The Big Picture

01 ALBANIA Eagle Hills unveils $2.5bn super yacht project in Albania

Eagle Hills has announced a $2.5bn development in Albania. Billed as the largest super yacht marina in the world, the Durrës Yachts & Marina will be in the ancient city of Durrës, 34km from Albania’s capital of Tirana.

The project will offer 12,000 luxury marina homes, a state-of-the-art marina; a terminal for international cruise liners; premium open-air retail experiences with shopping and dining concepts; parks and open spaces; luxury hotels and branded hotel residences; world-class wellness clubs and spas, and exclusive beach and marina clubs.

04 SAUDI ARABIA SEVEN to invest $13.3bn into KSA entertainment destinations

Saudi Entertainment Ventures (SEVEN) has unveiled plans to invest US$13.3 billion into the development of 21 integrated entertainment destinations, with over 150 innovative attractions, that will be developed in partnership with prominent international brands across 14 cities in the Kingdom.

The wholly owned subsidiary of the Public Investment Fund (PIF) said that construction works of SEVEN’s first entertainment destination in the Al Hamra district of Riyadh have already begun.

02 EGYPT Alstom to design and build first driverless metro in Africa

French mobility giant Alstom has signed a framework agreement with Egypt’s National Authority of Tunnels (NAT) to design, build, and maintain Line 6 of the Cairo Metro.

In a statement issued at the COP27 Summit, Alstom said the 35km-long line will be the first driverless metro in Africa and will accommodate around half a million passengers. The line will run north to south through the Greater Cairo neighbourhoods of Shubra El-Kheima and New Maadi, ending at the beginning of Ain El-Sokhna Road, Al-Khosos. It will include 27 stations, with 12 of them underground.

05 SAUDI ARABIA KSA to invest $704m to develop Darin and Tarout Island

Saudi Arabia has announced the accrediting of a development approach for Darin and Tarout Island. Located off the coast of the Eastern Province of Saudi Arabia, in the Arabian Gulf, the island is home to 120,000 people. The development approach will include the setting up of a new development cooperation for the island. US $704 million will be invested across the island, with the aim of improving the quality of life and developing its GDP.

The investment aims to take advantage of the island’s heritage, environment and tourist aspects.

03 KUWAIT Kuwait’s TEC says tourism projects set for mid-2023 completion

Kuwait-based Tourism Enterprises Company (TEC) has said that steady progress is being made on its prime tourism and entertainment projects, with the projects on track for completion by mid-2023 as per schedule.

The Ras Al Ard club is a key project – spread over an area of 35,000sqm – the club will feature a variety of recreational and sports activities for different age groups such as multi-use sports courts, F&B outlets, as well as paved walkways and a boardwalk, in addition to swimming pools.

06 UNITED ARAB EMIRATES EMICOOL inks deal to increase solar capacity by 238%

Emirates District Cooling Company (EMICOOL) has inked a power purchase agreement (PPA) with solar specialist Emirates Electrical Engineering (EEE). The agreement will see Emicool increase its solar capacity by 238% within its District Cooling Plant 1 (DCP1), along with its head office boundaries, located in Dubai Investments Park 1.

The joint venture aligns with strategic objectives of maximising the penetration of clean and renewable energy into their processes, while supporting the transition into low carbon emissions.

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07 UNITED ARAB EMIRATES Etihad Rail and Borouge sign partnership agreement

Etihad Rail has reached an agreement with UAE petrochemical company Borouge, to transport 1.3 million tonnes of polyolefins annually from its petrochemical complex in Al Ruways Industrial City for export.

With this new partnership agreement, Borouge has become one of Etihad Rail’s main customers.

The deal also includes the development of a rail freight terminal in Al Ruways Industrial City, extending over an area of one million sqm. The terminal will handle loading and unloading, as well as storage and maintenance of shipping containers.

08 UNITED ARAB EMIRATES Omniyat inaugurates ORLA on Palm Jumeirah

Omniyat has inaugurated the ORLA, Dorchester Collection in Dubai, which is situated on a beachfront plot at the apex of Palm Jumeirah’s crescent, it has announced.

Designed by Foster + Partners and managed by the Dorchester Collection hospitality brand, the luxury property is situated on a 29,000sqm plot and features 86 two- and four-bedroom residences, three sky palaces, and one of the largest mansions on Palm Jumeirah. Each residence will feature oversized terraces and doubleheight ceilings of up to six metres and will be fitted out with European appliances.

09 OMAN Hatta reservoir project more than 75% complete

The Dubai Electricity and Water Authority (DEWA) has announced that more than 75% of the work has been completed on its Hatta Water Reservoir project and is due for completion – fully on-schedule – in April 2023.

With a construction cost of US $23.4 million, the Hatta project has a storage capacity of 30m imperial gallons of water. DEWA is implementing the project as part of efforts to store six billion gallons of water in aquifers that can be retrieved as and when needed.