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Сontracts of April 2024 Boost Middle East's Growth

Сontracts of April 2024 Boost Middle East's Growth

Сontracts of April 2024 Boost Middle East's Growth

Published 20 May 2024
The Middle East's commitment to urban development and innovation is increasingly visible, particularly through the growing number of construction and infrastructure projects signed in April. Notable companies such as Hassan Allam Construction, Technip Energies, Mitsubishi Consortium, Dar Al Arkan, Egis, and others have secured significant contracts.

The developments indicate a strong commitment from Middle Eastern nations to not only boost their infrastructure and residential capacities but also to ensure sustainability and economic diversification. This ongoing transformation is poised to redefine the region's landscape, making it a key player in the global market while offering enhanced quality of life for its residents.

SEDRA BY ROSHN Group

ROSHN Group, backed by Saudi Arabia's PIF, signed a USD 57 million agreement with Dar Al Arkan to develop residential villas in the SEDRA community near Riyadh. This deal follows a similar agreement from 2023, cementing Dar Al Arkan’s role as a leading developer in the region.

Dar Al Arkan, established in 1994 and the largest developer by market value in Saudi Arabia, has built 15,000 residential villas across eight countries. Additionally, they recently launched luxury villas designed in collaboration with Elie Saab within the same SEDRA community. ROSHN continues to expand, having launched several new developments across Riyadh and Jeddah in the past year.
Source: zawya

Al Zour Power Station Upgrade by Mitsubishi Power And HEISCO

Mitsubishi Power and HEISCO have secured a contract to enhance the Al Zour South Power Station in Kuwait. This project will upgrade the facility, boosting its capacity and reliability to meet growing energy needs and reduce emissions.

The station, central to Kuwait since the 1980s, will see improvements in its boilers and control systems to extend its operational life and improve environmental performance. This initiative aligns with Kuwait's Vision 2035 to develop a sustainable, low-carbon energy sector.

Marsa LNG Project by Technip Energies

Technip Energies has been awarded a contract by TotalEnergies and OQ to build a natural gas liquefaction train in Sohar, Oman, valued between USD 532 million and USD 1.06 billion. Technip Energies has been awarded a contract by TotalEnergies and OQ to build a natural gas liquefaction train in Sohar, Oman, valued between USD 532 million and USD1.06 billion.

The project, part of the Marsa LNG complex, will produce 1 million tons of LNG annually, powered entirely by renewable energy from a planned nearby solar farm. This LNG will serve as a low-carbon marine fuel, aligning with global efforts to reduce emissions in shipping and supporting the transition to net-zero emissions.

The UAE-Oman Hafeet Rail Link by Siemens and Hassan Allam Co

Siemens Mobility and Hassan Allam Construction have secured a contract from Oman–Etihad Rail to construct the Abu Dhabi–Sohar railway, a 303-km link that represents the first cross-country railway network in the Middle East, fully integrated into the GCC network.

The UAE-Oman rail project will boost economic ties by connecting Sohar Port to the UAE National Railway, enhancing trade and logistics. It will also support industrial and tourism growth between the two nations.
Source: MEED

Al Metlaa Residential District by Kuwait Public Authority For Housing Welfare

Kuwait’s Public Authority for Housing Welfare (PAHW) has allocated USD 140 million to construct public amenities in Al Metlaa, including schools and shops.

Despite these developments, Kuwait's residential real estate market declined by 30% in 2023 due to increased costs and higher discount rates. But a new law allowing foreign property ownership could stimulate growth.

The Marina Hotel At Amaala Triple Bay by Hassan Allam

Hassan Allam Holding, a leading Egyptian construction company, has expanded its contract for the Marina Hotel project in Amaala Triple Bay, Saudi Arabia.

The contract now includes civil construction and infrastructure for a 61,128 sq m area. This project is part of Amaala's broader development, featuring luxury accommodations and wellness resorts, supporting Saudi Arabia's economic and tourism growth.
Source: hassanallam

The Masaar Megaproject by Arada

Arada has issued two contracts totaling USD 167.5 million to construct 565 homes in Azalea, the fourth phase of the USD 2.6 billion Masaar project in Sharjah's Suyoh district.

With a completion target of end-2025, this phase continues the development of Masaar, which will feature 3,000 homes set in a nature-inspired community with a "green spine" of 70,000 trees. The contracts for Azalea have been awarded to Saleh Construction LLC and Yanal Building Contracting Company.

Azizi Venice Project by MZ Architects Collaborates

Azizi Developments, a major UAE developer, has partnered with MZ Architects to design 11 buildings within the USD 8.2 billion Azizi Venice project in Dubai South.

MZ Architects, renowned for its innovative designs since 2002, will contribute to the development which includes over 30,000 residential units and more than 400 luxury villas. Azizi Venice features a luxurious, temperature-controlled pedestrian boulevard with shops, eateries, and Azizi Opera, a cultural venue.
Source: azizivenice

South Bay Project by Al Kharafi Construction

Dubai South Properties has contracted Al Kharafi Construction for USD 408 million to build phases three to five of the South Bay project, slated for completion by Q1 2027.

Previously, GINCO General Contracting LLC handled the initial phases and infrastructure. The completed project will feature over 800 villas, 200+ waterfront mansions, a 1-km lagoon, and extensive amenities including a promenade, beaches, and a mall. The CEO of Dubai South Properties, Nabil Al Kindi, also announced plans for a new luxury apartment project in the area, aimed at enhancing the residential offerings in Dubai South, where over 25,000 people currently reside.
Construction Content Writer
Anna has a background in IT companies and has written numerous articles on technology topics. Now, building up her expertise in construction and legal regulations, Anna expands the horizons of our blog and delights her readers with insightful articles.
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