Date28 MayVenueDusit Thani
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Construction

Ferrovial purchases 24% stake in India-based infrastructure company

March 21, 2024 mebim0

Infrastructure specialist Ferrovial, through its toll-road subsidiary Cintra, has invested US $802.3mn for a 24% stake in IRB Infrastructure Trust in India.

IRB is an investment vehicle that integrates road concessions and construction and has a portfolio of 12 toll road concessions in India, with a pipeline of three more to come. Since it was founded in 1998, it has built more than 18,500 lane kilometers of roads in India.

According to a report, Ferrovial is acquiring the stake from affiliates of GIC, which currently own a 49% stake of IRB Infrastructure Trust. After the transaction is closed, GIC’s affiliates will retain a 25% stake in IRB Infrastructure Trust and IRB Infrastructure Developers will maintain its current 51% stake. The total investment amount includes $105.2mn to fund outstanding equity commitments in projects being developed by IRB Infrastructure Trust.

“India’s infrastructure development plans have expanded substantially in recent years with planned capital expenditures of $260.2bn in roads and highways between the years 2020-2025, according to the Indian Department of Economic Affairs report on National Infrastructure Pipeline,” Ferrovial noted.

“In this context, IRB Infrastructure Trust is one of the leading platforms in the country with the ability to leverage synergies between a large Build-Operate-Transfer (BOT) developer, a leading financial investor, and a global strategic partner to optimise project planning and selection processes and maximize value creation,” the company concluded.

The post Ferrovial purchases 24% stake in India-based infrastructure company appeared first on Middle East Construction News.


Source: MEConstructionNews

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Construction

Contracts awarded for Saudi Arabia’s Al Khuzama complex

March 21, 2024 mebim0

Saudi Entertainment Ventures (SEVEN) has awarded a contract to Egyptian group Hassan Allam Holding for the construction of a major entertainment complex spanning 160,000sqm. A key hospitality project for PIF, the entertainment complex will built at Al Khuzama, in the Al Kharj region of Central Saudi Arabia.

The tender for the main contract was issued in August last year, and the bids were submitted in September.

US-based engineering firm Gensler and Lebanon’s Dar Al Handasah are the project consultants for the Al Kharj entertainment complex, while UK-headquartered Mace Group is the project management consultant.

The Al Khuzama contract is in line with PIF’s stated strategic objectives of creating a chain of major hospitality projects: it follows an earlier decision to invest in a large-scale leisure hub strategically located between the cities of Abha and Khamis Mushait near Abha International Airport. This will feature a built-up area of more than 79,000sqm.

In addition, PIF is also building an extensive entertainment destination in Yanbu, at an investment value of over US $293.27mn.

The post Contracts awarded for Saudi Arabia’s Al Khuzama complex appeared first on Middle East Construction News.


Source: MEConstructionNews

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Construction

New beaches announced for Yas Bay Waterfront

March 19, 2024 mebim0

Miral has announced the development of two beaches at Yas Bay Waterfront, a day-to-night hospitality destination on Yas Island. Complementing the existing lifestyle and leisure offerings, the beaches will have a combined length 560m.

Located on the west side of the pier, the West Beach has been designed as a family destination and will feature beachside play areas for children, world-class dining outlets, food trucks, pedestrian walkways, as well as rest and recreation facilities.

East beach, located on the east side of the pier and just across the Etihad Arena, will feature outdoor fitness spaces and sports zones for beach football and volleyball. Open seating areas, coupled with a sunset lounge, will allow visitors to experience a variety of sports, entertainment, and music events.

Jonathan Brown, Chief Portfolio Officer said, “We are pleased to enhance our leisure and lifestyle offerings at Yas Bay Waterfront with the announcement of two beach developments. These upcoming experiences are an extension of our vision to enrich the diverse and unique experiences available to visitors on Yas Island, positioning it as a top global destination for leisure and entertainment while further contributing to Abu Dhabi’s wider tourism growth.”

Both developments will be located minutes away from Yas Island’s well-known raft of award-winning attractions and experiences, including SeaWorld Yas Island; Ferrari World Yas Island; Warner Bros. World Abu Dhabi; and Yas Waterworld Abu Dhabi.

The post New beaches announced for Yas Bay Waterfront appeared first on Middle East Construction News.


Source: MEConstructionNews

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Construction

Heavy Equipment and Truck Show to take place in Dammam 18-21 Nov 2024

March 19, 2024 mebim0

The Heavy Equipment and Truck (HEAT) Show, a premier event in the world of commercial vehicles and heavy machinery, is set to take place from 18-21 November 2024 at the Dhahran Expo in Dammam, Saudi Arabia.

The landmark exhibition, the largest of its kind in Saudi Arabia, is strategically positioned in the epicentre of the oil and gas industry and aims to showcase the latest in heavy equipment, trucks, and transportation solutions, reflecting the need for dynamic innovations at a time of unprecedented growth in the Kingdom.

Over four days, the HEAT Show will bring together manufacturers, distributors, industry experts, and key stakeholders from across the region and beyond to explore the latest trends, technologies, and advancements in heavy machinery and vehicles. The event is designed to encourage business opportunities, networking, and knowledge exchange, catering to the growing demands and challenges of the exciting Saudi Arabian market.

Exhibition Highlights:

Regional Participation: An international platform for attendees from various sectors, including construction, logistics, and energy, to source new technology and create strategic partnerships.

Local Support: Tailored to meet the unique needs of the construction and oil & gas sectors, showcasing specialised heavy equipment and vehicles.

Innovative Solutions: Discover cutting-edge technologies and solutions designed to enhance efficiency, safety, and sustainability in operations.

Live Demonstrations: Witness the power and capabilities of the latest heavy machinery and trucks through live demonstrations.

“The HEAT Show is more than just an exhibition; it’s a pivotal gathering where the paths of innovation, industry, and technology converge,” said Stephen White, Head of Content, Construction Machinery Middle East and Truck & Fleet Middle East. “Given the critical role of heavy machinery and transportation in the Saudi Arabian economy, this event promises to offer a wide variety of solutions that will drive efficiency, safety, and sustainability for operators across a huge number of sectors including construction, oil & gas, mining, logistics, transportation, and more.”

Dammam, the gateway to the Eastern Province of Saudi Arabia and a hub for the oil and gas industry, offers the perfect backdrop for the HEAT Show. The event underscores Saudi Arabia’s commitment to innovation and growth in alignment with Vision 2030, aiming to diversify the economy and promote sustainable development.

The post Heavy Equipment and Truck Show to take place in Dammam 18-21 Nov 2024 appeared first on Middle East Construction News.


Source: MEConstructionNews

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