Thyssenkrupp plans to focus more on the MENA region and Egypt because of its emerging economic power and capability for continued industrial development. With over 70 employees, thyssenkrupp has raised workforce by more than 40% in Egypt making it the only company to act as a full service EPC contractor. The firm’s plant engineering operations in Egypt represent the company’s largest resource in the region. Given the growing need for diversification and modernisation of the region’s industrial base, there is a huge potential especially in the area of energy efficiency programmes and downstream value chains, according to the firm. Boris…
Author: Paromita Dey
Spain-based hospitality group RIU Hotels and Resorts and UAE-based developer Nakheel sign a joint venture in Mallorca to build its first hotel in Dubai. The $170m RIU hotel located at Nakheel’s Deira Islands master development. It will include 750 rooms – largest hotel to be built on the island till date. This is line with Nakheel’s plans to build 10 international hotels across Dubai. This marks the first time the developer has signed an agreement with an international hotel chain. Out of the 10, the first opened earlier in February 2016 and another six have been signed and announced. Nakheel…
Construction Business News ME reviews the coveted Egyptian holiday resort and residences, Somabay, developed by Abu Soma Development Company, placed in the western shores of the Red Sea Nestled at the Egyptian coastal edge, holiday resort destination Somabay has witnessed a massive growth in its projects over the course of a year. CEO of developer Abu Soma Development Company Ibrahim El Missiri says that Somabay is the ultimate exclusive Red Sea holiday destination solely positioned on a peninsula. Somabay’s residential developments has been designed to offer a holiday home among diverse properties including luxury hotels with exclusivity and controlled access.…
Arabian Travel Market (ATM) taking place in April 2016 will showcase Oman’s most noteworthy tourism projects as it grows into one of the top destinations in the region. Currently the country has $3.3bn worth of tourism related ongoing projects. Its inbound tourism numbers rise by an average of 7.4% per annum in the decade 2005-14, with 1.4 million international tourists’ arrivals targeted by 2019 compared to the 1.1 million that arrived in 2015. Nadege Noblet-Segers, exhibition manager at ATM 2016 said: “Oman’s Tourism Strategy for 2015 through to 2040 has an investment value of $35bn.” One of the major tourism…
Project management firm, SSH, has been appointed as contract manager and site supervision consultant by The Ministry of Housing for the construction of primary infrastructure and bridge construction on Islands 13 and 14 (East) of Al Madina Al Shamaliya Islands (AMAS). The mixed-use development will create an urban town on the northern coast of Bahrain. The Islands 13 and 14 (East) is expected to deliver about 2000 housing units under an affordable-housing scheme launched by the Ministry of Housing. It requires primary infrastructure networks comprising of roads of over 5.5 kilometres, installation of utilities such as storm water, potable water,…
Established for over a century, no other company understands the concept of innovation quite like Volvo Construction Equipment. Along with its regional distributor FAMCO, the company plans to integrate its new breakthrough concept into the market and help its customers with the future of construction One of the oldest construction machinery companies in the world, Volvo Construction Equipment has evolved into one of the most inventive equipment manufaturers and suppliers since its humble beginnings in a machine shop in Eskilstuna, Sweden, in 1832. Founded by then 27 year old Johan Theofron Munktell, who is also known to be the inventor…
One megawatt solar photovoltaic panels have been successfully installed at the Emirates Engine Maintenance Centre in Dubai. The project, a collaboration between Dubai Electricity and Water Authority (DEWA) and Emirates Airlines, is part of the Shams Dubai initiative. The new project locates in Warsan includes 2,990 photovoltaic panels installed on the rooftop of the centre’s car park. The panels is expected to generate 1,884 Megawatt-hours (MWh) of electricity every year and will save around 800 tonnes of carbon dioxide per year. Waleed Salman, executive vice president of strategy and business development at DEWA, said: “DEWA’s partnership with Emirates Airline is…
Real estate expert says UAE real estate’s current slowdown should be seen as a minor correction than a major crash. David Dudley, international director at JLL MENA, said that the while the impact of reduced oil prices on the economy will lead to a short-term slowdown in demand, this is occurring at a time of minimal supply completions leading to relatively stable market conditions. He said: “The market experienced a major upswing from 2013 to 2014, led by the residential sales market, with prime residential prices growing at 25% per annum. This pace of growth was unsustainable.” “The current phase…
KEF Holding chair Faizal Kottikollon discusses how investing in technology ties in with the long term vision of a company and how futuristic construction techniques are beginning to penetrate the GCC market. Does the rate at which technology is advancing ever overwhelm small businesses, which have a limited expense budget? How could they cope with the pressure to change? Technology is a long term investment and no company operating in today’s world can keep away from it. Companies should have a long term vision of where they want to be as a business and how they see themselves growing, for…
Economic experts predict the value of trade between the UAE and India will hit $100bn in 2020, Emirates New Agency reports. Currently, India accounts for 9.8% of its total non-oil trade, making it the largest importer of goods from the UAE. In addition it ranks third in its exports to the UAE, accounting to about 9.2% of total exports. The total volume of foreign trade between the two nations has amounted to $60bn in 2014. India is the seventh largest economy in the world with a total GDP worth about $2,182.577bn in 2015, according to World Bank statistics, achieving growth…