to alleviate logistics bottlenecks. The plan has identified 298 projects with critical infrastructure gaps in port connectivity. The upgrades will be monitored with monthly reviews.?

17) UAE market up and running despite global economic headwinds- Turner & Townsend

Despite global inflation, increasing cost of construction and supply chain disruptions, UAE construction industry is experiencing increased activity due to newly launched landmark projects! Current market sentiment in UAE stays positive.?

18) Europe’s largest timber office building being built by army of cranes

10 Liebherr cranes are helping build Europe’s largest timber-framed commercial development. The Arboretum project near Paris will provide 125,000 square metres of office and service space and is almost entirely timber-framed! The €650M development comprises five buildings.

19) Planning officials sick of Elon Musk’s empty tunnel promises

6-year-old The Boring Company has time and again teased cities with futuristic tunnel projects and stepped back before execution. Musk’s company is yet to deliver on any promise, leaving city and federal officials in many US cities feeling fed up!?

20) Saudi’s PIF owned SEVEN to invest SR50 billion in entertainment destinations in 14 cities

Saudi Arabia’s wealth fund PIF-owned Saudi Entertainment Ventures | SEVEN will build 21 integrated entertainment centers with a huge investment of SR50 Billion! The centers will comprise over 150 attractions. The giga-project will be executed through alliances with global brands.

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