Top 15 projects in April; ADNOC scraps multibillion-dollar project; Red Sea Global’s $20bn investment

In?The Construction Digest?this week, we feature some of the most popular stories revolving around the Middle East’s construction industry. These include the top 15 project launches in April 2023, Red Sea Global’s $20 billion investment by 2024, and how the kingdom will surpass Dubai’s hotel room capacity, among others.

Top 15 project launches in April 2023

From the tallest tower in the world, potentially surpassing the Burj Khalifa, to Egypt’s plans for constructing the world’s largest manmade river, the month of April saw its fair share of game-changing project launches, proving the region’s ambition to transform its construction landscape.

Some of the companies that stood out this month include Expo City Dubai, Diriyah Company, Egyptian Ministry of Water Resources and Irrigation, Tamdeen Group, and ACWA Power, among others.

Click below for the full list!

ADNOC scraps multibillion-dollar contracts for Hail and Ghasha Project

ADNOC, Abu Dhabi’s energy major, has recently terminated two crucial contracts for onshore and offshore work on its Hail and Ghasha sour gas development project, which is expected to have a significant impact on the construction industry in the Middle East.

The project, which has already faced delays, is among the largest oil and gas ventures in the UAE and plays a vital role in Abu Dhabi’s plans to boost its gas production capacity by the end of the decade.

Saudi Arabia opens new Salmani-style mall in Riyadh

Saudi Arabia’s General Entertainment Authority (GEA) has announced that the kingdom’s newest luxury shopping and entertainment hub, VIA Riyadh, will open its doors on May 11 in the capital.?

A part of a wider initiative under the?Saudi Vision 2030?plan to modernise the country and develop its entertainment sector to help diversify the economy, VIA Riyadh will boast the kingdom’s first St. Regis Hotel property in addition to elite shopping outlets, cinemas and international food market, reported?SPA.

Here’s how Saudi Arabia aims to surpass Dubai’s hotel room capacity by 2030

Saudi Arabia is planning a major expansion of its hospitality sector, which will add up to 315,000 hotel rooms by 2030, according to reports by global property consultancy, Knight Frank.

In its report, Knight Frank states that this growth will result in a hotel room inventory greater than the current 140,000 hotel rooms available in Dubai.

Sobha Realty’s sells out ‘The S’ generating billions in AED

Sobha Realty?has completed the sell-out of residential units of its signature project – The S Tower generating a sales value of $381.5 million (AED 1.4 billion).

This reflects the strong performance of the Dubai property market, wherein the emirate has gained the status of one of the most lucrative luxury property markets across the globe.

The S Tower, which was launched in October 2022, is a 62-storey high-rise, signature residential project that houses 43 storeys of superlative luxury residences.

Saudi’s Red Sea Global to invest $20bn by 2024

PIF-backed?Red Sea Global?is set to debut its initial hotels at the Red Sea Project and Amaala tourist sites in Saudi Arabia later this year, reported AGBI.

The CEO of the company stated that it has already invested $5 billion in the project, and it plans to allocate an additional $15 billion by 2024.

Ep 8 of Construction Voices

The eighth episode of?Construction Week Middle East’s?‘Construction Voices’ podcast is now live on our streaming platforms.

In this episode, we invited Sam Huber, CEO of LandVault to talk to us about the growing importance to adapt to?technological changes?in the construction industry.

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

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