4 minute read
The Big Picture
01 UNITED KINGDOM Masdar acquires BESS developer Arlington Energy
Masdar has acquired the UK-based battery energy storage system (BESS) developer, Arlington Energy, allowing its expansion into the UK and the European renewable energy markets.
Arlington Energy works to develop, build, operate, and finance flexible energy solutions, having taken over 170MW of assets through to operation in the past two years. Masdar’s acquisition of Arlington Energy will enable the development, construction, operational management, and financing of BESS projects under one platform.
04 SOUTH AFRICA URB plans $20bn sustainable city in South Africa
Dubai-based developer, URB, has announced plans for Africa’s largest sustainable city. THE PARKS, which is said to have a development value of $20 billion and will occupy an area of 17sqkm.
The development aims to provide the world’s highest standard for sustainable living for an expected 150,000 residents in the eastern region of South Africa. It is expected to be car- and waste-free and will feature 40,000 homes across 12 residential districts and boast a mix of residential, medical, tourism, entertainment, retail, and education elements.
02 DENMARK Trackunit connects 1.4m assets globally
Trackunit has connected more than 1.4 million assets globally, almost tripling the number of assets it has linked in the last year, the company has announced.
According to the technology provider, connected assets have risen from less than 500,000 a year ago, setting a new milestone and representing a significant spike in the adoption of its software.
The growth follows Trackunit’s move to partner with the industrial IoT division of Canada’s ZTR in November 2021, but also as new business comes on board ahead of the return of Bauma, the company says.
05 EGYPT Orascom Construction adds $670m to backlog
$670 million worth of new contract awards were added to Orascom Construction’s backlog in Q3 2022. The new contracts bring its total awards in the nine months of 2022 to $3.1 billion.
Middle East projects comprised 70% of new awards, mainly in the infrastructure, logistics and commercial sectors. New awards signed by US subsidiaries accounted for 30% of the total.
The data centre sector accounted for a significant portion of new awards and added that its estimated consolidated backlog stood at $6.1 billion as of 30 September 2022.
03 ITALY Raimondi Cranes unveils new corporate identity and vision
Raimondi Cranes has unveiled a new corporate identity and vision including extensive research into two core areas of its business.
Building on almost 160 years of manufacturing history, the company announced it had invested extensive resources into two core areas:
Firstly, a new production facility implementing lean-manufacturing innovative techniques, and secondly, the development of 14 new flattops that have been optimised according to customer feedback.
06 UNITED ARAB EMIRATES Mukesh Ambani buys Dubai’s most expensive villa
Mukesh Ambani, India’s second richest man and chairman and managing director of Reliance Industries Limited (RIL), has bought Dubai’s most expensive villa for a record-breaking US $163mn.
The Indian billionaire bought the beach-side mansion – located at the heart of the Palm Jumeirah – from the family of Mohammed Alshaya.
The ten-bedroom residence, with a private spa and indoor and outdoor pools, is said to be a short walk from the $80mn home that Ambani purchased earlier this year for his son, Anant.
01 02
03
05 08 06
07
09
07 UNITED ARAB EMIRATES Arada closes $100m tap of $350m Sukuk issuance
Arada has successfully closed a US $100 million tap of its existing $350 million sukuk, which was issued in June and listed on the LSE. The tap was priced at 99 cents on the dollar, with an investor yield of 8.386%. Arada’s existing five-year fixed rate RegS debut Sukuk issuance was rated BB- by Fitch and B1 by Moody’s.
The Joint Lead Managers and Bookrunners for the tap were Standard Chartered Bank and Emirates NBD Capital, HSBC, Abu Dhabi Commercial Bank, Mashreq, Sharjah Islamic Bank, Kamco Invest, and Warba Bank.
Ahead of the FIFA World Cup Qatar 2022, Qatar Tourism has announced new tourism attractions, hotels and resorts that will be open to visitors.
The projects represent a major milestone in Qatar’s emergence as a tourist destination, with the country seeking to welcome six million visitors a year by 2030.
Highlighting the entertainment options, Qatar Tourism focused on Al Maha Island; Lusail Winter Wonderland and Lusail Boulevard; Qetaifan Island North; Corinthia Yacht Club and West Walk. A number of new beaches and beach clubs will also open.
09 OMAN SHA completes Phase One of Hajar masterplan project in Oman
Stirling Hospitality Advisors (SHA) has announced the completion of Phase One of its mixed-use Hajar masterplan project in Oman.
The four-phase project was launched in June this year, with the firm spearheading the development across the tourism and hospitality sectors to optimise the destination’s economic potential and attract further investment.
The key development encompasses an overarching strategy to develop an attractive, profitable destination.
