Oman will soon be home to another smart city pilot, according to a recent announcement by the Oman News Agency (ONA).

The country’s National Energy Centre (NEC) and Petroleum Development Oman (PDO) have signed a Memorandum of Collaboration (MoC) for a smart city project in Oman, according to the ONA.

The two companies will develop and implement the project at PDO’s Ras Al Hamra residential and leisure community. Ras Al Hamra is located in Muscat.

The project is scheduled to be launched in 2022, and looks to create a sustainable environmental footprint, improve quality of life, and bring down associated costs.

NEC is specialised in Internet of Things and smart city technology, the ONA report said. It will be working with a team from Ras Al Hamra towards building sustainable and smart infrastructure utilities that could lead to a “significant reduction” in the consumption of water and energy resources.

Further, the ONA report also stated that the two companies aim to collaborate and exchange expertise over smart city features such as smart water and energy metering, street lighting, waste management, urban water management, and irrigation.

The partnership is in line with Oman’s Vision 2040 goal of building smart, sustainable and vibrant cities, the report said.

SMART CITY INITIATIVES AND OMAN'S VISION 2040

Oman’s Vision 2040 outlines the establishment of smart cities built on advanced services and technology. It calls for the participation of the private sector to boost smart city initiatives and empower urban communities in Oman.

The agenda includes “Smart, sustainable and vibrant cities and a vital countryside with a viable architecture that ensures high quality of life, work, and leisure” as one of its six objectives.

Oman has previously undertaken similar smart initiatives to varying degrees. These include the Madinat Al Irfan smart city development in Muscat. Developed by the Oman Tourism Development Company (Omran) and Majid Al Futtaim, the foundation for the smart city was laid in 2018.

Also included are the Omagine Oman and Duqm urban centres being developed with smart solutions. Tatweer and Oman Telecommunications Company (Omantel) signed an MoU in 2019 to provide technical support in developing Duqm as a smart city.

Oman’s Ministry of Technology and Communications also launched a smart pilot in the Knowledge Oasis Muscat last year. The pilot was announced in partnership with Omantel and Madayn. Cisco and Bahwan Information Technology were tasked with the implementation of the project.

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Tenders in Bahrain worth BHD 11.27 million (USD 29.9 million) were awarded in August, The Daily Tribune cited a ministry official as saying.

The country’s tender board awarded a total of 13 projects for the month, according to Ahmed Abdulaziz Al-Khayat, Undersecretary for Works Affairs at the Ministry of Works, Municipalities Affairs and Urban Planning, the report said.

The total tenders in Bahrain for August spanned three key categories, namely, roads, sewage and buildings. The projects confirmed the ministry’s “continued efforts to implement the government's programme related to infrastructure projects that focus on citizens’ needs,” Al-Khayat said.

These tenders in Bahrain attracted heavy interest from bidding companies, the report said. Twelve companies vied for wastewater contracts, 14 competed for a roads project in Northern Governorate Block 738, and six for the maintenance works of cultural buildings in Oman.

“The details emerged as the Tender board, an independent regulatory body entrusted with supervising government bidding and auction, opened 71 bids received for 11 tenders from six managing authorities,” the report said.

TENDERS IN BAHRAIN FOR AUGUST COVERED ROADS, SEWAGE AND BUILDINGS

Four tenders were awarded within the roads segment, including the Isa Town Road Development Project for Block 807, which was awarded for BHD 401,171. The project looks to improve internal road networks and traffic safety and resolve clogging resulting from rainwater in the area.

Other road projects included parking spaces and internal roads in Souq Waqif in Block 1203 in Hamad Town for BHD 267,274. Work is also being done on Roads 308 and 371.

Meanwhile, three tenders in Bahrain were awarded to sanitation, including time-contracting for sewage works between 2021 and 2023. Total costs in this segment stood at BHD 4.25 million for 15 contractors.

Further, four tenders were awarded for the buildings and maintenance sector. This included maintenance of schools, and construction of school buildings for a total of BHD 2.32 million.

Tenders were also awarded for the expansion of the Kuwait Health Centre, the Rashid Equestrian and Horseracing Club, and the preventive maintenance of the Bahrain National Museum, Bahrain National Theatre, Bahrain Fort Cultural Centre and Arts Centre.

Also in the works are a sewage network in Block 557 in Budaiya, Deir area of Complex 231, and a primary wastewater treatment plant in the Hidd Industrial area.

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Dubai was ranked the 11th best global residence-by-investment city, according to the recent Henley and Partners Best Residence-by-Investment Cities for Business Index. It was also the only city from the Middle East and Africa region to feature in the index, apart from Port Louis.

Dubai followed Toronto, at the 11th position with a city score of 538.5. In comparison, the top cities in the index were London, with a score of 705.7, New York, with 666.6, and Sydney, which scored 647.1.

The ranking reveals the top cities with residence-by-investment schemes worldwide that offer attractive business and relocation destinations for HNIs and UHNIs, entrepreneurs, and company owners. It spans 25 cities across five regions, with over 40 parameters and more than 1,000 data points.

Dubai scored especially well for taxation, becoming the only city to receive a top score of 100 for this parameter. The city came in 2nd for COVID safety, with a score of 66.5. Singapore, the top city for COVID safety in the index, scored 71.6.

It also came in 9th for infrastructure, scoring 63.8 (as compared to Singapore, which scored the highest in this domain with a score of 81.8). At the 13th spot, Dubai also stood out for security with a score of 69.8, compared to Sydney, which had the top score of 92.6.

The report highlighted tax benefits, a stable economy, and Dubai’s transport system as the top reasons for its ranking. Noting that the UAE had a global ease of doing business ranking of 16, the report also highlighted Dubai’s low VAT rate, investor-friendly measures, and approach to economic and financial policymaking.

RESIDENCE-BY-INVESTMENT IN DUBAI

Last year, Dubai began offering five-year and retirement residence-by-investment visas for real estate. The visas offered residency options to investors with fully paid property in Dubai. This could include multiple properties.

For five-year residence-by-investment visas, investors would need to hold a minimum of AED 5 million fully paid in property investments. For retirement visas, the minimum investment is AED 2 million.

The property market in the emirate is especially popular for second homes, and has been largely buoyed by demand from high-end domestic investors this year. Moreover, residence-by-investment schemes were a key driver of demand for property in Dubai from Indian HNWIs, apart from flexible discounts and post-handover payment options, and a steep price drop.

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An alliance of five banks has concluded a long-term financing contract with Arkan Palm for EGP 1.5 billion (over USD 95 million), according to recent reports. The contract will finance part of the first phase of  ‘205’, a real estate project by Arkan Palm in Egypt.

Arkan Palm is a partnership between the developers of Arkan and Palm Hills. It is developing 205, a planned mixed-use real estate complex located within Egypt’s Sheikh Zayed City in Giza.

Arkan was founded by El Badr Commercial Development in 2012. Badreldin Developments, a subsidiary of El Badr Commercial Development, is also a founding member of the group.

Banks involved in the funding alliance involved the Export Development Bank of Egypt (EBE), which was the main arranger, general coordinator, and guarantor for the deal. EBE contributed EGP 650 million to the deal.

They also included Housing and Development Bank (which contributed EGP 300 million), the United Bank (EGP 250 million), Suez Canal Bank (EGP 150 million), and MIDBANK (EGP 150 million).

The five banks have previously collaborated and will continue to do so in the field of corporate finance, said Mervat Sultan, Chairperson of EBE.

205 BY ARKAN PALM IS 58 ACRES WIDE

The 205 project by Arkan Palm is a partnership between the New Urban Communities Authority (NUCA) and Arkan Palm, reports cited Mamdouh Badr El-Din, founder and president of Badr El-Din Group, as saying. El-Din added that the project will serve as a central hub for west Cairo, in terms of economic, commercial, tourist, recreational, educational, and medical purposes.

The first phase of the 205 project is around 56 feddan, or about 58 acres, wide. It includes residential, commercial, administrative, and recreational units. The project also features a medical zone, the El Safa Med Park, which includes an international hospital, medical clinics, and a nursing home.

205 will also have a school and three hotels.

A river, two kilometres long, runs through the project and separates its residential and service areas. A luxury hotel apartment, Canal Walk, is located alongside the river and features 1,700 units. It includes a mix of fully finished studios and duplexes. Arkan Palm recently signed a deal with Crowne Plaza West Cairo for servicing Canal Walk.

205 will also feature a 150-metre cluster of three high-rises that will be 46 storeys tall, called Tower Point.

The project is situated beside Nile University and overlooks the 26th of July corridor.

_{Photo credit: https://www.capitalegy.com/estate_property/205-arkan-palm/, https://osoulmisrmagazine.com/266802}

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Saudi Arabia’s Tourism Development Fund and Seera Group have signed a financing agreement for Raghadan Tourist Resort, the first sustainable tourism project in Al Baha, in the west of Saudi Arabia. Al Baha is a key investment destination under Saudi Arabia’s National Tourism Strategy, a statement from the companies said.

The partnership agreement to establish and operate the Raghadan Tourist Resort was signed by Qusai Al-Fakhri, CEO of Tourism Development Fund, and Majed Al Nefaie, CEO of Seera Group.

The partnership makes way for Seera Group to develop the sustainable tourism development across 50,000 square metres. It aims to preserve and promote the social, environmental, and economic sustainability of the Al Baha region.

The Raghadan Tourist Resort will feature a luxury hotel resort with 200 guest rooms and family suites, a multi-purpose hall, outdoor spaces, shops, and F&B outlets. It will also feature a children's activity centre, theatre, marketplace, and shopping centre.

Visitors can partake in a variety of activities at the resort, including climbing, hiking, biking, and camping.

"Developing tourist destinations based on unique experiences will be an important priority for the Saudi tourism sector over the coming years. We believe that this project will make Al Baha an attractive destination for holidays, recreational activities, meetings, exhibitions, and conferences,” Al Nefaie said.

“Additionally, we hope it will be a catalyst for further tourism projects and investments in the region that contribute to Saudi Arabia’s economic growth and the creation of more sustainable jobs in the Kingdom,” Al Nefaie continued.

THE LATEST ADDITION TO SUSTAINABLE TOURISM IN SAUDI ARABIA

The Raghadan Tourist Resort adds to a number of sustainable tourism projects currently underway in Saudi Arabia. These include the Red Sea Project (which includes the Coral Bloom ecotourism project), and planned mega-city NEOM.

Last year, the kingdom launched a USD 4 billion Tourism Development Fund to promote growth in the tourism industry. The launch was part of the first phase of Saudi Arabia’s National Tourism Strategy, a national agenda for developing and enhancing 38 sites across seven destinations in the country by 2022.

As part of Saudi’s Vision 2030, the country’s Ministry of Tourism is looking to grow investments in the tourism sector to USD 58 billion by 2023. It is also aiming to bring in investments surpassing SAR 500 billion in tourism by 2030.

_{Photo credit: www.arabnews.com/node/1807111/saudi-arabia, www.arabianbusiness.com/travel-hospitality}

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Swiss multinational group Schindler has completed the deployment of its Robotic Installation System for Elevators (RISE) in a Dubai high-rise.

The first such automated elevator installation system in the world, RISE, has been deployed for the first time in the Middle East at Uptown Dubai. Uptown Dubai is a supertall 81-storey tower developed by DMCC.

The tower has 14 elevators installed by RISE, involving 9,000 holes that needed drilling. RISE’s self-climbing, autonomous robotic system conducted the installation.

“Ten years ago, it took a week or two to finish one floor of construction but now, the fastest builders can do this in four days.”

“The market is changing and the requirements from the customer side are changing, so we had to be a little bit more innovative and look at how we could accelerate the program; the robot definitely addresses this,” Urs Puntener, director of global fulfilment at Schindler told Arabian Business.

The automated elevator installation system can dial down time requirements for installation by 10% for every 100 metres.

RISE can complete drilling and setting the anchor bolts for landing doors, divider beams and wall brackets faster than conventional methods, according to Schindler. An operator-less system, RISE functions independently, with a camera mounted on the platform for remote viewing.

The robot works round the clock, while a Schindler RISE operator remains on site to provide quality control and support.

THE MIDDLE EAST'S FIRST AUTOMATED ELEVATOR INSTALLATION

RISE has been deployed in a total of ten projects across Europe, in Poland, Austria, Switzerland and Germany. The prototype of the automated elevator installation system was launched in 2018.

Designed by Adrian Smith + Gordon Gill Architecture, the construction contract for Uptown Dubai was awarded to Six Construct, a subsidiary of BESIX Group in the Middle East.

In January this year, it was announced that BESIX would be using RISE for the first time in the Middle East for Uptown Dubai. The robot would traverse all storeys of the tower to measure and drill precision holes and set necessary anchor bolts. These would be required for the installation of elevator guide rails and landing doors.

Schindler is also seeing interest from other regional customers for RISE, the Arabian Business report said.

Uptown Dubai is scheduled to be completed by early 2022. Standing at 340 metres, it will feature 188 luxury hotel keys, 229 branded residences, restaurants, health spas, conference facilities, and Grade A offices.

_{Photo credit: www.arabianbusiness.com/industries-construction}

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Aldar Properties  is moving ahead with its plans to acquire a majority stake in Egypt’s Sixth of October for Development and Investment Company (SODIC), according to a recent announcement from the company.

A consortium of Aldar and Abu Dhabi Developmental Holding Company (ADQ) submitted an all-cash mandatory tender offer to the Egyptian Financial Regulatory Authority (FRA) on 14 September. The consortium is split 70% by Aldar and 30% by ADQ.

The tender offer is for a minimum of 51% and up to 90% of SODIC’s outstanding share capital. SODIC is valued at EGP 7.1 billion (USD 453 million), with a purchase price of EGP 20 per share. The purchase price comes at a premium of 18% of SODIC’s three-month volume-weighted average price (VWAP) of EGP 16.88, and 21% over its six-month VWAP of EGP 16.50.

The purchase price represented “a compelling liquidity event and value proposition for SODIC’s shareholders, reflecting the Company’s robust fundamentals and brand equity,” a statement by the consortium said.

Post the FRA’s approval, SODIC shareholders will have a period of 10-30 working days to respond to the offer (subject to the FRA’s discretion), after which the offer would need to be executed within five working days.

Plans to acquire a majority stake in SODIC first went public in March this year, when Aldar made an offer for USD 420 million, with an indicative purchase price of EGP 18 to EGP 19. Following this announcement, the Abu Dhabi-headquartered real estate company then commenced with its due diligence process prior to making the mandatory tender offer.

ALDAR IS KEEN ON NEW OPPORTUNITIES IN EGYPT

The acquisition is part of several other opportunities being eyed by Aldar, under its strategy to expand into Egypt’s real estate market, the statement said.

Its Egypt expansion plans come under Aldar Egypt, a subsidiary of its newly restructured core business vertical Aldar Development. Aldar Egypt aims to invest in the country through long-term opportunities in the property market, including integrated mixed-use communities.

SODIC is a Cairo-headquartered real estate developer in Egypt responsible for several large-scale Class A mixed-use communities in West and East Cairo, and the North Coast. It reported a net profit of EGP 223 million for H1 this year, at a net margin of 12% and year on year surge of 209%. The company attributed the growth to an increase in operating profits despite net finance incomes plunging due to a drop in interest rates.

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The UAE has emerged at the top of the leaderboard for FDI (foreign direct investment) in tourism across the MEA region, according to the fDi Intelligence Tourism Investment Report 2021. The country accounted for a lion’s share of all MEA tourism FDI projects, at 30% of all tourism FDI investments, and 33% of tourism capital investment.

The UAE was also the only MEA country to feature in the top 10 global countries for FDI in tourism, ranking 7th. In regional rankings for the MEA, the UAE was followed by Morocco, Egypt and Saudi Arabia.

Between 2016 and 2020, over USD 7.2 billion of FDI investments were made in UAE tourism.

Regionally, it was also the number one market for FDI in tourism by number of projects, with a share of 58%. It was followed by Bahrain, Oman, Saudi Arabia and Qatar.

The country was also in the spotlight for outward FDI in tourism. The UAE was the primary source country for tourism investments between 2016 and 2020. It invested in a total of 61 outbound FDI tourism projects (over half of all such projects in the MEA region).

And finally, the Emirati nation also fetched the top position for new tourism jobs between the same period, with 11,000 new roles created in tourism.

FDI IN TOURISM: MEA HIGHLIGHTS

A total of 263 projects for FDI in tourism were announced by foreign investors in the MEA region between 2016 and 2020. These amounted to USD 21.7 billion. New tourism jobs created in the region also surpassed 40,000.

The results were mixed for 2020, the year of the pandemic. While the UAE emerged with a strong performance for FDI in tourism, total tourism capital investments in the MEA region decreased by 82% since 2019, accumulating to USD 1.6 billion. Newly created jobs also fell to 2,800 in 2020, from 17,400 in 2019.

Meanwhile, Bahrain ranked first by capital investment in the MEA for 2020, receiving investments to the tune of USD 492 million for the year. This win is attributable to investments from companies such as global property developer Emaar Properties and real estate developer Eagle Hills, the report noted.

The country also emerged as number one in terms of jobs created within tourism during the year. Bahrain accounted for 40% market share across the region in this space during 2020.

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• ​​PROJECT NAME: The Boulevard by Mostakbal City

• LOCATION: New Cairo

• SIZE: 60 Acres

• DEVELOPER: El Mostakbal – Master Developer Of Mostakbal City

• PROJECT DESCRIPTION: Mostakbal City's Boulevard is the pulsating heart of the city where the glamour and glitz will take place. The Boulevard set the stage for entertainment as we know it now. and set the standards to how  future living should be. The Boulevard will be an iconic place, culturally diverse, and a place to enjoy by everyone. The diversity of the boulevard comes from having all services residents and visitors could wish for: From a business district to residential and commercial spaces to multiple entertainment and services facilities and a boutique hotel.

• WHAT GAP IN THE MARKET IS THIS PROJECT FULFILLING? Fulfilling the high-end and luxurious shopping, dining, entertainment, and health needs in this part of New Cairo.

Founded in 2006 to defy convention in sustainable development, El Mostakbal For Urban Development is one of Egypt’s largest and leading master developers specialized in introducing world-class urban concepts that put innovation at their heart. Since its inception, the company has adopted an optimistic vision of the future where architecture, urbanism and nature expertly find a new kind of balance to inspire residents and developers alike. El Mostakbal is a proud Master Sponsor of Cityscape Egypt 2021.

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