Arabian Construction secures AED 2 bn contract for Design Quarter development from Meraas
REAL ESTATE- #1- Meraas awards AED 2 bn contract for Dubai Design District project: Dubai Holding Real Estate subsidiary Meraas awarded a AED 2 bn contract to Arabian Construction Company (ACC) for the Design Quarter at d3, the first residential community in Dubai Design District, according to a Dubai Media Office statement. The project, featuring one low-rise building and two skyscrapers connected by a landscaped podium, is set for completion by mid-2027.#2- The Mohammed Bin Rashid Housing Establishment (MBRHE) has partnered with Dubai-based real estate developer Binghatti to develop and invest in sustainable housing in Dubai, according to the Dubai Media Office. Under the MoU, Binghatti Developers will offer MBRHE beneficiaries affordable housing units, and will explore the use of AI and advanced construction technologies to improve efficiency and sustainability in housing development.#3- Majid Al Futtaim Group plans to develop a residential and hotel project in East Cairo in partnership with Egyptian developer Midar, Ashraq Business reports, citing unnamed sources. The project will cover 1k acres within Midar’s 5.8k-acre Mada City, launched in April 2024. The agreement is expected to be signed in 3Q 2025. Representatives from Majid Al Futtaim Group declined to comment when approached by EnterpriseAM UAE.CUSTOMS-Abu Dhabi Customs gets more authority in latest restructuring: President Sheikh bin Zayed Al Nahyan has restructured the General Administration of Abu Dhabi Customs — designating it as an independent legal entity under the Economic Development Department and implementing new legislation to outline the organization’s updated role and responsibilities, according to a statement. The details: In addition to overseeing and authorizing the movement of goods into and outside of the emirate, its new responsibilities also include proposing customs-related policies and strategic plans. DEBT-Moody’s upgrades RAK Bank’s outlook to positive: Credit rating agency Moody’s affirmed National Bank of Ras Al Khaimah ’s (RAKBank) long-term deposit rating as Baa1, and upgraded its outlook from stable to positive for its long-term deposit and senior unsecured debt ratings, according to a statement seen by Enterprise. Its short-term deposit ratings stand at Prime 2, and its baseline credit assessment (BCA) and adjusted BCA at Baa3.Behind the upgrade: The outlook upgrade is down to RAKBank’s improved profitability and net interest margins, asset quality, segment diversification and growth in the bank’s wholesale franchise, and the likelihood of the bank receiving support from the government — which owns a 53% stake in RAKBank.TRANSPORT-#1- More details about Regent's USD 250 mn seaglider project: Electric seaglider developer Regent is set to generate over 1k high-tech jobs in Abu Dhabi over the next decade through its UAE manufacturing hub for electric flying ferries, Billy Thalheimer, Regent's co-founder and chief executive, told the National. The Rhode Island-based company expects to hire for roles in engineering, advanced manufacturing, and maintenance as production scales.In context: Regent and Abu Dhabi’s Strategic Development Fund agreed to form a JV last month to build the facility, backed by a minimum investment of USD 250 mn over 10 years, shared equally between both parties. The seagliders are set to begin operations in 2027.ALSO- Abu Dhabi’s Department of Municipalities and Transportation agreed to deploy seagliders in its fleet. Abu Dhabi Maritime will assess their feasibility for local waterways and logistics giant Aramex is exploring their potential for cargo transport.MARITIME- Vopak’s Fujairah terminal supplies its first bio-bunker fuel: Dutch independent energy storage operator Vopak’s joint-venture oil storage terminal in Fujairah — Vopak Horizon Fujairah — carried out its first bio-bunkering supply operations in the UAE, according to a statement. Vopak transported B24 bunker fuel — containing 24% fatty acid methyl ester with low sulphur fuel oil — from its oil storage terminal to the vessel. The companies involved in the operation were not disclosed.About Vopak Horizon Fujairah: The terminal is a JV with the Government of Fujairah, Kuwait’s Independent Petroleum Group, Royal Vopak and the UAE’s Horizon Terminals, according to its website. Vopak currently operates 32 terminals within its international network ISCC certified to store environmental products like sustainable aviation fuel, biofuels, and feedstocks, the statement adds. SPACE-Space42 + Viasat team up to advance 5G satellite connectivity: Abu Dhabi-based Space42 and US satellite firm Viasat inked an MoU to explore direct-to-device (D2D) satellite communications for smartphones, IoT applications, and next-generation mobile satellite services (MSS), according to a joint statement. In the initial phase, both companies will conduct technical and commercial studies on 5G D2D satellite communication solutions. These studies will explore narrowband Internet of Things (NB-IoT) and MSS, while aiming to develop an open, interoperable, 5G-compatible infrastructure.
Wednesday, 12 March 2025