Saudi real estate company Dar Al Arkan and Qatar’s government-backed developer Qetaifan Projects have partnered over a luxury project to be developed at Qetaifan Island North, a new waterfront leisure destination.

Reports suggest that the deal is valued at QAR 700 million (about USD 192 million).

According to a statement, the two companies have signed an agreement for a “premium project” at Qetaifan Island North. This would be Dar Al Arkan’s first project in Qatar, the statement said.

The project will feature premium sea-facing residential units and specialised retail outlets. Sales from the project are expected to surpass QAR 1 billion (about USD 275 million).

Work on the project will commence in Q2 next year, the statement said.

“We are excited to become part of Doha’s thriving real-estate market. As the nation gets ready to host the World Cup next year, we believe this global event will have positive implications for the market and position Qatar as a desirable market that is equally attractive to both local residents and international investors,” Ziad El Chaar, Vice Chairperson of Dar Al Arkan Properties, said about the deal.

Qetaifan Island North has crossed QAR 1 billion in sales

Qetaifan Island North is a waterfront hub in Lusail city, spanning 1.3 million square metres.

The island will feature luxury hotels, waterfront shopping, a salt canal and a water park, a restaurant promenade, a linear park, and retail outlets as well. The development will also have mixed-use residential options, including a total of 107 villas, and 3,650 apartments and penthouses.

Phase One of the Qetaifan Island North project is scheduled to be completed by November this year. Meanwhile, the tourism project has crossed QAR 1 billion in sales so far.

More recently, it was announced that two projects for a combined value of USD 174 million were being developed at the island. These projects, a healthcare facility and a British school, were being developed through a partnership between Qetaifan Projects, UK-based developer Fenton Whelan, and investment and development firm Aplomado Investments.

Work on the two projects is scheduled to commence in Q1 next year.

“Qetaifan Island North is being developed to become an attractive and sought-after destination with its many residential, entertainment, retail and recreational offerings that will put Qatar on the regional and global tourism map,” Sheikh Nasser Bin Abdulrahman Al-Thani, Managing Director at Qetaifan Projects, said about the new destination.

 

_{Photo credits: https://www.qetaifanprojects.com/island/}

Majid Al Futtaim Communities and Sharjah Asset Management have commenced the handover for the second phase of Al Lilac, a residential project in Sharjah, according to a statement. Majid Al Futtaim Communities is held by Majid Al Futtaim Properties.

Al Lilac is located in Al Zahia, a real estate residential community near Industrial Area 13 in Sharjah. Spanning over a million square metres, the community is owned by Sharjah Holding. Sharjah Holding is a joint venture between Majid Al Futtaim Properties and Sharjah Asset Management.

The second phase of Al Lilac consists of 169 homes, including three-bedroom townhouses, courtyard villas and five-bedroom villas.

Al Lilac is the third fully occupied neighbourhood within Al Zahia

The first phase of Al Lilac was completed in March this year, the statement said. Al Lilac was launched in 2017, with the final release of homes in the neighbourhood announced in 2018. Al Lilac is designed to accommodate over 285 families.

Majid Al Futtaim Communities has already completed the launch and handover of two other residential projects within Al Zahia, Al Jouri and Al Narjis. This makes Al Lilac the third neighbourhood to be fully occupied within the community, the statement noted.

Meanwhile, ground was broken on Al Yasmeen Phase B in September this year. The fourth neighbourhood within Al Zahia, the two phases of the Al Yasmeen will feature over 200 luxury villas and townhouses.

Al Zahia has a total of six neighbourhoods and is scheduled for completion by 2023. It will include 3,700 homes upon completion, along with a clubhouse and six themed parks.

As of May 2021, 64% of the project had already been sold, with 800 families taking up occupancy in Al Zahia, according to an earlier statement.

“Rich in culture and diversity, Al Lilac appeals to those who seek a combination of grandeur and home comforts, making it one of Sharjah’s most desired and distinctive neighbourhoods,” Walid Al Hashimi, CEO of Sharjah Holding, said. “Adding to the appeal is the neighbourhood's rich architecture, lavish amenities and unparalleled lifestyle benefits, which make it the cultural heart of Sharjah’s premier lifestyle destination.”

Earlier this year, Majid Al Futtaim also opened City Centre Al Zahia, after a delay due to the COVID-19 pandemic. The AED 2.6 billion mall is within walking distance of the Al Zahia community in Sharjah. The mall covers 136,200 square metres in gross leasable space, making it the largest mall in the Northern Emirates.

^{Photo credit: https://www.alzahia.ae/en}

Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai announced a five-year plan to transform Hatta into a major destination for tourism, business, and investment yesterday.

The Hatta Master Development Plan forms part of the Dubai 2040 Urban Master Plan which was launched earlier this year, and covers four core pillars: sustainability, sports and activities, tourism, and wellbeing.

The plan is set to be implemented over the next five-years in the initial stage and includes a specific project, Hatta Beach, which will see the creation of tourist facilities and investment opportunities.

“We announce the launch of the Hatta Master Development Plan with an ambitious portfolio of development projects that will serve the needs of Hatta and its residents,” said Sheikh Mohammed in a visit to the region on Saturday.

Unlocking the potential of Hatta

Situated just over 130 kilometers from the center of Dubai, Hatta is a popular adventure destination where tourists and residents can enjoy activities such as kayaking, hiking and mountain biking. The new plan aims to transform the area into a year-round tourist destination in line with the World’s Coolest Winter campaign.

The plan provides a roadmap for the development of Hatta over the next two decades and consists of several key objectives including preserving the heritage and natural environment of the area and boosting public-private-partnerships and investment.

“Our goal is to make citizens happier, support the youth and benefit from their capabilities and innovative ideas for Hatta’s development, as well as unlock the true social and economic potential of the area,” Sheikh Mohammed said in a tweet.

A key focus of the plan is on developing the infrastructure allowing visitors to access Hatta and move around within the area. A sustainable transport system involving a direct bus service from Dubai to Hatta will be introduced, along with a ride-sharing network and coach services to facilitate access to heritage sites such as Hatta Dam, Al-Tal Park, and Wadi Hub.

A funicular system, the first to be introduced in the region, will also be installed to allow for access to the dam site, and is expected to host approximately one million riders per year.

Additionally, the plan also sets out to construct the longest mountain bike track in the UAE, as well as a 120km track for bicycles and scooters, connecting residential areas and tourist sites.

Supporting young entrepreneurs

The Ruler of Dubai approved the Supreme Committee tasked with overseeing the formulation and implementation of the development plans.

Aiming to strengthen the socioeconomic and environmental sustainability of the region, the plan puts specific focus on supporting young entrepreneurs who own small- and medium-sized businesses in the area.

Visiting the site on Saturday, Sheikh Mohammed met with young business leaders residing in the region and was briefed on a range of local initiatives led by youths in the hospitality sector.

“We have approved the formation of a Supreme Committee to oversee the development of Hatta as well as the implementation and governance of projects and initiatives, the launch of economic and tourism development programmes and support for projects initiated by the youth,” His Highness said.

Various motels ran by local residents for tourists who wish to benefit from the region’s mountainous landscape will feature, along with sustainable hotels and a mountainside health resort.

A further project, the Local Farming Experience Programme, which seeks to improve Hatta’s agricultural system and support farmers to boost their earnings by selling agricultural produce to visitors to the area was also announced.

 

_{Photo credit: @HHShkMohd on Twitter}

Global migration is likely to return to its pre-pandemic levels by 2024, according to a report by Savills.

In Part 2 of its 2021 report on Global Living, Savills noted that recovering global migration rates will “further fuel demand for operational residential product.”

In the Middle East, this is especially expected to benefit Kuwait City, Abu Dhabi, and Dubai, with their high incomes and developed employment bases. Kuwait City had the highest forecasted net migration in the Middle East between 2021 to 2026, at 13.7% of the population. It was followed by Abu Dhabi at 12.6%. These were amongst the highest forecasted net migration figures across the world.

Meanwhile, Dubai is expected to have 8.9% of its population come from migration, followed by Riyadh at 6.7%, and Dammam at 5.8%.

Government initiatives and lifting of social restrictions in the UAE, Saudi Arabia, and Kuwait have led to revived investor interest in real estate for these three markets, Savills also said.

“The Middle East’s economy has recovered rapidly as a result of the accelerated vaccination drive, showcasing its resilience as a place of investment and residence. This has resulted in an increase in investments, thereby creating employment opportunities and stable incomes,” according to Steven Morgan, CEO of Savills Middle East.

SMALLER CITIES TO BENEFIT FROM GLOBAL MIGRATION TREND

The report noted that the COVID-19 pandemic had slowed down global migration, impacting prime residential rental markets. While the rental index for prime cities rose at an average 0.5% in H1 last year, it fell 1.8 overall in 2020. This was attributed to reduced demand on account of global relocations, including a fall in corporate relocations.

However, global migration is improving, and is anticipated to especially impact smaller cities. These cities are likely to see increased net migration figures, the report said, especially as people look out for better quality and healthier living environments.

“Demand for purpose-built, professionally managed residential space is expected to increase further as cities worldwide begin to recover from lockdowns and global net migration returns to pre-pandemic levels,” Morgan noted.

Further, hybrid working environments and a need for larger spaces also creates growth opportunities for suburban operational real estate across the world, the report said.

Meanwhile, international student enrolment numbers are expected to pick pace as travel restrictions are lifted and economies open up, although current international student enrolment remains subdued.

The UAE’s Ministry of Industry and Advanced Technology is commencing with its Fourth Industrial Revolution (4IR) Programme "UAE Industry 4.0”, the UAE’s official news agency WAM reported.

MoUs were signed with 12 industrial companies, who will form a Champions 4.0 network, as well as the Departments of Economic Development of Abu Dhabi, Dubai and Ajman.

The Champions 4.0 Network is aimed at bringing local and international companies together to exchange best practices in deploying 4IR technologies across the UAE’s industrial sector.

The network will be supporting the creation of 100 lighthouses – World Economic Forum-categorised Industry 4.0 organisations – by 2031. It will also look to create a business environment to attract 500 tech companies by the same period.

Further, the network will also be involved with a programme to identify, assess and assist 200 companies that are ready for Industry 4.0 transformation.

The companies involved in the 4IR project include ADNOC, EDGE, Honeywell, Unilever, Ericsson, Schneider Electric, Emirates Global Aluminium, Microsoft, CISCO, SAP, AVEVA and Siemens.

“Alongside our partners from the DEDs, through creating the Champions 4.0 Network we aim to support emerging, small and medium-sized companies in adopting advanced technology,”  Sarah Bint Yousef Al Amiri, Minister of State for Advanced Technology said.

UAE Industry 4.0 will focus on two key tracks, namely, technological transformation within existing industries in the UAE, and the development of new, technology-intensive industries.

Economic development through 4IR

UAE Industry 4.0 is aimed at driving adoption of 4IR solutions and applications in the industrial sector to boost industrial competitiveness and safety, reduce costs, increase productivity, efficiency, and quality, and generate jobs.

The initiative aims to grow industrial productivity by 30%, and also contribute AED 25 billion (USD 6.8 billion) to the UAE’s GDP.

UAE Industry 4.0 is a part of the UAE’s Projects of the 50, a series of schemes to boost economic development in the UAE. It is also a pillar of Operation 300bn, an investment plan by the UAE to increase the GDP contributions of its industrial sector to AED 300 billion (USD 81.7 billion) in ten years

"The technologies of [4IR] have the potential to strengthen our core industries, develop domestic production capacity, and build new capabilities to meet the needs of the future,” Dr Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology said.

"As the UAE embarks on the next 50 years, UAE Industry 4.0 will be crucial to the nation’s continued competitiveness on the global stage, and its standing as an incubator of pioneering ideas and new industries,” he added.

The Ministry of Housing and Urban Planning of Oman has revealed plans for five new housing developments, the Oman Daily Observer reported.

The public housing developments in Oman are being developed under the ‘Al Souroh Initiative’, across 1.9 million square metres. Two of the developments will be located at Al Amerat city in Muscat, and the rest at Al Seeb (Muscat Governorate), Bidbid (Al Dakhiliyah Governorate) and Nakhl (South Al Batinah Governorate).

The total wait list of Omani applicants still waiting to be allocated residential units in these three governorates stands at around 212,000. The new housing developments in Oman are expected to address this by a measure.

The developments will be built through a Public Private Partnership (PPP) model, the report said. The ministry has plans for a total of 4,800 housing units across the five developments, serving approximately 24,000 people.

It is currently welcoming “Expression of Interest” requests from both local and international real estate development companies for the new housing developments in Oman.

The new housing developments are being built under a national housing scheme

Al Souroh is a national initiative aimed at developing “integrated residential neighbourhood projects in support of the existing housing policies in the Sultanate, to provide suitable alternatives of suitable housing for citizens eligible for granting residential lands, in partnership between the public and private sectors,” the report cited.

The Hay Al Naseem project, the first of the integrated housing developments in Oman being developed under Al Souroh, will serve as a broad model for the new developments.

Hay Al Naseem is spread across 350,000 square metres. It functions as a mixed use development, with apartments, villas and townhouses, commercial facilities, public spaces and recreational services.

Similarly, Al Amerat 1 will cover about 300,000 square metres, and will be able to serve about 3,750 people. It will feature a mix of 750 residential apartments and villas, as well as support infrastructure.

Al Amerat 2, on the other hand, will span 445,000 square metres, with 1,100 residential units catering to about 5,500 inhabitants.

The Bidbid development will be built across 287,000 square metres, with 750 residential units for around the same population as Al Amerat 1.

The housing development at Al Seeb will be spread across 231,000 square metres, with 600 residential units for about 3,000 people.

And finally, the Nakhl location, which will feature the largest of the housing developments, will cover 637,000 square metres, with 1,600 residential units serving about 8,000 people.

 

_{Photo credit: http://www.haialnaseem.com/}

Egypt-headquartered Orascom Construction will be developing a 500 MW wind farm in Ras Ghareb, Egypt, according to a recent announcement.

The company, as part of a consortium that also includes Japan’s Toyota Tsusho Corporation/Eurus Energy Holdings and France’s ENGIE, will be developing, constructing and operating the wind farm across 20 years, a company statement said.

It signed a build-own-operate agreement with the Egyptian Electricity Transmission Company (EETC) for a 25% stake in the project, according to the statement.

Subject to financial close, implementation of the wind farm is expected to be completed in 30 months.

The new wind farm will grow Orascom Construction’s current wind energy capacity by 3x, reaching over 750 MW.

“We are collaborating once again with our long-term partners, Toyota Tsusho/Eurus Energy Holdings Corporation and ENGIE, to build another wind farm for our repeat client, EETC,” Osama Bishai, CEO of Orascom Construction, said. “This project also underscores our strategy to continue pursuing infrastructure investments that create new construction opportunities coupled with long-term recurring income.”

This is the consortium’s second wind farm in Egypt

The consortium has previously developed the 262.5 MW Ras Ghareb Wind Farm. The cost of the project totalled nearly USD 380 million, according to an earlier statement.

The wind farm was developed as Egypt’s first private Independent Power Producer (IPP) project within renewable energy. The project was completed in October 2019, two months ahead of schedule, and has remained operational since.

The company behind the Ras Ghareb Wind Farm, Ras Ghareb Wind Energy SAE, is owned 40% each by ENGIE and Toyota Tsusho Corporation/Eurus Energy Holdings, and 20% by Orascom Construction.

Elsewhere, another wind farm is in the works in Egypt by the Gulf of Suez. Ground was broken for the West Bakr wind farm last year. Also being developed under a build-own-operate agreement, the 250 MW wind farm is being developed by renewables company Lekela at a cost of approximately USD 325 million.

Lekela signed a Power Purchase agreement for the project with the EECT in 2019, with the financial close in the same year, a statement from Lekela said. The project is located 30 kilometres north-west to Ras Ghareb.

Last year, Egypt’s Minister of Electricity and Renewable Energy announced a wind energy production complex with a capacity of 2,000 MW located around the Gulf of Suez. The complex is expected to increase Egypt’s capacity for renewable energy production to 10,000 MW.

Saudi Arabia’s Public Investment Fund (PIF) announced the launch of its new tourism project The Rig. in a recent statement. The leisure and tourism initiative is inspired by offshore oil platforms, the statement said.

Located in the Arabian Gulf, The Rig. will cover a total of 150,000 square meters across a series of connecting platforms built on an oil rig. Experiences at the tourism destination include hospitality, adventure, and aquatic sporting.

More specifically, it will include three hotels (with a total of 800 keys), along with 11 restaurants, helipads, and adventurous activities such as extreme sports. It will also feature a marina with 50 boat berths.

As an offshore tourism and entertainment initiative, The Rig. is expected to add value to the local economy while contributing to the preservation of the environment, the statement said.

Further details on the location of the project and its opening date are yet to be announced.

THE RIG. IS PART OF EFFORTS TO PROMOTE ENTERTAINMENT AND TOURISM IN SAUDI ARABIA

The Rig. is aimed at boosting international entertainment and tourism in Saudi Arabia. This is in line with PIF’s strategy for 2021-2025 to promote innovation in these sectors, as well as economic diversification under Saudi Vision 2030, the statement noted.

It is also one of many other projects established by the PIF towards these goals, including the Red Sea Development Company, Alsoudah Development Company and the Cruise Saudi Company.

In June last year, the country’s Ministry of Tourism announced a USD 4 billion Tourism Development Fund, comprising equity and debt investment vehicles. The Fund aims to encourage investments and private-sector developments within tourism in Saudi Arabia.

It is also part of the first phase of the National Tourism Strategy, under which Saudi Arabia will develop 38 sites across seven destinations in the country by 2022.

The Ministry is looking to bring in tourism investments to the tune of USD 58 billion by 2023, and over USD 133 billion by 2030, tourism minister Ahmed Al Khateeb said earlier this year.

Meanwhile, the entertainment and leisure sector in Saudi Arabia is also looking at some growth. According to a recent report, Saudi Arabia’s entertainment and amusement market is expected to grow to over USD 1 billion by 2030, compared to a current value of about USD 24 million.

The PIF will also be backing two entertainment hubs located at mega-city Qiddiya and Riyadh.

 

_{Photo credit: https://www.pif.gov.sa/en/Pages/NewsDetails.aspx?NewsId=203}

The Guggenheim Abu Dhabi museum will be completed by 2025, according to the Department of Culture and Tourism (DCT) Abu Dhabi.

The launch date comes nearly two decades after plans for the museum were first unveiled in 2006, and 14 years after the museum’s construction commenced. Construction began in 2011, and after a period of halt, started again in 2019.

So far, the Guggenheim Abu Dhabi has engaged in three exhibitions in Abu Dhabi, featuring select works aimed at highlighting the yet-to-be-launched museum’s curatorial vision. It also held a public programme for global contemporary artists, and recently launched a video series titled Spotlight. The series, featured on social media, spotlights the Guggenheim Abu Dhabi works that are on loan worldwide.

“As we move forward with our plans, it is crucial to recognise the impact of this museum in realising our vision for the Emirate’s culture and creative industries,” Mohamed Khalifa Al Mubarak, Chairman of DCT Abu Dhabi, said. “Investing in these industries is pivotal to the economic development of our Emirate, and to our contribution to the global art world.”

The Guggenheim Abu Dhabi is part of a global museum constellation

The Guggenheim Abu Dhabi is being established by the DCT along with the Solomon R. Guggenheim Foundation. It is part of the Foundation’s international constellation of museums, joining four others. These are Guggenheim Museum in New York, the Guggenheim Bilbao and the Peggy Guggenheim Collection in the Palazzo Venier dei Leoni in Venice.

The Guggenheim Abu Dhabi is set to become the largest of these four projects, according to the statement, and the second one to be designed by Frank Gehry. Gehry also designed Guggenheim Bilbao, previously the largest museum in the constellation.

The museum is designed as a cluster of galleries in a combination of vertical and horizontal spaces, according to the Guggenheim Foundation. It is encircled by cone-like structures designed to resemble traditional wind towers in the region. The galleries will be connected via a catwalks center with covered courtyards. The courtyards involve sustainable elements to facilitate the natural cooling and ventilation of the area.

The Guggenheim Abu Dhabi will be situated within Abu Dhabi’s Saadiyat Cultural District.

Its global collection has a focus on West Asia, North Africa, and South Asia. Meanwhile, both local and regional experts will be involved with the museum’s collection and programmes. The museum’s collection features over 500 works from around 1960 to date.

 

_{Photo credit: https://www.dezeen.com/2021/10/08/frank-gehry-guggenheim-abu-dhabi-2025/}