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Upcoming Mega Projects Middle East

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By: P&E Staff
Post Date: June 16, 2019
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UNITED ARAB EMIRATES

Project: Mina Rashid Port Redevelopment
Value: USD 6,800,000,000
Client: EMAAR PROPERTIES PJSC
Website: www.emaar.com

Emaar Properties and P&O Marinas, a division of Dubai ports operator DP World, have announced plans for a 25 billion United Arab Emirates dirhams ($6.8 billion) redevelopment of the area around the city's Mina Rashid Port.

The area, whose primary current use is to receive cruise liners, will be redeveloped to include a major new mall, hotels, a floating yacht club, a private beach resort, and a beach area of 12,600 square metres. DP World is providing land for the project, which will be developed by Emaar Properties.

The development will contain promenades, a piazza with retail and F&B units as well as hotels, parks, a 500m-long canal, art galleries, a theatre and a museum. The company has already begun marketing one- two- and three-bedroom midrise waterfront residences, but the statement did not say how many units the developer is planning for the site, nor did it give a timeframe for completion.

 

SAUDI ARABIA

Project: New Amusement Park 
Client: Saudi Entertainment Ventures (SEVEN)
Website: www.entertainment.sa

Saudi Entertainment Ventures (Seven), a unit of the kingdom's sovereign wealth fund PIF, is set to build a new amusement park on a 100-hectare site in Al Aziziyah area of the Eastern Province along with six cinemas and three new entertainment destinations.

These new entertainment hubs will be in Dammam, Al Khobar and Al Ahsa area of the kingdom, and will feature sports areas, movie theatres, green spaces and water sports facilities similar to the projects now under way in Riyadh.

The company is focusing on developing recreational and entertainment facilities in the Eastern Province, which has a growing population of about 4.9 million. Seven intends to convert the Eastern Province into an excellent entertainment destination in the Gulf based on its strategic geographic location and touristic significance within the kingdom. The Eastern Province’s stunning coasts, green oases and vast deserts make it an attractive area for investment and development. The entertainment destination in Dammam will cover an area of 330,000 sq m, while nearby Al Khobar’s facility will be built on a 360,000-sq-m site.

 

UNITED ARAB EMIRATES

Project: Al Khawaneej Corridor And Mushrif Park Improvement Project
Value: USD 136,000,000
Client: Roads and Transport Authority (RTA)
Website: www.rta.ae

Roads and Transport Authority (RTA) has awarded a contract for the construction of Al Khawaneej Corridor and Mushrif Park Improvement Project. The project, which will cost about $136 million, encompasses the construction of three main junctions at Al Khawaneej and Al Amardi Streets. The project aims to accommodate the current and projected growth in the traffic volumes over the next years. It provides a direct link between Al Awir and Al Khawaneej to ease the movement of local residents in both directions.

It will enhance the link between Sheikh Zayed bin Hamdan Al Nahyan and Emirates Roads, and cut the delay to just 45 seconds in this sector. It will also improve the traffic flow on Al Khawaneej and Al Amardi Roads, and reduce the time in the area from 120 to 60 seconds.

The new project coincides with the concluding stages of Tripoli Street Improvement Project over a 12-km stretch linking the Sheikh Mohammed bin Zayed Road and Emirates Road. The project will alleviate tailbacks, improve access to Al Warqaa and Mirdif via Tripoli Street, and enhance the safety level of the entire corridor.

 

UNITED ARAB EMIRATES

Project: Capital Views Project
Value: USD 190,600,000
Client: National Corporation for Tourism & Hotels
Website: www.ncth.com

The UAE’s National Corporation for Tourism and Hotels (NCTH) has approved the construction of a residential and leisure project each in Abu Dhabi under budgeted investment.

NCTH informed that the project, Capital Views, will be a modern, urban, and mixed-use development in the business and exhibition area of Abu Dhabi National Exhibition Centre, and will feature 319 residential and 323 serviced apartments.

The project is a joint venture between NCTH and Sino Gulf andm expected to be completed in the last quarter of 2021. Work on project began following the signed approval of HE Sheikh Hamdan bin Mubarak Al Nahyan, chairman of NCTH.

 

OMAN

Project: Al Sharqiyah Algae Farm
Client: Feed Algae Limited

A British-based firm plans to develop one of the worlds largest algae farms in the Sharqiyah Governorate of the Sultanate, an initiative that will enable Omans entry into the booming multibillion dollar global algae farming industry. London-headquartered Feed Algae aims to invest RO 167.5 million ($440m approximately) in the establishment of a mega algae cultivation project capable of producing a world-scale 100,000 tonnes of algae per annum.

Omans authorities, led by the Implementation Support & Follow-up Unit (ISFU) a task force operating under the auspices of the Diwan of Royal Court, have been assisting the investor in securing suitable land and other approvals for the landmark project. When fully rolled out, the Al Sharqiyah Algae Farm will rank among the largest in the world. The first harvest of algae is slated during 2022. During the course of this year, a consultant will be appointed to conduct an Environmental Impact Assessment (EIA) while the investor finalises a feasibility study on the venture. A usufruct contract with the Ministry of Housing, confirming the lease of land for the project, is slated to be signed before the end of this year.

 

OMAN

Project: 500-mw Solar Power Plant
Value: USD 500,000,000
Client: Oman Power and Water Procurement Company (OPWP)
Website: www.omanpwp.com

A consortium led by Saudi-based Acwa Power has secured a major contract from the Oman Power and Water Procurement Company (OPWP) for the development of the largest utility scale solar PV independent power project in the sultanate.

The list of pre-qualified companies is seen to be ready in the first quarter of 2018. The state-owned utility would then proceed with the tender for the solar independent power project (IPP), the investment in which is estimated at USD 500 million (EUR 421m).

The project is to be awarded late in 2018 and it will be developed under the build-own-operate (BOO) model. Oman wants to have the solar power plant in Ibri up and running in early 2021.

The consortium, which includes Kuwait-based groups Gulf Investment Corporation (GIC) and Alternative Energy Projects Company (AEPCo), has inked agreements for the development of Ibri-2 Independent Power Producer (IPP) with the Oman utility group OPWP.

 

IRAQ

Project: Central Bank Headquarters
Value: USD 800,000,000
Client: Central Bank of Iraq (CBI)
Website: www.cbi.iq

Iraq's Central Bank Tower is expected to be completed on schedule in 2021 at a cost of around $800 million. Daax Construction of Azerbaijan is constructing the 37-level building which overlooks Tigris River in central Baghdad, A $70-million design study was completed in 2012 and the project was awarded in 2018 to Daax. The 170-metre-high tower includes offices, lobby, museums, energy center, public area, personnel facility, cash management area, data and security centres and other facilities.

By: P&E Staff
Post Date: June 16, 2019
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