UAE-based developer Bloom Holding has announced that work is moving at a steady pace on its hotel apartments project – Bloom Arjaan by Rotana – which is due to open in Q4 next year.

Located in Bloom’s Park View on Abu Dhabi’s Saadiyat Island – and managed by Rotana Hotel Management Corporation – units at this key development range from studios to one- and two-bedroom hotel apartments with sizes spanning from 44 to 114 sq. m.

According to Bloom, this sophisticated development typifies the idea of a ‘second home’, with a hotel experience in the form of hotel apartments featuring a variety of luxury amenities. These include a state-of-the-art fitness centre, ample green spaces, and a floating infinity swimming pool, located 30m above ground on a bridge connecting the two main buildings.

Residents can also enjoy the hotel’s restaurant and a range of retail, food and beverage outlets which include several renowned eateries and cafés.

On the upcoming project, CEO Carlos Wakim explained that it will be thoughtfully designed to deliver the comfort of a home, but with all the conveniences of a hotel – including intuitive technology and professional services.

“Part of the vibrant Park View development on Saadiyat Island”, he said, “it enjoys a prominent location in the heart of the capital’s cultural district and sits across from the world-renowned New York University Abu Dhabi. The strategic location of Bloom Arjaan by Rotana makes it a sought-after destination for university students, professors and their families, alongside the usual guests attracted by the Saadiyat island’s lifestyle and offerings.

“Bloom Arjaan by Rotana offers a developer-backed guaranteed return of investment of up to 8% over 5 years, which falls in line with our commitment to delivering unparalleled products and creating value for our customers. Our partnership with Rotana will bring a new offering to Abu Dhabi’s real estate and hospitality sectors providing high returns on investment in sought-after locations such as Saadiyat Island.”

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Acwa Power, a developer and operator of power generation and water desalination plants worldwide, has signed an agreement with Egypt’s New and Renewable Energy Authority (NREA) to construct a 10 gigawatt (GW) wind project near the city of Sohag.

The wind power plant is expected to provide the Egyptian economy with annual savings of $6.5bn in natural gas costs – as well as securing up to 120,000 job opportunities. Under the deal, NREA will allocate approximately 3,000 sq km of land.

On completion, the wind project is expected to generate around 50,000 GW-hours of clean energy annually, providing electricity to around 11 million households and mitigating the impact of 25.5 million tonnes of carbon emissions each year.

A leading player in the region’s utilities sector, Acwa Power has had a major presence in Egypt since 2015.

The company has three other facilities in Egypt, that are either in operation, under construction or in advanced development, including a 120 MW solar PV project in Benban, a 200 MW solar PV facility in Kom Ombo, and the 1.1 GW Suez Wind Energy project.

Speaking at the signing ceremony, Dr Mohamed Shaker Al Marqabi, the Minister of Electricity and Renewable Energy, said: “Egypt has adopted an ambitious programme to advance the electricity sector in various fields, which includes maximising the utilisation of new and renewable energy resources, encouraging investment in these fields to enable energy independence from fossil fuels, continuing to reduce carbon emissions, and increasing renewable energy capacity in the energy mix up to 42% by 2035. This focus also aligns with Egypt’s Vision 2030 and the National Climate Strategy 2050 with a view to mitigating the impact of climate change challenges and achieving sustainable economic growth.”

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The Abu Dhabi Department of Municipalities and Transport (DMT) has revealed that foreign direct investment (FDI) in the real estate sector ‘soared’ to AED 834.6 million during the first half of 2023.

This represents a record growth rate of 363% compared to the corresponding period last year, said the authority.

Responding to the explosive growth in the UAE capital, His Excellency Dr. Adeeb Al-Afifi, executive director of the Real Estate Sector, DMT urged the city to continue to build a comprehensive and enticing real estate ecosystem for foreign investors, “characterised by streamlined processes and seamless government service experience that facilitates the flow of foreign direct investments into the real estate sector in Abu Dhabi.”

At 34% growth, Saadiyat Island proved to be the most popular area with Yas Island (28%), Al Jurf (12%), Al Reem Island (11%), and Al Shamkha (8%) also attracting investors.

“We are thrilled to announce the remarkable surge in foreign direct real estate investments in Abu Dhabi,” added Al-Afifi.

“The astounding 363% growth witnessed during the first half of this year is a testament to the emirate’s exceptional appeal to foreign investors. This includes its strategic location, world-class infrastructure, and supportive economic and legislative environment, all of which have contributed to enhancing the emirate’s position as a preferred destination for individuals of all nationalities to invest, live, and work.

“Abu Dhabi’s investment climate, bolstered by encouraging incentives and robust legislative and regulatory frameworks, has created a nurturing and stimulating environment for foreign investors pursuing promising prospects in the real estate market. Moreover, the emirate’s unwavering commitment to adopting sustainable development policies, innovation, economic diversification, and environmental sustainability has significantly enhanced its ability to attract foreign direct real estate investments.”

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A new partnership between Conares and C&D should provide the GCC with access to a wide range of top-grade Chinese steel products in industries, including construction, infrastructure development, and manufacturing, say both parties.

Conares, the second-largest private steel manufacturer in the UAE, has partnerd with C&D, a Fortune Global 500 company focused on supply chain operation services and real estate development based in the city of Xiamen, China.

This “groundbreaking collaboration will empower” the Chinese corporation to distribute high-quality steel from China in the GCC region, strengthening trade ties between them, they said in joint statement.

The official signing of the partnership took place at Conares’ state-of-the-art steel plant in the Jebel Ali Free Zone (JAFZA) in Dubai. Zheng Yongda, general manager of Xiamen C&D Corporation Limited & Deputy Party Secretary and Bharat Bhatia, chairman and CEO of Conares, was also present, accompanied by other distinguished guests and senior executives from Conares.

“We are happy to join hands with C&D in bringing Chinese steel to the GCC region,” said Bhati.

“This collaboration represents a significant milestone for both Conares and C&D, as we leverage our respective strengths to foster economic growth and enhance trade relations. By combining Conares’ expertise in steel manufacturing with Chinese steel, known for its exceptional quality, stable quantity and wide variety we aim to cater to the rising demand for steel products in the GCC market.”

Yongda further added: “Our new partnership with Conares is invaluable to us and we look forward to working with them to expand the distribution of Chinese steel in the GCC region. This collaboration signifies a new chapter of cooperation between C&D and the UAE, and we are confident that our high-quality steel products will contribute to the development and growth of various industries in the region.”

The GCC region has witnessed remarkable growth in recent years, driving the demand for steel products to new heights. Conares, with its advanced manufacturing facilities and commitment to delivering excellence, claims to be well positioned to cater to this demand. The partnership with C&D enables Conares to expand its product portfolio and ensure a steady supply of high-quality Chinese steel to meet the region’s evolving needs, it added: “Conares remains steadfast in its dedication to supporting the UAE’s vision of economic diversification and sustainable development. By partnering with C&D, Conares is reinforcing its commitment to fostering international collaborations that drive innovation, strengthen economies, and contribute to the overall prosperity of the GCC region.”

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Rawabi Energy and its subsidiaries have announced the successful conclusion of one of the largest private sector syndicated financial deals in the Kingdom of Saudi Arabia. It has successfully closed with the sum of SAR7.175bn ($1.913bn) as a syndicated, multi-currency senior secured package using both SAR and USD facilities.

Led by strong market demand, the landmark transaction was oversubscribed by 1.33x, reinforcing confidence in the kingdom’s economy and its widely-heralded, robust prospects for growth.

Rawabi Energy’s announcement underlines how the transaction also highlights the investor trust in the company and the Rawabi Holding Group, underpinned by their strong fundamentals and exceptional expertise in the energy sector and other sectors. Several national and regional banks arranged, structured, and concluded the market clearing structure and syndication strategy for the organisation. The transaction will accelerate the company’s growth plans, underpinned by a full capital structure take-out and refinancing of existing indebtedness.

HSBC Saudi Arabia acted as the sole structuring bank, joint global coordinator, global agent, facility agent and investment agent. Gulf International Bank and Gulf International Bank – Saudi Arabia (together GIB) acted as joint global coordinator, mandated lead arranger, facility agent, and security agent. The mandated lead arrangers included Saudi Awwal Bank (SAB), Saudi National Bank (SNB), Alinma Bank, Riyad Bank, Bank Al Jazira, and Al Rajhi Banking and Investment Corporation. The lending group also included First Abu Dhabi Bank (FAB), acting as lead arranger.

Abdulaziz Ali AlTurki, Rawabi Holding Group Chairman and the Chairman of Rawabi Energy, said: “We are delighted to receive this level of support on our debut dual-currency syndicated transaction from the local and regional banking community. This transaction demonstrates the strong partnership we have with our financiers, who have supported our growth over the years and played a key role in positioning Rawabi Energy as a national champion, aligning with our wise leadership’s limitless ambitions.”

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Dubai’s Roads and Transport Authority (RTA) is constructing 19 truck rest stops and lay-bys across several ‘hotspots’ in Dubai in a joint venture with the private sector.

The project includes three Integrated Truck Lay-bys: one in partnership with Abu Dhabi National Oil Company (ADNOC), and two in partnership with Almutakamela Vehicle Testing and Registration.

In cooperation with ADNOC, RTA will also construct 16 truck rest stops in Dubai covering six key locations, strategic roads, and logistics hubs that attract a huge number of trucks daily.

These include Sheikh Mohammed bin Zayed Road, Emirates Road, Dubai-Hatta Road, Dubai-Al Ain Road, Jebel Ali – Lehbab Road, and Al Aweer Road.

The total area of the 19 truck rest stops and lay-bys is more than 300,000 sq. m., with a capacity to accommodate over 1,000 trucks and heavy vehicles.

The three Integrated Truck Lay-bys provide a host of services that step up the safety and wellbeing of drivers, such as diesel-refuelling stations, motels, maintenance workshops, restaurants, administrative buildings, prayer rooms, driving training centres, clinics, pharmacies, exchange shops, laundry, and other support services and facilities for the safety and wellbeing of heavy vehicle drivers.

The truck rest stops include service facilities, prayer rooms, diesel refuelling stations, restaurants, maintenance workshops, and rest areas for drivers.

The three Integrated Trucks Lay-bys encompass a total area of over 226,000 sq. m., each with a capacity ranging from 120 to 200 trucks and heavy vehicles.

The lay-by to be built by Almutakamela Vehicle Testing and Registration is located on Sheikh Mohammed bin Zayed Road near Jebel Ali Free Zone and Al Maktoum International Airport. It spans 100,000 sq. m. with a capacity of about 200 trucks.

The second layby, to be built by ADNOC, is situated near Emirates Road, next to the Al Tayy Racetrack. It has a 76,000 sq. m. area and has a capacity of 150 trucks, said RTA in its statement. 0

The third layby, again courtesy of Almutakamela, is located nearby the entry to the Dubai Industrial City (DIC) and covers 51,000 sq. m., with a capacity of approximately 120 trucks.

Meanwhile, each of the Trucks Rest Stops spans an area from 5,000 to 10,000 sq. m., with a capacity to accommodate 30 to 40 trucks.

Mattar Al Tayer, Director-General and Chairman of RTA executive directors board, said: “The construction of trucks rest stops and lay-bys contributes significantly to improving traffic safety, reducing truck related accidents by up to 50%, streamlining the traffic flow during truck ban times, increasing traffic awareness of truck drivers about traffic rules, and resolving the problem of parking trucks on main roads and residential areas.”

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The region’s first event created for B2B and B2C professional fleets wanting to make the switch to new forms of mobility and those already on their journey to a greener future.

Governments and authorities across the region are investing billions into green transportation helping to foster business and consumer demand for cleaner forms of mobility.

This is changing the business fundamentals of B2B and B2C professional fleets who must consider how they can adjust to this changing landscape.

The Green Fleet Summit is a new kind of event that will gather car rental companies, fleet services and fleet owners of all forms of transportation and mobility services to discuss how they can join others who have made the transition to being cleaner, greener and more profitable.

The Green Fleet Summit is a conference where debate will encouraged and new benchmarks discussed. It will also provide practical advice in areas such as investment in charging infrastructure and route planning for vehicles.

And, uniquely, delegates will have the opportunity to experience and test the very latest electric and hybrid vehicles entering the market. By exploring the vehicles coming to the market delegates will able to determine which car, van or mobility solution is suitable for their business requirements.

With COP28 around the corner, this is an event that will help companies managing their own fleet or relying on fleet services to understand how they can continue to evolve and what choices they should make to be competitive.

“We want an event that cuts to the chase on behalf of professional fleets that are considering whether it is worth making the jump to electric or other alternatives to fossil fuels. We also want to bring together those that are already making their switch and the vehicles they are using. In the coming weeks, we will be reaching out to fleets, OEMs and mobility experts who can help guide the sector through this daunting but exciting time,” said head of content Stephen White, Truck and Fleet Middle East.

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Arada has launched Saro, the seventh and final phase of Masaar, ahead of time, as sales hit US $640mn in H1 2023. Masaar is the developer’s mega-residential woodland project, which is taking shape in the Al Suyoh district of New Sharjah.

Valued at $2.6bn, the Masaar master plan features 3,000 homes spread over seven gated districts, all of which are linked by a green spine featuring over 50,000 trees.

Investor interest in the nature-inspired homes and award-winning master plan of the project has risen strongly, with 813 villas and townhouses sold in Masaar in the first half of 2023 alone, the developer noted.

Meanwhile, construction on 1,416 homes in the project’s first three residential districts, Sendian, Kaya and Robinia is under way, and the first homes are scheduled to be delivered later in 2023. The construction contract for the fourth, fifth and sixth phases, Azalea, Sarai and Sequoia, will be awarded in the coming months.

The Saro district consists of two, three, and four-bedroom townhouses and four, five and six-bedroom villas, including the up-market Saro Forest Signature Villas. Smart features come as standard at every Saro home, while larger villas offer additional privacy, multiple lounges, terraces and swimming pools. All homes at Saro are scheduled to be completed in the second quarter of 2026, the statement explained.

Shimmy Mathew, Group CFO of Arada said, “The intense buyer interest that we have seen in Masaar since its launch has made this one of the most popular and bestselling master communities anywhere in the UAE. Saro represents the last chance for buyers to invest in Masaar and we therefore expect demand to be high. Interest in Masaar has grown even more rapidly since the completion of the central precinct, which has given owners an opportunity to experience what living in the community will be like, as well the recent decision by the Sharjah government to allow all nationalities to buy freehold in the emirate.”

Located on the east side of the Masaar master plan, all homes at Saro are located within a few minutes’ walk from Masaar Central, the community hub which features entertainment, leisure, wellness and fitness facilities along with direct access to Masaar’s forested landscape, outdoor amphitheatre, children’s waterplay area and a skate park.

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The Kingspan Group has acquired a 51% controlling stake in Germany-based Steico SE for approximately US $282mn. The firm said it has an option to acquire a further 10% of shares in the German company in the future.

Steico specialises in natural insulation and wood-based building envelope products, and operates four large production sites comprising 27 lines in Poland and France, with additional capacity nearing completion.

“The acquisition of a majority stake in Steico represents an exciting next step in our strategy to provide the full spectrum of insulation products. Its suite of wood-based building envelope solutions broadens our ability to enable our customers to meet their sustainability and energy performance needs. Kingspan’s global routes to market, paired with our drive to innovate and widen the applications of Steico’s current technologies, are key to our plans to bring Steico bio-based solutions to the next level,” said Gene Murtagh, CEO of Kingspan.

Udo Schramek, CEO of Steico added, “We are now entering the next phase of growth and are very enthusiastic about the collaboration opportunities Kingspan brings, in both the existing Steico range and across the Kingspan portfolio and geographies. I am excited about the future for Steico and about being invested in the future growth of both companies.”

The existing Steico executive management will be retained, and upon closing of the deal Kingspan said it would seek “fair representation” on Steico’s administrative board.

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