The big picture

01 UNITED STATES Bentley Systems acquires Power Line Systems in $700m deal

Bentley Systems, the infrastructure engineering software company, has announced the completion of its acquisition of Power Line Systems — a leader in software for the design of overhead electric power transmission lines and their structures.

The firm was acquired from private equity firm TA Associates for approximately $700 million in cash.

Bentley Systems said that when it provided its full‑year 2022 financial outlook, they would reflect the inclusion of Power Line Systems in their figures.

04 AUSTRIA Austria’s SAN Group to set up green biotech facility in RAKEZ

Austria based biotechnology firm SAN Group plans to set up a green biotechnology facility within the Ras Al Khaimah Economic Zone (RAKEZ).

The company’s green hydrogen and farming subsidiary, SAN Enertech, will be constructing a fully integrated sustainable hydrogen production unit, plant, and fish farming on a land plot of 8,470sqm in RAKEZ Al Hamra Industrial Zone at an investment of $3.2m. It will consist of a research centre, laboratory, desalination plant, green house, as well as hydroponic and aquaponic indoor systems.

02 UNITED STATES Apollo to invest $1.4bn into Aldar

Aldar Properties and Apollo Group Management have signed a landmark commitment that will see Apollo‑ managed funds and clients invest a total of $1.4 billion in strategic capital to drive the developer’s transformational growth initiatives.

As part of the deal, Apollo will take a direct minority stake in Aldar Investment Properties at its Net Asset Value, highlighting the underlying strength of its asset base and Apollo’s conviction in the company’s growth strategy, management capabilities, and ability to capitalise on accretive opportunities that lie ahead.

05 REPUBLIC OF CONGO DP World commences construction on new Banana Port in DR Congo

DP World and the Democratic Republic of Congo (DRC) have laid the first stone to mark the start of construction of the new Banana Port.

The stone laying follows the signing of a collaboration agreement in December 2021 between DP World and the DRC Government to develop the first deep water port in the country.

The new port is being developed at Banana, along the country’s 37km coastline on the Atlantic Ocean in Kongo Central province.

03 UNITED KINGDOM Kent awarded engineering works contract for VNZ project in UK’s Humber region

Kent, the Dubai‑based integrated energy services provider, has announced that it has been awarded engineering work for the V Net Zero (VNZ) Project by Harbour Energy, the UK’s largest independent oil and gas company.

The VNZ Project will materially support the delivery of the UK Government’s 10‑point Energy Transition Plan for 2030 and has the potential to exceed the Plan’s carbon capture goal on its own/single‑handedly.

06 EGYPT Schindler Group awarded Cairo Monorail contract

Schindler Group has announced that it has been awarded a contract to deliver, install and maintain 136 elevators and 272 escalators for the Cairo Monorail Project.

The landmark project will help to connect Egypt’s New Administrative City to East Cairo. The city will be Egypt’s first smart city, covering 700 square kilometres in the desert east of Cairo, making it the size of Singapore.

Designed as the country’s new administrative hub, it is expected to house 6.5 million people. Its official opening is planned for the end of 2021.

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07 SAUDI ARABIA SFD inaugurates $137m worth of projects in KSA

The Saudi Fund for Development (SFD) has inaugurated two new development projects in the water and housing sectors, as well as the laying of the foundation stone for a project in the transportation sector, in the Republic of Djibouti.

The total value of investments for the projects is $137 million. One of the projects Al Marshad includes the construction of a 120‑unit residential project.

The second project inaugurated covers the construction of 105‑kilometres of water pipes and eight water tanks to pump clean water from the Bissidiro region.

08 QATAR Qatar FM market to be worth $22bn by 2030

A report by P&S Intelligence notes that Qatar’s facility management (FM) market is poised for growth over the next few years. Its revenue is likely to surge from an estimated $5.28bn in 2021 to $22.3bn by 2030, at a 17.3% CAGR between 2021 and 2030.

The strongest reason is Qatar National Vision 2030, under which the government seeks to make the country less reliant on the oil and gas industry. For this, infrastructure is being constructed on a massive scale to support other industries, which will then also drive the demand for FM.

09 UNITED ARAB EMIRATES Al Hamra Mall sold to Aldar for $111m

Al Hamra, the Ras Al Khaimah based real estate development and investment company in Ras Al Khaimah, has divested one of its flagship retail assets, the Al Hamra Mall to Aldar Properties, for a consideration of $111.6 million.

Al Hamra Mall is spread across G+1 floors and offers an area of 27,000sqm and caters to both residents and tourists. The RAK developer said that the sale reflects Al Hamra’s track record of creating high‑ value real estate assets at key locations in the Emirate of Ras Al Khaimah, with the potential to attract inbound investments from reputed investors and developers.

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10 SAUDI ARABIA Depa receives $41m in investment from PIF

Depa has entered into a subscription agreement with Saudi’s Public Investment Fund (PIF). The deal sees PIF invest $41m in the Dubai company in return for allotment of 750m new Class A shares. The deal will also see a restructuring of Depa’s board, which will increase the number of directors from five to 11 – with the six newly‑appointed directors to be nominated by PIF.

As part of the transaction there will be a warrant instrument issued to PIF, whereby certain payments relating to tax and/or DSG will allow PIF to exercise the Warrant Instrument and receive up to 272,829,158 additional Class A shares.

11 BAHRAIN Construction begins on Nadeen School Dilmunia in Bahrain

Ithmaar Development Company (IDC) and Naseej have started construction of the Nadeen School Dilmunia. The facility is at the heart of the mixed‑ use development, which is being built on a man‑made island in Bahrain.

The Nadeen School Dilmunia was designed by Mohamed Salahuddin Architects and Engineers Bureau (MSCEB). It will accommodate 1,056 students up to the ninth grade. The new campus will include a total of 44 classrooms with wide corridors to create internal teaching, learning, and recreational areas.

12 UNITED ARAB EMIRATES wasl Properties launches Gardenia Townhomes II in Jebel Ali

wasl Properties, the UAE‑based real estate developer, has announced the launch of Gardenia Townhomes II, part of its master development in Jebel Ali, Dubai.

The development features 92 townhouses, comprising of 66 three‑ bedroom and 26 four‑bedroom units in various plot sizes. The release of the townhouses comes in the wake of the selling‑out of Phase One of the project, three years ago. Phase One consisted of 257 units. The development is located near Ibn Battuta Mall.

13 UNITED ARAB EMIRATES ALEC appoints new head of Digital Construction

ALEC has announced the appointment of Andy Boutle as its head of Digital Construction is part of its ambitious strategy to accelerate the ongoing digitisation of its operations.

In this newly created role, Boutle will focus on the digitisation of the entire value chain for projects undertaken by ALEC, with an emphasis on increasing workflow communication and vertical efficiencies.

Boutle has worked in various engineering and management roles for both consultants and contractors with a more recent specialisation in BIM.

16 SOUTH KOREA NMDC and Daewoo Engineering and Construction sign MoU

The National Marine Dredging Company (NMDC) has signed a memorandum of understanding (MoU) with Daewoo Engineering & Construction, in a bid to cumulatively grow business opportunities across the Middle East and Africa. Through the MoU, the two entities will jointly explore onshore and offshore engineering, procurement and construction projects.

The partnership will focus on marine, dredging and reclamation projects, in addition to identifying opportunities in industries such as energy, port development and urban development projects.

14 OMAN Oman’s Jusoor Foundation launches social investment projects

Oman’s Jusoor Foundation has launched four projects within its social investment programme in North Al Batinah. $894,000 will be invested into the projects, which are being funded by OQ and Sohar Aluminium.

The first project is the 28,000sqm Al Qurm Natural Park in the Wilayat of Shinas. The second project is the construction of a park in the mountainous area of Al Hayleen in the Wilayat of A’Suwaiq on an area of 2,000sqm. The third project was to provide equipment to clean beaches in the wilayats of the Governorate.

17 SOUTH KOREA South Korea’s Doosan Heavy to build $834m casting and forging facility in KSA

Doosan Heavy Industries and Construction Company, the South Korean firm, has announced that it has secured a $834 million EPC contract to build a casting and forging facility at the King Salman International Maritime Industries Complex, which is located near Jubail, in the Eastern Province of Saudi Arabia.

The facility will have an area size of 400,000sqm and the capacity to produce 60,000 tons of casting and forgings per year, making it the largest facility of its type in KSA. will be completed by Q1 2025.

15 CHINA Dar Al Arkan opens Beijing office

Saudi Arabia’s Dar Al Arkan has opened its first office in Beijing, China, in line with the developer’s strategic expansion plans.

The Beijing office will serve multiple functions to allow for joint ventures between Dar Al Arkan and leading Chinese real estate developers for the Chinese and the Saudi market, further increasing and facilitate collaboration between Saudi Arabia and China and enhance investment and knowledge sharing opportunities.

It will primarily promote cooperation and partnerships within the real‑estate and technology sectors to exchange and implement global best practices.

18 MALAYSIA Dubai’s ekar begins expansion into SE Asia with Malaysia launch

On‑demand car rental company ekar has launched its car subscription service in Malaysia, starting in Kuala Lumpur.

The move comes hot on the heels of its Thailand launch announcement last month and its service will be the first offering of its type available in starting city Kuala Lumpur.

The firm explained in a statement that it plans to roll‑out across Malaysia towards the end of 2022. ekar also expects to launch peer‑to‑peer carshare in Malaysia by the end of 2022.