December 9, 2021 valueeng0

A consortium comprising of Aldar Properties and ADQ has announced that it will acquire approximately 85.52% of the outstanding share capital of The Sixth of October for Development and Investment (SODIC), following a successful mandatory tender offer.

In a statement, Aldar said that the Abu Dhabi-based consortium, which is controlled 70% by real estate developer and manager Aldar and 30% by ADQ, one of the region’s largest holding companies with a broad portfolio of major enterprises spanning key sectors of Abu Dhabi’s diversified economy, will focus on identifying growth opportunities and guiding the company’s long-term strategy.

The consortium’s objective is to advance SODIC’s position as a leading national developer by scale and reputation, growing its portfolio of mixed-use residential communities in Greater Cairo, the North Coast and other major markets, the statement added.

Talal Al Dhiyebi, Group Chief Executive Officer of Aldar, commented: “Aldar has identified Egypt as a priority market for international expansion, driven by a strong belief in the country’s potential and the macro-economic fundamentals driving the real estate sector. After studying the market, SODIC emerged as our desired entry-partner and is a natural commercial fit for Aldar.”

The all-cash mandatory tender offer, at a purchase price of EGP 20.0 per share, valued SODIC at USD$451.59 million. The offer was accepted by shareholders representing 85.52% of outstanding share capital, resulting in a transaction value of USD$386.8 million. The transaction will be finalised in the coming days, with shares transferred by 16 December, the statement said.

“The transaction is a testament to both Aldar and ADQ’s belief in the company’s track record, governance framework and business model and we look forward to supporting SODIC create even greater economic and social value for its stakeholders, most notably the communities that the company serves across Egypt,” Al Dhiyebi added.

Headquartered in Cairo and listed on the Egyptian Exchange (EGX), SODIC is one of Egypt’s leading real estate companies, active in the development of residential, commercial, and retail properties. The company has a significant land bank for future development. It has a 25-year track record of sustained growth, successfully delivering high quality projects and reinvesting in its communities.

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Source: MEConstructionNews


December 8, 2021 valueeng0

The Sharjah Investment and Development Authority (Shurooq) has announced the launch of the Khorfakkan Beach expansion project, the first-of-its-kind inclusive beach destination in Sharjah’s Eastern region.

In a statement, the authority said that the project will expand the present 1.5 kilometre stretch of beach to 2.5 kilometres. It added that the project will be completed by the end of 2022 and will include a series of restaurants and cafés along the beach, a fully equipped gym, fountain and other attractions, including service facilities and amenities that cater to the needs of all visitors including parking, and other services.

Khawla Sayed M. Al Hashimi, Director of Project Development of Shurooq, emphasised that the Khorfakkan Beach expansion project aligns with the vision of His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Member of the Supreme Council and Ruler of Sharjah, which seeks to bolster the emirate’s touristic appeal by boosting the quality of services at its destinations to meet the ambitions and needs of residents, visitors and tourists.

“The beach destination has been receiving footfalls not only from Khorfakkan city, but also from Sharjah and the UAE since it opened to visitors in December 2019. Located in one of the most stunning natural coastlines with picturesque natural views, Khorfakkan is one of the most attractive cities in the Eastern region. It has also been attracting qualitative investments, and the new beach expansion will further enhance investments opportunities across a variety of sectors,” she added.

The first phase of the Khorfakkan Beach project was developed by Shurooq in collaboration with a host of public and private entities. Valued at AED 95 million, the first phase stretched for one km and was inaugurated by His Highness the Ruler of Sharjah in December 2019.

This phase features football and basketball courts, multipurpose sports courts, a walkway overlooking the beach, with showers, bathrooms and changing rooms, aqua sport and adventure corner open to all visitors, children’s play areas, jogging and bicycle tracks, and an amphitheatre that overlooks the beach to host activities and events.

It also includes a central plaza, 315-vehicle parking lot, eight food trucks and four kiosks, 15 trade units that include restaurants, cafés, retail outlets of local and international brands, as well as a beach park, picnic areas, and areas dedicated to families.

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Source: MEConstructionNews


December 8, 2021 valueeng0

The UAE Government has confirmed that the UAE is set to become “the first nation in the world” to introduce a national working week shorter than the global five-day week.

The move will come into effect from 1st January, 2022 and coincide with a shift to Monday to Friday week for all Federal government entities.

The extended weekend comes as part of the UAE government’s efforts to boost work-life balance and enhance social wellbeing, while increasing performance to advance the UAE’s economic competitiveness, reported WAM, the national press agency: “Adopting an agile working system will enable the UAE to rapidly respond to emerging changes and enhance wellbeing in the workplace.”

The new Monday to Thursday workdays will now start at 7:30 am and end at 3:30 pm, with Friday working hours running from 7:30 am – 12:00 pm.

Additionally, Friday sermons and prayers across the UAE will be held from 1:15 pm. Government staff will have the flexibility to make arrangements to work from home on Fridays, as well as to arrange their working hours on a flexi-time basis.

The WAM report also revealed details on the UAE government’s reasoning for making the changes: “From an economic perspective, the new working week will better align the UAE with global markets, reflecting the country’s strategic status on the global economic map. It will ensure smooth financial, trade and economic transactions with countries that follow a Saturday/Sunday weekend, facilitating stronger international business links and opportunities for thousands of UAE-based and multinational companies.

“The new working week will also bring the UAE’s financial sector into closer alignment with global real-time trading and communications-based transactions such as those driving global stock markets, banks and financial institutions. The move is expected to boost not only trading opportunities but also add to the flexible, secure and enjoyable lifestyle the UAE offers to its citizens and residents.

“The Federal Authority for Government Human Resources proposed the new workweek following comprehensive benchmarking and feasibility studies reflecting potential impacts of the move on the economy, social and family ties and the overall wellbeing of people in the UAE.”

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Source: MEConstructionNews


December 8, 2021 valueeng0

Sabic has inked a deal with petroleum investment company OQ to support a study for developing a petrochemical project in the Special Economic Zone of Duqm (SEZAD) in Oman.

According to a statement, the non-binding memorandum of understanding (MoU) lays the preliminary and indicative terms for the potential study, and expresses the intentions of the two sides to discuss and assess the feasibility of the project.

“We are honored to sign this MoU with OQ as our focus has always been on key collaborations and on building fruitful relationships for sustainable growth, regionally and globally. With our diverse global portfolio, along with our manufacturing competencies, we are confident of helping to drive the development of downstream industries in Oman, just as we are currently a key enabler in the achievement of Saudi Arabia’s Vision 2030 objectives,” said Abdulrahman Al-Fageeh, executive vice president, Petrochemicals, who signed on behalf of Sabic.

The project involves a world-scale steam cracker unit (SCU) and derivatives units producing olefins derivatives (ethylene and propylene), which are expected to utilise the feedstock by-products from the SCU, the statement concluded.

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Source: MEConstructionNews


December 8, 2021 valueeng0

RIKAS Hospitality has signed agreements to operate multiple restaurants in the Kingdom of Saudi Arabia. The group says it is well positioned for expansion into KSA following its establishment as a key player in the hospitality and dining scene in the UAE.

Owned by entrepreneur Rizwan Kassim, RIKAS Group has launched several culinary projects in the region including La Cantine du Faubourg, Ninive, Mimi Kakushi, Twiggy by La Cantine, Lana Lusa, Madeleine et Marcel and Gohan.

London interior architecture studio Pirajean Lees, led by Clemence Pirajean and James Michael Lees, collaborated with branding agency AM Studioworks to design all the venues, a statement from the firm said.

“This move is in line with our aggressive growth strategy, and we are very excited to have found homes for our award-winning concepts in the Kingdom. We have had a number of very successful popups in the past and the response has been overwhelming, so it is a natural progression, and we look forward to our much-awaited debut in the Saudi scene,” says Kassim.

The group concluded by saying it is committed to elevating the hospitality experience across its portfolio.

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Source: MEConstructionNews


December 7, 2021 valueeng0

IVECO has finally announced its much-anticipated high duty truck line-up for the Middle East.

The new off-road truck IVECO T-WAY and the on-road truck IVECO S-WAY were both revealed at a live European virtual launch at the beginning of June, but this week’s series of dedicated days at the Dubai Autodrome are the region’s first chance to see and test the new IVECO WAY range.

Customers, dealer network and representatives of the automotive press were invited to a launch event which included a dedicated test drive on an on-road and off-road track

IVECO took a direct approach to the launch specially designed to touch and test the new IVECO range, offering “participants a unique experience, telling an immersive story made up of a mix of video content and live interactions.”

It also took the guests on a discovery journey through IVECO’s world as it unveiled the latest in its long lineage of legendary trucks.

Carmelo Impelluso, IVECO Head of Commercial Operations EMEA, explained: “With the launch of the new IVECO T-WAY and IVECO S-WAY, we now offer our customers the most complete, entirely renewed, business-oriented product range for off-road and on-road missions.

“The new IVECO WAY family enables us to cover the whole set of market demands with a coordinated offer of very differentiated products. Today, our customers see their trucks as  a business tool. They look for a complete solution that will deliver the profitability they need. This is what makes our IVECO WAY range unique: it delivers everything our customers expect – and more.”

“Every detail of the new IVECO WAY Range has been developed in order to optimise all the Total Cost of Ownership elements: fuel consumption, price, residual value, maintenance and uptime costs, driver satisfaction and productivity,” added Fabio De Serafini, Africa & Middle East Business Director, IVECO. “With the new ‘WAY’ family, we cover the whole set of market demands with coordinated, but very differentiated products. The world is moving fast, and the world of transport must not only keep up, but anticipate and drive the change.”

The post IVECO leads the WAY with revamped heavy line-up appeared first on Middle East Construction News.

Source: MEConstructionNews


December 7, 2021 valueeng0

Siemens Smart Infrastructure has signed an agreement to acquire digital twin software for buildings from EcoDomus, a US-based company, it has announced.

In a statement, Siemens Smart Infrastructure explained that the move will help expand its digital building portfolio, including its cloud-based building operations twin software and its flagship building management platform Desigo CC.

The EcoDomus software creates, maintains and visualises Building Information Modelling (BIM)-based digital building twins, making design and construction data available for building operations and maintenance. Customers can generate digital replicas of their real buildings and assets, creating a common data environment that integrates BIM, Building Management Systems (BMS), Computerised Maintenance Management Systems (CMMS) and Internet of Things (IoT) systems.

The solution enables BIM-driven workflows and digital twin-based lifecycle management, complemented by 3D visualisation.

“The way we operate buildings is fundamentally changing, thanks to the power of digitalisation and digital twins,” said Henning Sandfort, CEO of Building Products at Siemens Smart Infrastructure. “By enhancing our existing offering for digitalised buildings with EcoDomus’ software, we are strengthening our leading industry position in that dynamic market, offering our customers the full-spectrum benefits of BIM-based operations.”

In the past, BIM data usage has mostly focused on a building’s construction phase. Today, its benefits can also be leveraged in the operations and maintenance phase. This is crucial because this is where 80 percent of a building’s total lifecycle costs will occur, he added.

Leveraging the acquired data creation and visualisation capabilities, Siemens’ digital building software portfolio will bring substantial benefits to customers: enhanced insights into the performance of their building, real-time issue identification and resolution, better space and energy utilisation, and many others. Customers will be able to turn their buildings into more sustainable, comfortable and safe places to live and work, while at the same time streamlining processes and reducing operational costs.

The closing of the deal is expected in the next few months and subject to the conditions agreed by both parties, the statement concluded.

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Source: MEConstructionNews


December 7, 2021 valueeng0

Borouge, a leading petrochemical company providing innovative, value-creating polyolefin solutions, has announced the award of Engineering, Procurement and Construction (EPC) contracts for the world-scale fourth expansion of its manufacturing complex in Ruwais, Abu Dhabi – Borouge 4.

In a statement, the company explained that ADNOC and Borealis recently signed an agreement to confirms a $6.2 billion investment agreement to build Borouge 4. It added that the EPC award underscores Borouge’s drive to unlock opportunities in polyolefin manufacturing, enable industrial growth, and maximise the value of every barrel produced in the Emirate of Abu Dhabi.

With this expansion, Borouge will become the world’s largest single-site polyolefin complex. The facility will also enable the next phase of growth at the Ruwais Industrial Complex by supplying feedstock to the TA’ZIZ Industrial Chemicals Zone.

Hazeem Sultan Al Suwaidi, CEO of Abu Dhabi Polymers Company (Borouge) said: “Borouge 4 is a key contributor to advancing the UAE’s ambitions for economic diversification, helping boost exports to customers globally. The growth in our world-scale complex will further strengthen Borouge’s international presence and enhances our In-Country Value.

“We are confident that Borouge 4 will be setting a new precedent that builds on our great successes over the last two decades, and instrumental in realising our 2030 growth strategy and sustainability targets.”

Borouge undertook a front-end engineering design (FEED) and a competitive tender process; as part of the process leading up to the EPC awards.

The details of the contracts awards are as follows:

  • The first package for Early Works, was awarded to Al Asab General Transport and Contracting LLC, a leading Abu Dhabi-based construction company. The Early Works package covers engineering, procurement and construction related to site preparation and early works of the world-scale expansion.
  • The second package of Borouge 4 was awarded to French construction giant, Technip Energies, in consortium with Target Engineering, to build the Ethane Cracker. This is Borouge’s fourth cracker with a manufacturing capacity of 1.5 million tonnes of ethylene output per annum.
  • The last three packages of Borouge 4 were awarded to Italian industrial engineering company, Tecnimont:
  • The third package is for polyethylene and 1-hexene units covering the build of Borouge 4’s two new polyethylene manufacturing plants and 1-hexene unit; a component in the production of high-performance polyethylene.
  • The fourth package is for utilities and offsites, which consists of constructing non-process buildings, roads, infrastructure, internal and external interfaces, tankage systems, flaring systems, utilities and integration of Borouge 4 with the existing facilities.
  • The fifth package is for building the second cross-linkable-polyethylene (XLPE) plant with a capacity of 100 thousand tonnes per annum.

Rainer Hoefling, CEO of Borouge Pte, commented: “Borouge 4 is fundamental to reinforcing our commitment to our global customers and milestone in our story of growth. Our new facility enables us to actively respond to the growing global demand for energy, infrastructure, advanced packaging and agriculture solutions which have a positive impact on society and the environment.”

The scope of the award covers engineering, procurement, construction, and commissioning activities for the polyolefin complex facilities required to facilitate the full production capacity of two new polyethylene plants – each with a capacity of 700,000 tonnes per annum, using the third generation of Borealis Borstar technology. These plants will be supplied by a world-scale ethane cracker with capacity of more than 1.5 million tonnes per annum of ethylene.

Borouge 4 will have an industry-leading focus on sustainability leveraging the capabilities of both shareholders. The facility will utilise Borealis’ proprietary Borstar® technology, to produce a product portfolio focused on durable applications for energy, infrastructure, advanced packaging and agriculture sectors.

This unique technology, in combination with Hexene co-monomer, will enable the production of advanced packaging grades with up to 50% recycled polyethylene content.

Subject to the successful conclusion of a study for a Carbon Capture unit that would reduce CO2 emissions by 80%, the unit could be operational at the start-up of Borouge 4. The facility is also designed to capitalise upon ADNOC’s recent initiatives on clean energy, decarbonising its power supply through access to Abu Dhabi’s clean power sources. These initiatives are aligned with the UAE Net Zero by 2050 Strategic Initiative.

Borouge 4 will boost the company’s annual polyolefin production to 6.4 million tonnes, representing a fourteenfold increase in the overall production capacity since the first Borouge facility, producing 450,000 tonnes of polyethylene per annum was commissioned in 2001.

Borouge’s value-add materials are used to manufacture a diverse range of products including industrial-grade pipes, cables, films and personal protective equipment, the statement concluded.

The post Borouge awards EPC contracts for $6.2bn expansion of Ruwais facility appeared first on Middle East Construction News.

Source: MEConstructionNews


December 7, 2021 valueeng0

Developer ZāZEN Properties has announced that its first project, ZāZEN One, is over 85% complete as per the latest RERA inspection. The developer says the project is on track for timely handover in January 2022.

Currently under construction in the JVT community, ZāZEN One is carving out niche community-centric living spaces with sustainability, design, and quality in mind. All four-unit types are now available for viewing and the developer notes it is excited to show customers a new standard in mid-market segment products.

ZāZEN One has kept on track, achieving key milestones in the last few months including compliance with Trakhees LEED Green Building regulations; ensuring lighting and water control systems and operational sustainability, the statement pointed out.

“We believe that providing the spaces and opportunities to do multiple tasks from where you live, be it working or relaxing, adds more value to how you live. We have created more livable space inside each apartment with loads of natural light and consciously added common areas for people to interact and build relationships. This allows residents the freedom and choice to move around in their own homes without being on top of each other or socialise outdoors surrounded by lush greenery within the project. Plus, residents have the added benefit of a thriving community at their doorstep,” said Madhav Dhar, co-founder and COO of ZāZEN Properties.

All 86 units at ZāZEN One give families bigger, breathable living spaces with access to best-in-class facilities within the building and within the JVT community. It features a mix of one, two, two plus maids, and three-bedroom plus maids room units, and a few exclusive duplex apartments, the statement concluded.

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Source: MEConstructionNews