UAE In-Focus — Aldar buys hotel and two islands; Dubai takes step to boost real estate market

UAE In-Focus — Aldar buys hotel and two islands; Dubai takes step to boost real estate market
UAE In-Focus — Aldar buys hotel and two islands; Dubai takes step to boost real estate market

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Jeddah - Yasmine El Tohamy - MENA Project Tracker — Iraq gas project receives 7 bids; TRSDC, AREIC form JV for $400m Red Sea resort

RIYADH: Iraqi oil and gas company Gulf Keystone Petroleum has received seven bids for its planned gas management project at the Shaikan Field, MEED reported citing the company’s chief executive Jon Harris.

The $250 million gas management project involves developing a third production facility at the field as well as a gas gathering pipeline, it added.

“Most of the third production facility will be made up of gas handling and compression units,” Harris told MEED, adding that the company is going to put an early production facility on the same site.

Firms bid for Misk Foundation Forum bridge

Saudi Arabia’s Mohammed bin Salman Foundation, known as Misk Foundation, has received bids from contractors to develop its newest 240-meter Forum bridge. 

The project will come up in the Prince Mohammed bin Salman Nonprofit City, known as Misk city, scheme that the foundation is developing in Riyadh.

Amongst the contractors which have submitted bids include local firms Saudi Mohammed Al-Rashid Co. and Real Estate Infrastructure Company, according to MEED Projects.

Located in the Irqah neighborhood, the Misk City project will cover a 3.4 square-kilometer area, which will include 500 villas and townhouses, and 6,000 apartments.

TRSDC and AREIC collaborate Jumeirah Red Sea Resort project

The Red Sea Development Company has formed a joint venture with Almutlaq Real Estate Investment Company for the development of the $400 million Jumeirah Red Sea resort in Shura Island.

Expected to start operations in 2024, the Shura island will encompass luxury resorts and suburban neighborhoods, entertainment and recreational facilities, and a 118-berth marina, reported Trade Arabia.

“We are extremely pleased to partner with TRSDC and its best-in-class management team on this exciting and compelling project,” AREIC Chairman Tariq Almutlaq said.

“The destination is coming to life, and we look forward to welcoming our first guests in 2024,” he added.

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