Ventures Onsite Newsletter | May 06

GCC Construction Market Outlook 2024: Trends, Predictions, and Opportunities

Join us for an insightful exploration into the evolving landscape of the construction industry in the GCC region. As experts in the field, we understand the imperative for stakeholders to stay up to date with the dynamics of this market. In 2023, the GCC experienced an unparalleled surge in growth, marked by record-high contractor awards.

As we transition into 2024, will the sustainability of this momentum continue? Our webinar aims to inform on all the details needed to assess the construction market in the GCC for 2024, delving into country-specific and sector-specific market data, macroeconomic influences, key stakeholders, and major projects.

Register here now - https://lnkd.in/dyCyswh5

Whether you are an existing stakeholder within the industry or merely intrigued by the economic projections of the GCC construction market, our webinar promises to equip you with informed insights. Secure your participation today to remain at the forefront of the rapidly evolving Middle East construction landscape.

Dubai To Create The World's Largest Airport

Dubai has unveiled a US$35 Bn plan to create the largest airport in the world at its current Al Maktoum International Airport. The expanded airport—which is also known as Dubai World Central—will cover more than 27 sq miles and feature five parallel runways.

The four terminals will accommodate 400 gates enabling the facility to handle up to 260 million passengers and more than 13 million tons of cargo a year.?

Emirates Global Industries – Electric Bus and Truck Plant

The Abu Dhabi Department of Economic Development (ADDED) signed a Memorandum of Understanding with Emirates Global Industries - Alfahim Group to establish a manufacturing and assembly of electric commercial vehicles (ECVs) in Abu Dhabi.

The facility will involve in the manufacturing and assembly of electric buses and trucks and will also develop energy storage and charging solutions for a variety of industries and applications.

Devmark announced Sonate Residences

UAE's Devmark announced its third project with Condor Developers - Sonate Residences in Jumeirah Village Triangle (JVT). The development will include studios to expansive 3-bedroom units, infinity pool and open cabanas, play area, a paddle tennis court, a wellness sanctuary, outdoor cinema, zen garden and a dedicated kids’ pool.

Another UAE Developer, Major Developers announced the launch of Manta Bay, an US$272 Mn luxury residential project in Ras Al Khaimah.

Al Ashram Contracting Appointed as the Main Contractor for LUCE

Taraf has announced Al Ashram Contracting (L.L.C.) as the main contractor for LUCE, an exquisite residential development located at Palm Jumeirah in Dubai.? LUCE offers a wide range of residential units, including spacious 2-, 3- and 4-bedroom apartments with sea views, along with a duplex and penthouse apartments, all thoughtfully designed to provide residents with the ultimate in comfort and sophistication.

Aldar Properties Unveils Athlon

Aldar Properties unveiled Athlon, a first-of-its-kind "active living" community in Dubai. Athlon will feature 1492 housing units, four thoughtfully-designed parks - Adventure, Play, Wellness, and Valley in addition to a central park, seven clubhouses, dedicated zones for fitness and socialising throughout the community.

Masdar partners with Bahrain’s Bapco Energies

UAE-based renewable energy company Masdar has partnered with Bahrain’s Bapco Energies to explore the development of wind energy projects in Bahrain with a potential 2GW capacity.

The agreement marks Masdar’s first foray into the Bahraini market and could lead to the establishment of near-shore and offshore wind farms in the region.

Retal Urban Development Company

In Saudi Arabia, Retal Urban Development Company awarded its subsidiary, Building Construction Company a US$64 Mn contract to develop eight residential buildings in the Sedra housing project in Riyadh. The project will have a duration of 26 months.

Hydrom Signs 2 Green Hydrogen Projects Worth US$ 11 Bn

Oman’s Hydrom announced signing two new green hydrogen projects in Dhofar worth US$ 11 Bn as part of its second round of green hydrogen tender process bringing the total hydrogen production in Oman to 1.38 million tonnes per year (mtpa) by 2030.

The first agreement was signed with a consortium consisting of Electricité de France S.A. and its subsidiary EDF Renewables, Electric Power Development Co., Ltd. and YamnaCo Ltd. The second agreement was signed with Actis and Fortescue.

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