Khalifa Economic Zones Abu Dhabi - KEZAD Group, one of the largest operators of integrated and purpose-built economic zones in the region, has announced the development of the KEZAD SME Hub, a purpose-built business platform for small and medium enterprises (SMEs).
UAE-based AHS Properties has announced that it has entered into a deal with Mismak Asset Management to acquire the 43-floor Shangri-La Hotel in Dubai for AED1.1 billion ($300 million) in one of the largest single-asset real estate transactions recorded in recent history. The 200-m property is located on Sheikh Zayed Road.
Saudi Arabia's Matarat Holding and the National Center for Privatisation & PPP (NCP) have issued request for proposals (RFP) to qualified bidders for the development of the new Taif International Airport project. A PPP project, it will be implemented under a Build-Transfer-Operate (BTO) model.
TKE Alat, a joint venture between TK Elevator (formerly known as ThyssenKrupp Elevator), and Alat, a Saudi Arabian manufacturing company, have announced the groundbreaking of its planned elevator and escalator manufacturing and multi-purpose facility at Dammam's Third Industrial City.
Saudi-based Dar Al Majed Real Estate Company has announced that it had signed an agreement with Jadwa Al Manzel Real Estate Fund to serve as the exclusive developer of a 27,000-sq-m residential project in Riyadh under a contract valued at SAR 211.6 million ($56.4 million).
Thumbay Group has broken ground on its new six-storey research facility located at Al Jurf, Ajman. Spanning 3,000 sq m, the key facility will serve as Gulf Medical University’s research ecosystem that will foster seamless collaboration between researchers, clinicians and healthcare innovators.
Saudi developer Rikaz said it has joined First Avenue Real Estate Development Company, AlMajdiah and SNB Capital for the establishment of a new investment fund that is focused on the kingdom's education sector. This initiative represents a strategic step in Rikaz’s growth journey, expanding its investments into a vital sector directly linked to human capital development and improving quality of life.
Dammam Airports has awarded a series of agreements worth SAR1.2 billion ($317 million) in bid to boost the infrastructure and operational capabilities at King Fahd International Airport. A major portion of the deals covers the construction of a new power station and medium-voltage electrical distribution network.
The Saudi Ports Authority (Mawani) has announced that it has signed a concession agreement with Saudi Global Ports (SGP) to develop, operate and manage the container terminal at Jubail Commercial Port, in a project involving investments of more than SAR2 billion ($528 million).
Construction activity across the Gulf region remains robust, supported by strong project execution and rising demand for building materials with concrete works up 10-13% and reinforcement steel up 16%, said a new report. The GCC currently has about $951 billion worth of projects under active execution.
