GCC project awards declined during the third quarter of the year as global economic challenges mounted, with the region’s total contracts value falling by 40.8 per cent to $11.1 billion from last year’s figures of $18.8 billion, according to Kamco Invest, a regional non-banking financial powerhouse.
In a major move, His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister of Bahrain, has abolished the infrastructure connectivity fees for new builds in areas with pre-existing amenities, reported BNA.
With more than $121 billion worth of social projects planned and underway across the GCC, the private sector is expected to play a more significant role in infrastructure project delivery going ahead, said Cyril Lincoln, the Executive Vice President and the Global Head of Real Estate Finance and Advisory at Mashreq Bank, citing data.
Al-KharsaahH Solar PV Power Plant (KSPP), the first in Qatar and one of the largest in terms of size and capacity in the region, with a total capacity of 800 megawatts (MW), was inaugurated last month. KSPP was constructed on a 10-sq-km land area. It includes more than 1.
Dar Al Arkan Global, a leading real estate company in Saudi Arabia, has officially launched the sales of Les Vagues residences by Elie Saab in Qatar, in collaboration with Qetaifan Projects, a leading Qatari real estate development company fully owned by Katara Hospitality.
Diyar Al Muharraq, a leading real estate development company in Bahrain, has announced the completion of the connection of the integrated city to the sewage treatment plant (STP) in Muharraq.
Stirling Hospitality Advisors (SHA), one of the leading boutique advisory institutions in the region and a subsidiary of Ras Al Khaimah (RAK) Hospitality Holding, has announced the completion of Phase One of its mixed-use Hajar masterplan project in the mountainous area of Oman.
Saipem, a leading engineering and construction company, said it has secured a contract worth $4.5 billion from Qatargas for the North Field Production Sustainability Offshore Compression Complexes Project – EPC 2 located offshore the northeast coast of Qatar.
