EDGE Group, an UAE-based defence company, has announced that its contracts under execution exceed $25 billion, underscoring the strong international demand for its products and solutions. About 50% of those contracts are allocated to exports and are scheduled over multi-year timelines.
Majid Al Futtaim, a leading mall developer and leisure pioneer in the region, has awarded the main construction contract worth over AED700 million ($191 million) for its prime residential community in Dubai - Distrikt Ghaf Woods - to Al Sahel Contracting, a part of the Al Nabooda Group.
Rua Al Madinah, a leading Saudi developer and PIF unit, has awarded a SAR8 billion ($2.1 billion) contract for the construction of superblock five within the holy city’s mega tourism and cultural development, featuring 10 branded hotels including JW Marriott, Le Meridien, Sheraton, Fairmont and Hyatt.
Riyadh Cables Group has announced that it has secured a SAR450 million ($120 million) contract from Saudi-based Mohammed Al Ojaimi Contracting Establishment for supply of cable products for some of its key power generation and transmission projects.
The GCC projects market experienced a slowdown in the first quarter due to the Middle East conflict with the total value of contracts plunging 9.7% to $61.2 billion, according to a report. This contraction was driven largely by a substantial downturn in contract awards within Saudi Arabia and UAE.
UAE-based Durar Group has appointed Ali & Sons as the main contractor for its flagship branded residential development - Moonstone Interiors by Missoni - on Al Marjan Island in Ras Al Khaimah. A premium development, it features 226 sea-facing residences along with key amenities.
UAE developer Arada has awarded the main construction contract for a K-12 school at Masaar, its AED9.5 billion ($2.6 billion) forested megaproject in Sharjah. Developed in partnership with Bright Capital Investment, the new Reigate Grammar School is the first branch campus of a UK school in the emirate.
Events linked to the Middle East conflict could give construction contractors in the region rights to claim relief from obligations they owe under their contracts, an expert has said.
KBR and Rabigh Refining & Petrochemical Company (Petro Rabigh) on Wednesday announced a strategic 10-year general maintenance services contract, with an optional two-year extension, covering Petro Rabigh Polymer I and Polymer II plants at Rabigh in Saudi Arabia.
Saudi-based Asas Makeen Real Estate Development and Investment Company has announced that it has signed up Tashyeed Hayat Contracting Company for carrying out construction work on several of its prime projects across capital Riyadh.
