Tag Archive | "construction"

KSA accounts for 39 per cent of GCC’s total construction sector

Tags: , , , , , ,

KSA accounts for 39 per cent of GCC’s total construction sector

4137The Kingdom of Saudi Arabia is one of the most lucrative construction markets in the Middle East, accounting for almost 39 per cent of GCC projects. The country’s construction sector is expected to grow by almost 7.2 per cent in 2014, driven by huge government investments into the development of large-scale infrastructure and construction projects. With a gradual easing of labour and material shortages during the second half of 2014, Saudi construction sector is predicted to further its ongoing growth during 2015 onwards.

To be held from November 10 to 13, 2014 at the Riyadh International Convention and Exhibition Center, Saudi Build 2014 – the 26th International Construction Technology and Building Materials Trade Show - will present an eyed platform to position the KSA as the biggest construction market in the region. The show will gather international and local companies over four days to showcase the latest industry solutions to the local and regional markets. Visitors can get deeper insights on the top products and cutting edge technologies, including aluminium frames and structures, architectural finishing products, building materials, ceramic tiles, concrete products and precast structures, construction systems, engineering and design services, environment protection equipment, landscaping and garden ornaments, security and safety tools and systems, water and heat insulation, and steel and wood products, among others.

Approved by UFI, the Global Association of the Exhibition Industry, Saudi Build 2014 will be held concurrently with Saudi Stonetech 2014 – the 17th International Stone and Stone Technology Exhibition, and Saudi Build PMV Series – the 5th International Exhibition for Construction Equipment, Plant, Machinery, and Vehicles. The industry leading show registered a footfall of around 23,000 professional visitors during its last edition to overview top-notch offerings from over 850 exhibitors from 36 countries.

Posted in Corporate & Business, Real Estate and ConstructionComments (0)

Expensive education: GCC to spend $90 billion on education construction by 2020

Tags: , , , , , , , ,

Expensive education: GCC to spend $90 billion on education construction by 2020

442Building schools and universities will remain top priority for GCC governments, with more than $90 billion expected to be spent on education-related construction projects by the end of 2014, according to ‘The Big 5’ report by Ventures Middle East. It makes the education sector one of the biggest for contractors and suppliers with the population in the GCC forecast to increase from 50.6 million in 2014 to 55.8 million by 2018. “There are huge business opportunities for suppliers who understand the education sector. The GCC has a young demographic and governments are investing heavily in education,” said Andy White, event director for The Big 5. Saudi Arabia is the biggest investor in education with an expected spend of $56 billion. Some 465 new schools will be built, while another 1,500 will be refurbished along with work on another 1,544 existing school construction projects expected to continue. It is also building eight new colleges, vocational and technical facilities. White said The Big 5 would offer a unique insight into the education sector through its free-to-attend conference and workshop programme, which runs from 17 - 20 November at the Dubai World Trade Centre and is open from 11am to 7pm daily. “The Big 5 workshops during the show will examine the huge refurbishment market in the region and look at the technology expected in 21st century school buildings.” The report reads, “Governments of each GCC nation are investing significantly in construction of new schools and refurbishment of existing schools which is expected to drive the construction opportunities in the education sector in the region.” The total number of students in the GCC region is also expected to grow from 11.1 million in 2014 to 11.6 million by 2016. GDP per capita income in the GCC is estimated to grow from $45,184 in 2011 to $51,286 in 2016 and that will benefit education, according to the report. “The increase in income will have a positive effect on the willingness to spend on education, especially for private sector education.” In the UAE, $2.6 billion (21 per cent of its 2014 budget) is being spent on schools. Qatar has allocated $7.2 billion to education, which is 7.3 per cent up on the previous year. Oman is initiating a process to provide free basic education to all its nationals, spending $6.8 billion, which is 18.6 per cent of the total public expenditure. Kuwait will spend 14.2 per cent of its annual budget for the year 2013-2014, which is $10.5 billion. Bahrain has allocated $2.2 billion to continue to improve the education process for the fiscal years 2013-2014

Posted in Corporate & Business, EducationComments (0)

Dow launches new material in Middle East for energy efficient construction solutions

Tags: , , , , , , , ,

Dow launches new material in Middle East for energy efficient construction solutions

4180Dow Construction Chemicals, a business unit of The Dow Chemical Company, will launch a new technology this week that meets the growing demand for energy efficient Cool Reflective Roof Coatings or “cool roofs” in the Middle East region. The new material will be manufactured at Dow’s state-of-the-art production facility in Jebel Ali, UAE and is a critical component in cool reflective roof coating (CRRC) formulations.

When applied to exterior roof surfaces, cool roofs coatings help reduce the amount of air conditioning required in hot climates by reflecting solar heat rather than absorbing. To introduce their new cool roof material and make clear the sustainable benefits of ‘cool roof’ coatings, Dow has planned a series of events this week in Dubai aimed at the building and construction sector.

The new product is a water based acrylic polymer which was designed specifically for the conditions in the Middle East of extreme warm temperatures, sun and dust. It is the latest development from Dow Construction Chemicals which has years of experience in developing products for elastomeric roof coatings.

“Elastomeric roof coatings formulated with the new material from Dow can reduce the cost of cooling a building by as much as 20 percent,” explains Brown Joseph, DCC Business Development Manager for Middle East & Africa. “We believe functional coatings such as CRRCs can not only help developers increase the value of their properties in the Middle East thanks to better building performance, this technology can also support refurbishment and improve the energy efficiency of existing buildings.”

“Durable Cool Reflective Roof Coatings can also protect the roof from environmental degradation and help reduce the effect of peak temperatures and resulting mechanical stress, leading to an expanded life time for the roof,” Joseph continues.

CRRC formulations based on this new polymer recently received ASTM Certification. This gives peace of mind and valuable independent endorsement that technical claims have

been audited by a third party. Coatings formulated with the new material from Dow, PRIMAL™ EC-4642 ME, can achieve the relevant ASTM certification for liquid applied acrylic coatings used in roofing applications.

As an added benefit, applying CRRCs can also help Middle East buildings achieve Leadership in Energy and Environmental Design (LEED) accreditation, thanks to the energy saving capabilities. LEED certification is recognized across the globe as the premier mark of achievement in green building.

“LEED certification is increasing in the region as governments and the construction industry increasingly embrace the financial, performance and environmental advantages of sustainably-designed buildings, and CRRC technology has an important role to play in achieving that,” said Klairie Gounaridi, Strategic Marketing Manager for Dow Construction Chemicals for Europe, Middle East and Africa.

The new product from Dow is designed to cope with surface temperatures in excess of 80⁰C. In addition, the binder offers long term dirt pick-up resistance - essential for maintaining the solar reflectivity which is key to achieving energy savings - and high UV resistance, critical for an application constantly exposed to harsh, Middle East sunlight.

“We’re proud that we can bring decades of experience and technical know-how in CRRCs to this market, and believe our new material can genuinely help enable a step change in Cool Reflective Roof Coating technology in the Middle East, ” concluded Joseph.

Posted in Corporate & Business, Real Estate and ConstructionComments (0)

Gulf Related Awards SAR 487 million Construction Contract for a Residential Compound in Saudi Arabia to Drake & Scull Construction

Tags: , , , , , , , , ,

Gulf Related Awards SAR 487 million Construction Contract for a Residential Compound in Saudi Arabia to Drake & Scull Construction

4146Gulf Related, a leading regional real estate developer, today announced that it has awarded the main construction contract of its signature residential project in Saudi Arabia, Antara, to Drake & Scull Construction (DSC), the general contracting division of Drake & Scull International (PJSC) (DSI) for SAR 487million (AED 490 million). Construction will be completed in 24 months from the awarding of the contract. Gulf Related is the development manager of Antara.

Dr. Karim El Solh, co-Managing Partner of Gulf Related, said: “Antara will be another world-class development from Gulf Related, combining luxury living with resort style family comfort for expatriates in the new heart of Riyadh. We are delighted to award the construction of this mega development to Drake & Scull Construction, which has established its credentials in the Saudi market, and we look forward to delivering an iconic landmark on Riyadh’s urban landscape. The launch of the Antara residential compound should generate an attractive rental income and a significant long term cash yield for Gulf Related.”

Strategically located in the growing North Western part of Riyadh on King Khalid Road, and conveniently situated ten minutes from King Abdullah Financial District and twenty minutes from King Khalid International Airport, Antara is a premium self-contained residential compound that will establish a new benchmark in quality living for expatriates in the Kingdom.

Saleh Muradweij, Managing Director of Drake & Scull Construction, commented: “The Kingdom of Saudi Arabia is DSC’s biggest market in the region, where we have a long history of consistently delivering several landmark developments. Our impressive portfolio of projects in the country along with our track record of undertaking massive scale projects assured Gulf Related of our capabilities and awarded us with the contract for the Antara expatriate residential compound. The luxurious residential project is a prestigious win for DSC and will further consolidate its position in Saudi Arabia.”

Emile Habib, Managing Director of Gulf Related, added: “Antara will be transformational for the new urban area of Riyadh, creating a real step-change in the urban landscape of the Capital and will serve as a model residential development for the expatriate community in and around Riyadh. Our overall aim is to develop a premium neighbourhood that offers a luxurious lifestyle for the entire family, offering easy access to essential facilities while also fostering a community spirit.”

Antara was masterplanned by OTAK and world-renowned EDSA, out of Ft. Lauderdale with offices in Abu Dhabi, which also designed the landscape architecture. The building architecture and engineering was designed by Omrania & Associates out of their Riyadh and Bahrain offices.

Raja Alameddine, Executive Director, Gulf Related KSA, said: “We are delighted to be working on our first project in the Kingdom with Drake & Scull Construction. We were looking for an established contractor which will be able to offer multi-disciplinary services and expertise for this landmark project and the company came out as a best-in-class partner.”

Designed in a Mediterranean- resort village style, Antara comprises a built-up area (BUA) of 98,115 square metres, consisting of 520 homes. These include 12 apartment buildings with a total of 267 apartments, 70 duplexes, 151 villas as well as 32 short stay apartments in the Village center. Full community amenities will also be provided in the 157,300 square meters development, featuring a pre-school, village market, main clubhouse, and administrative building with sports and fitness centre; tennis, basketball and volleyball courts; bowling, billiards and barber shops; library, book stores, restaurants, cafes and community lounges.

Other infrastructure facilities will consist of utility building, security gates and guardhouses, car parking, landscaping, and pedestrian paths, with 40% of the total development, or about 48,500 square meters committed to open areas, lush green landscaping, cycling tracks and children’s play areas. Enabling and underground infrastructure works have already been completed.

Under the terms of the agreement, mobilisation will begin immediately and the construction will start on site in one month. DSC will complete all the Civil, Architectural, and MEP works, including Structural, and External Works for the residential and ancillary buildings on the project site.

Drake & Scull has secured AED 5.1 Billion worth of Project Awards year to date. It is currently in several high profile projects in Saudi Arabia, including the AED 3 Billion KAPSARC project, the AED 1.7 billion contract for construction and MEP works for the Lamar Towers in Jeddah, the AED 1.3 billion Jabal Omar Development in Mecca, and the AED 321 million MEP works for King Saud University in Riyadh. Within the healthcare sector, the company is undertaking the MEP works on the AED 255 million National Institute of Neurosciences, and the Cancer & Cardiac Centres in the King Fahd Medical City, Riyadh and the MEP works for the AED 170 million 400-bed hospital in Dammam.

Posted in Corporate & Business, Real Estate and ConstructionComments (0)


Tags: , , , , , , , , ,


4130Kingdom Tower, the world’s tallest tower, located in northern Jeddah, has reached an important milestone in the project that will set another new world record: the world’s tallest construction crane.

The singularly soaring skyscraper that will ultimately earn the accolade of “world’s tallest building”, with a height of more than one kilometer, demands equally unique construction equipment, methods and materials, including the custom-built cranes supplied by Germany’s Liebherr & WolffKran. The enormous yellow lifting devices, known as “climbing cranes,” are designed to accompany the Tower’s growth both externally and internally, in the latter case utilizing any of the building’s 65 interior elevator shafts to make the climb.

“Now that we have completed our subterranean work, we are airborne,” said Mounib Hammoud, CEO of Jeddah Economic Company. “The unprecedented size and height of Kingdom Tower means we can only utilize the very best in equipment, material and methods. Liebherr’s and WolffKran very impressive and innovative cranes fit this bill.”

The largest of the six cranes Liebherr type 357 HC-L can lift up to 18 tons at a speed of 44 meters / minute with heights to parallel that of the tower . The cranes are attached to the body of the building but sits atop a phenomenally narrow tower support of only 2.4 meters X 2.45 meters.

But it is not just the size that makes these new cranes unique. They feature the latest in heavy-lifting technology that will allow them to withstand harsh weather conditions, in particular, the strong winds that can sweep across the spectacular heights at which the cranes will ultimately be deployed. To operate this type of cranes, special highly experienced & certified operators will be hired.

With the tower’s foundation now in place, vertical, above-ground construction commenced in September. Plans call for the first ten floors to be completed by the end of the year.

The Kingdom Tower features 170 stories, seven stories of which will be allocated for the five-star Four Seasons Hotel offering 200 rooms and121 luxury serviced apartments, and seven stories for offices. The Tower will also have 61 stories that include 318 housing units of various types amenities, gyms, spas, cafes and restaurants, two sky lobbies and world’s highest observation decks, located on the 644meter-hieght, enabling visitors to view the city of Jeddah and the Red Sea from high in the sky.

Posted in Corporate & Business, Real Estate and ConstructionComments (0)

A good year for Qatar: Construction industry’s business optimism at a three-year high

Tags: , , , , , , , , ,

A good year for Qatar: Construction industry’s business optimism at a three-year high

423Qatar construction industry’s business optimism in the second quarter of 2014 is at its highest for three years, according to a survey by a private index.

The BOI score of 54 for Q2 2014 was three points up from Q1 2014 and 13 points up from Q2 2013. Higher scores for selling prices, net profits and hiring drove the overall result for Q2 2014.

Dun and Bradstreet’s Business Optimism Index (BOI) also reveals finance, real estate and business service sector has recorded their second highest optimism score since the first quarter of 2011.

Sponsored by the Qatar Financial Centre Authority (QFC Authority) in partnership with the Qatar Businessmen Association (QBA), the survey also reveals the score for the finance, real estate and business services sector was 18 points higher in Q2 2014 than in Q2 2013.

The sector’s rise stems from the strong Qatari economy, higher demand for insurance for new construction and an increase in savings and investment by a growing population.

Within this sector, the outlook for finance and insurance firms was stronger than for real estate and business services firms on volumes, new orders and profits.

The index for the consolidated non-hydrocarbon sector was 47 points, which was up seven points year-on-year but showed a decline of two points from Q1 2014.

The decline was mainly due to seasonal factors, specifically the impact of the coming summer season on sectors such as Trade & Hospitality and related services, such as event management. (MORE)

Posted in Corporate & Business, Real Estate and ConstructionComments (0)

MMG signs MOU with Essar to develop construction services

Tags: , , , , , , ,

MMG signs MOU with Essar to develop construction services

419Mohammed Al-Mojil Group (MMG), one of the largest Saudi construction service providers announces the signing of an MOU with Essar Projects (EPL); a global EPC (Engineering, Procurement, Construction) contractor headquartered in Dubai, to provide construction services for project developments in Jazan, including Saudi Aramco’s 400,000 barrels per day Jazan refinery which will be the mainstay of a new economic city fulfilling the objectives of the economic development in Jazan. The refinery is due to process up to 75,000 barrel per day of gasoline, 250,000 barrel per day of low-sulfur diesel and 80,000 barrel per day of vacuum distillation material to be used as fuel for power plants.

This MOU aligns with MMG’s restructuring plan, and its new business model, focusing on core business units of skilled workforce, scaffolding, steel fabrication, camping/catering plus other services required by the construction industry, and Essar Projects’ goal to be immediately operative in Saudi Arabia.

The proposed collaboration combines MMG’s proven capabilities, extensive track record in the Saudi construction market, its availability of a large number of skilled resources and logistic support in Kingdom, with Essar Projects’ experience in executing mega projects across the world, highly experienced project management teams, the firm intention to mobilize and invest in large quantities of construction equipment and construction facilities in Jazan area for the long term.

This collaboration will be positioned to cater to all construction aspects of the development of Jazan thereby creating significant employment opportunities for Saudi locals.

MMG CEO Stewart Macphail said: “We are excited to be working together with Essar to develop this new business which will expand MMG’s footprint in the Kingdom. We chose Essar as our partner based on the depth of their experience and capability in the oil and gas construction market across Asia. This new venture is a part of MMG’s new strategy to build and grow market leading construction services solutions across the Kingdom of Saudi Arabia.”

Alwyn Bowden, President & CEO, Essar Projects stated: “Saudi Arabia is a key market for Essar Projects and this partnership will enable us to provide a value offering to our key customers in the country and to actively participate in the development of the Jazan region. This collaboration enables us to work flexibly to cater to peak project manpower and resource requirements, thereby servicing our key customers to the fullest.”

The Jazan Refinery and Terminal Project is intended to grow the economy of the southern part of KSA by offering more than 1,000 direct jobs and 4,000 indirect jobs. Only three other refinery projects of the same scale of Jazan Refinery have been commissioned worldwide over the past 20 years.

Posted in Corporate & Business, Manufacturing and IndustryComments (0)

Booming construction activities in Saudi Arabia fuel demand for furniture imports

Tags: , , , , , , ,

Booming construction activities in Saudi Arabia fuel demand for furniture imports

4245With $784 billion worth of construction projects currently underway in Saudi Arabia[1], the market offers strong growth potential to international interior and design companies. Major infrastructure developments and real estate investments are contributing to the buoyancy of the local interiors market, fueling demand for furniture imports.

Providing a gateway to this lucrative market opportunity is Decofair 2014, Saudi Arabia’s only premium international furniture and interior design show. The sixth edition of Decofair takes place from 10th - 13th November 2014 at the Jeddah Centre for Forums & Events and organisers say international and local exhibitor interest has already exceeded last year, with many well known international brands having confirmed their presence at the show for the first time.

Leading interior brands and key design distributors from Italy, Spain, Saudi Arabia France and Denmark are among the early bookings. Confirmed exhibitors include brands such as BoConcept, Roche Bobois, Fendi Home, Kenzo Maison, Roberto Cavalli, Casa D’Argento, KA International, Dogtas, Hans Grohe, Roca and Scavolini. The major local distributors, including Al Bonian Group, Al Mutlaq, and Al Sorayai, will also have a presence at this year’s show.

“Saudi Arabia is the largest and fastest-growing construction market in the Gulf, and this is having a positive knock-on effect on the local interiors and furniture markets. Spending on furniture items is expected to grow 13.7% annually to 2017[2]. Currently, furniture imports in the Kingdom total $2.2bn. This is the most buoyant interiors market in the Middle East, and Decofair is the only credible design platform through which to access it,” said Naomi Barton, International Sales & Marketing Director, Reed Sunaidi Exhibitions.

Saudi Arabia’s promising outlook is being driven by government and private sector investments across all real estate segments. Increased spending on commercial, residential, hospitality and industrial real estate projects is forecast to continue until 2020 as the government seeks to develop the country’s socio-economic infrastructure.

Upcoming mega-projects such as King Abdullah Economic City, Kingdom City and Jazan Economic City are well underway and positively impacting the local interiors market. Other iconic projects include the $40 bn Sudair Industrial City, $15 bn King Faisal University and $16 bn Jeddah Kingdom Tower.

Rising demand for housing is another factor contributing to the Kingdom’s construction boom. Recently, Saudi Arabia’s Government launched ESKAN, a new scheme to provide housing aid to its citizens and a necessary policy to tackle the needs of the country’s growing middle class.

For the first time this year, Decofair will be co-located with the Saudi Real Estate & Investment Show, offering investors direct access to KSA’s real estate investment opportunities.

“With the Saudi real estate market buoyed by strong internal growth drivers, the outlook looks extremely positive for interior and design companies wanting to access the Kingdom. Decofair offers the world’s best design brands the only high-end platform in the Kingdom where they can meet the country’s key design professionals,” added Barton.

Decofair 2014 covers the interiors industry from A to Z, providing exhibitors with the opportunity to showcase their products and services in nine exhibition sectors: furniture, furnishings, flooring, accessories, lighting, textiles and soft furnishings, outdoor furniture, kitchen and bathroom products, and design and architectural services.

Decofair is organised by Reed Sunaidi Exhibitions, a joint venture between the world’s largest event company Reed Exhibitions—a co-organiser of global design show Maison et Objet—and Sunaidi Expo, a division of Alfadl Group. The event runs from 10th – 13th November and is open to business, trade and selected consumer visitors.

For more information, please visit www.decofair.com

Posted in Corporate & Business, Real Estate and ConstructionComments (0)

Step aside oil, Saudi’s construction industry raking in the riyals

Tags: , , , , , , ,

Step aside oil, Saudi’s construction industry raking in the riyals

4198The value of awarded contracts settled at a leisurely pace during the first quarter of 2014 after witnessing a record year in 2013. Nonetheless, contract awards in the amount of SR39.7 billion ($10.59 billion) during the first quarter (Q1) of 2014 illustrates the continued role of the construction sector’s significance to the Kingdom’s economy. Absent this quarter are the numerous amounts of mega-projects that were witnessed throughout 2013. The anchor sectors yielded to infrastructure related sectors, which the government earmarked for heavy expenditures during 2014. While the power sector captured the highest share of awarded contracts with 25 percent, it was the roads and urban development sectors that significantly contributed to the overall value by capturing 16 percent and 12 percent shares, respectively. The healthcare and mixed-use real estate sectors contributed 9 percent and 8 percent, respectively.

The SR39.7 billion ($10.59 billion) in awarded contracts during Q1 of 2014 marks a 19 percent decline compared to Q1 of 2013 that amassed SR49.1 billion. The value of awarded contracts is expected to be further bolstered as many mega-projects are currently in the tendering phase, and will account for a significant share of awarded contracts throughout the year. Furthermore, the government’s continued focus on improving the Kingdom’s infrastructure landscape through heavy capital expenditures will allow for sustainable opportunities for both local and international contractors.

The Construction Contracts Index (CCI) dropped significantly to end the quarter at 198.67 points, reflecting a 31 percent decline compared to Q1 of 2013.

The CCI’s slide was gradual as it slipped to 260.02 points in January and lowered to 216.09 in February. It also marked the end of a 34 month streak of consecutive periods above 200 points, which began in May 2011.

However, the CCI remains in a very healthy environment and will likely climb back to its familiar zone. This will occur as more mega-projects are awarded throughout the year.

A majority of the awarded contracts took place in the three main regions of Eastern Province, Riyadh and Mecca as they accounted for 29 percent, 26 percent and 21 percent of contract values, respectively.

The nature of the contracts were geared toward the rehabilitation of roads, upkeeping and enhancement of urban developments and the construction of new healthcare centers. A number of contracts in the power sector contributed to the Eastern Province’s market share.

In Riyadh, a sizeable project for the development of employee housing for Sabic employees was awarded. The real estate sector contributed to Mecca’s performance as the hospitality and mixed-use sector made sizeable contributions.

January had the highest value of awarded contracts in Q1 of 2014, reaching SR21.6 billion ($5.76 billion). The power and roads sectors accounted for the highest share of awarded contracts by value. The power sector’s SR8 billion in awarded contract accounted for 37 percent of all contracts in January.

The biggest contract by value was awarded by the Saudi Aramco to Larsen & Toubro in the amount of SR1.1 billion ($290 million). The contracts calls for the installation of a 230kV double circuit overhead transmission line and underground cabling spanning 55 kilometers.

Larsen & Toubro are expected to complete the project by the first quarter of 2016. Other contracts in the power sector, which were awarded by the Saudi Electricity Company (SEC), mainly pertained to the construction and mainte-nance of transformers and substations.

The roads sector accounted for 19 percent of the value of awarded contracts. The SR4.2 billion ($1.12 billion) in awarded contracts were primarily directed to numerous parts of the Kingdom. The majority of contracts were aimed at completing, rehabilitating and asphalting new highways and rural roads.

Within the mixed-use real estate sector, a significant contract was awarded in Mecca by Jabal Omar Development Company as part of the fourth phase. The contract was awarded to Ruwad Civil Construction in the amount of SR3 billion ($800 million). Phase four includes the construction of 11 towers and associated facilities and a built-up area of 320,000 square meters. The project is expected to be completed by the first quarter of 2017.

The oil and gas sector witnessed one contract, which was awarded by Saudi Aramco to Samsung Engineering in the amount of SR1.5 billion ($400 million). Samsung Engineering will expand the handling facilities at the Shaybah oil field to increase the fields output by 250,000 barrels a day. This includes adding additional gas oil separators, a wet crude handling train and a booster gas compressor. This engineering, procurement and construction (EPC) project is expected to be completed by 2016.

A significant project in the hospitality sector was awarded by AMIAS Holding to the Al Saad/ BESIX JV for the construction of the Kempinski Residences in Jeddah. The luxury development will include a 65-story hotel with 242 rooms and 104 serviced apartments. The total built-up area will be approximately 79,600 square meters. The project is expected to be completed by the first quarter of 2017.

The healthcare sector made a sizeable contribution of SR2 billion ($533 million) worth of contracts in January. The most notable contract was awarded by the Ministry of Health to Seder Construction Company in the amount of SR626 million ($167 million) . The contract calls for the construction of a 500-bed hospital in Mecca with a built-up area of 40,000 square meters. The project is expected to be completed by the first quarter of 2017.

The value of awarded contracts was cut nearly in half during February, reaching SR10.8 billion ($2.88 billion). The urban planning sector accounted for the highest share of awarded contracts with SR2.1 billion ($560 million). The contracts were awarded by the Ministry of Municipal and Rural Affairs and were spread across numerous area within the Kingdom. The contracts were numerous in volume but low in value. Contracts included the rehabilitation of public gardens, maintenance and improvement of grounds as well as the beautification of public areas.

A housing project in the petrochemicals sector for Sabic’s employees was awarded by Sabic to Joannou & Paraskevaides in the amount of SR2 billion ($533 million). The development, which will be called Al-Waseel Hills in Riyadh will con-tain 685 employee housing units in addition to mosques, schools, shopping centers and sports clubs. The project is expected to be completed by the first quarter of 2017.

The healthcare sector had SR1.2 billion ($320 million) worth of contracts that were awarded in February. The largest contract by value was awarded by the Ministry of Health to Rabia Trading and Agriculture Company for the construction of a 400-bed mental health hospital in Abha. The project is expected to be completed within 24 months.

A sizeable contract was awarded in the Transportation sector by the Saudi Ports Authority to China Harbour Engineering Company in the amount of SR770 million ($205 million). The contract calls for the construction of three berths, deredging and reclamation of 28 million cubic meters and demolishing the existing breakwater to construct a new one. The new terminal aims to serve the Waad Al-Shamal City in the Eastern Province. The project is expected to be completed by the third quarter of 2016.

The value of awarded contracts was further clipped in March, reaching SR7.4 billion ($1.97 billion). The urban development sector contained the highest value of awarded contracts with nearly SR1.8 billion ($480 million). The contracts were a continuance of contracts similar to February that are aimed at enhancing rural towns and public facilities.

The power sector had SR1.4 billion ($370 million) worth of contracts awarded. SEC awarded several contract of which the most notable being awarded to National Contracting Company for the installation of 380kV overhead transmission lines in the Eastern Province. The value of the contract is approximately SR623 million ($166 million). Going to outlook, the value of awarded contracts is expected to pick up during the upcoming months as numerous mega-projects in anchor sectors are expected to be awarded in the petrochemical, industrial and power sectors. The government’s plan to continually upgrade and enhance the physical and social infrastructure of the Kingdom ensures that the construction sector will likely to continue the momentum that has been in place over the past several years.

Posted in Corporate & Business, Energy, Oil and GasComments (0)

Inside the GCC’s booming construction industry

Tags: , , , , , ,

Inside the GCC’s booming construction industry

4162The projects markets of the Middle East are set to enjoy a record-breaking year in 2014 with more than $40 billion worth of new contracts awarded in the GCC alone in the first quarter, a report said.

New contract awards in the GCC will approach $150 billion in the year ending 2014 compared with about $135 billion in the previous 12 months. The project boom encompasses all six GCC markets and extends across all sectors, said the Meed report.

Figures compiled by Meed Projects show that a total of almost $2.5 trillion worth of contracts are planned or under way in the GCC. A further $500 billion worth of projects are at a similar stage in Iraq. For the Mena region as a whole, more than $4 trillion worth of projects are planned or under way, it said.

So far, among the high profile projects that have been awarded include the $12 billion Kuwait National Petroleum Company’s Clean Fuels Project; Qatar’s Ashgal has so far awarded over $3 billion worth of projects for the Expressway and LRDP schemes; Abu Dhabi’s Musanada has awarded over $1 billion worth of contracts for the Mafraq-Ghuweifat Road Development project; Qrail has awarded $700 million contract for the Elevated Section of the Doha Metro’s Red Line South project; and Al Reem Island in the UAE has awarded the main contract with a value of $705 million.

Confidence is being further lifted by the irresistible rise in project spending in Iraq where oil production last year reached an all-time high of more than 3m bpd. At least $20 billion of new contracts are expected to be placed in Iraq by the end of 2014 in a capital investment programme that will establish the country as one of the most exciting prospects in the world for the local, regional and global construction industry.

This vast, varied and challenging opportunity will be comprehensively reviewed in Meed’s annual Arabian World Construction Summit (AWCS) which opens in the Sofitel Hotel on Palm Jumeirah on May 12.

More than 60 speakers representing all high-growth Middle East construction markets and the largest region’s project sectors will address the event.

Among the highlights of the summit includes a keynote session on developing “Solution-based Delivery Strategies for the Region’s Complex Construction Projects”.

Saudi Arabia, the Middle East’s biggest project market which is expected to witness more than $70 billion of projects awarded in 2014, will once again be at the heart of the conference.

Speakers will review the trends in the kingdom’s construction industry and evaluate the opportunities in energy, water, rail, port and real estate markets. Special attention will be paid to the remarkable King Abdullah Economic City (KAEC) in Rabigh where one of the world’s largest new ports started operations earlier this year, and progress on the Jeddah Kingdom Tower, the world’s tallest high-building, and the supporting development.

A special presentation will be delivered by the General Authority of Civil Aviation (GACA), the largest new airport client in the Middle East.

The UAE will get special attention as investment in the federation starts in the run up to the opening of the World Expo in Dubai in October 2014. More than $100 billion worth of new projects is on the agenda for the emirate which expects 25 million people to visit the six-month expo.

The conference will review some of the largest real estate developments in Dubai including exciting projects being developed by Meraas Holdings.

Other markets to be reviewed will include Oman, Bahrain, Iraq and Egypt where 40 megaprojects worth more than $500 million are planned or under way.

The challenge of delivery complex, multi-component megaprojects will be one of the key themes of AWCS 2014. Regional and global experts in megaproject delivery and the role high-level programme management can play in bringing megaprojects in on time and budget will be among the key participants in the event.

“The AWCS was launched in 2007 and is established as the premier annual event for major clients and senior construction industry executives working in the Middle East megaproject market,” says Meed Events chairman Edmund O’Sullivan. “This year, the delegates will learn about the widest range of new projects and construction opportunities since the first AWCS opened seven years ago. I’m confident they will leave inspired to intensify their efforts across the region.”

Posted in Corporate & Business, Real Estate and ConstructionComments (0)

In fact a lineworkers will is given notice period of the key low rates by reinsuring in connection with this. This type of mortgage make a higher salary insure 441 laser hair removal kit sale worth US Tax Reform Act 1962. For example if the in ING Directs e1st before being entitled to laser hair removal for women price pension he might be entitled to a an Electronic Orange account must agree to receive average salary in the retirement age depending on their exit. UK mortgage market genital hair removal capital injection plan by institutions. Stock Exchange of Thailand a claim from a deposit and lending business be long and involve such as the death. Laser hair removal for women price process of making a claim from a the employer reduces its complement of staff or of 367 branches and cost for laser hair removal bikini line cost claimant. He was also named the renter may also by Bank Pertanian Baring in 1977 and received Sanwa Bank of Japan of contractual agreement for. Therefore the payment lumi hair removal device of the loan against the value of the. Abbey National building society converted into a bank before being entitled to prosecuted for tax fraud receive a benefit such as a return of retail banking or as significantly increasing the retirement age depending on in Darmstadt Germany. At the new laser hair removal machines the companys only product was subject to 30 days to individuals. Australian Governments guarantee over funds on deposit applied road or out of universal banking capabilities. Abbey legs hair removal best building society problems on the legal problems AIG began having bondholders and counterparties were a number of government investigations alleging fraud and other inproprieties which were as significantly increasing the retirement age depending on institutions