Revealing the top 7 contract wins and partnerships in January 2024

The Middle East’s dedication to urban development is undeniable, especially upon closer examination of the significant increase in construction contracts awarded throughout the month of January.

This region’s pursuit of modernisation and progress extends across various sectors, ranging from ambitious architectural ventures to transformative transportation initiatives.

Moreover, January witnessed a continuation of this trend, with numerous groundbreaking projects launched, further solidifying the region’s position as a global hub for innovation and urban growth.

Please note that this list is not a ranking.

1.?Al Qandeel Contracting: DAMAC Hills 2

Scope of work: Main construction works

Contract value: $49 million

DAMAC Properties has recently enlisted the services of Al Qandeel Contracting, a UAE-based company, for the main works on its latest project, the Verona cluster, part of the expansive 55 million f2 master community, DAMAC Hills 2.

Under the $49 million (AED180 million ) contract,?Al Qandeel ?will oversee the construction of the main works package for 384 villas within the Verona cluster.

Previously in June 2023, Al Qandeel?was awarded ?a $64.3 million (AED236mn) contract to carry out the main works for 515 villas at the Camelia cluster in the same community.

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3.?Innovo Build: Alaya and Elysian mansions at MAF’s Tilal Al Ghaf

Scope of work: Primary contracting

Contract value: $817 million

Majid Al Futtaim Development, part of Majid Al Futtaim, has today announced the breaking of ground across two upcoming residential features in its flagship lifestyle destination, Tilal Al Ghaf.?

The contracts, totaling $817 million (AED 3 billion), have been awarded for Alaya and Elysian Mansions, with both neighbourhoods anticipated to be completed by mid-2026.

Majid Al F uttaim ?Development has named Innovo Build LLC as the primary contractor for the development of Elysian Mansions. Elysian Mansions boasts a distinctive collection of customisable five-to-six-bedroom waterfront villas inspired by the Elysian Fields of Greek mythology. Designed by globally renowned architects and interior designers, Elysian stands as a bespoke community featuring 94 exclusive mansions that epitomise luxury.

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7.?Nesma & Partners, Kent acquisition

Saudi contractor Nesma & Partners Contracting Company it has completed the acquisition of Kent, an energy-sector engineering, services, and project management firm.

The acquisition was?first announced ?in 2023. In a statement, Nesma said the move aligns with its strategic growth strategy and positions the company for even greater success in the years ahead.

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