Related Articles

• 
  Morocco issues tenders for $22m airport upgrade projects

  18 August 2025

  Morocco’s Office National des Aeroports (ONDA) has issued infrastructure development tenders worth over MD200m across four airports.

  According to local media, the largest tender is for constructing a new aircraft parking area and associated roadworks, valued at over MD107m ($12m), with bids due by 23 September.

  The second tender involves building public convenience facilities at Marrakech Menara Airport, estimated at MD48m ($5m), with bids due by 4 September.

  The third tender covers a new aircraft parking area and runway rehabilitation, with an estimated cost of MD43m ($4.7m). Bids are due by 23 September.

  The fourth tender is for expanding the baggage claim area at Tangier Ibn Battuta Airport, estimated at MD5m, with bids due by 4 September.

  Morocco’s construction sector is ramping up as the country continues awarding infrastructure contracts for the 2030 Fifa World Cup, which it will co-host with Spain and Portugal.

  Morocco has made a strong start in preparing infrastructure for the tournament.

  According to data from regional project tracker MEED Projects, 2024 marked the strongest year in a decade for construction and transport contract awards in Morocco, with over $3.6bn in deals signed.

  With over $17bn in construction and transport projects in the pipeline, Morocco is expected to invest tens of billions in the near term to meet 2030 Fifa World Cup infrastructure needs.

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  Yasir Iqbal
• 
  Masdar deploys $1.69bn green bond proceeds in clean energy

  18 August 2025

  Abu Dhabi Future Energy Company (Masdar) allocated more than $1.685bn from its 2023 and 2024 green bond issuances to clean energy projects by the end of 2024.

  The funds were directed to new solar, onshore and offshore wind, and energy storage schemes in the UAE, Saudi Arabia, the US, Germany, the UK, Uzbekistan, Azerbaijan and Serbia.

  In its newly released 2024 Green Finance Report, Masdar says the projects financed by its bonds will avoid more than 6.28 million tonnes of CO₂ emissions a year.

  The report shows that for every $1m invested through its green bonds, around 3,700 tonnes of CO₂ emissions are avoided annually.

  Masdar’s green bond allocations reflect a broader industry trend, with global investment in the energy transition reaching a record $2.1tn in 2024.

  Of this, $728bn was spent on renewable energy projects – ranging from wind to solar to hydropower – a record high but only about 8% more than in 2023.

  In March 2025, Masdar updated its Green Finance Framework to include investments in green hydrogen and standalone battery storage. Moody’s Investors Service reaffirmed Masdar’s Sustainability Quality Score of SQS1 (Excellent) and confirmed its alignment with ICMA’s Green Bond Principles and Green Loan Principles.

  Masdar raised $1bn in a green bond issuance in May 2025, which was 6.6 times oversubscribed. International investors received 85% of the allocation, with 15% going to Middle East and North Africa investors. Since launching its green bond programme in 2023, Masdar has raised $2.75bn.

  Deploying bond proceeds under strict criteria has enabled “clean energy progress while maintaining a high level of financial efficiency and investor confidence,” Mazin Khan, chief financial officer at Masdar, said.

  Alongside its bond programme, Masdar revealed it secured $6bn in non-recourse financing in 2024 to develop 11GW of clean energy capacity across 12 projects in nine countries.

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  Mark Dowdall
• 
  Nakheel awards $708m Dubai Islands villas contract

  18 August 2025

  Dubai-based developer Nakheel, now part of Dubai Holding, has awarded a AED2.6bn ($708m) contract to Abu Dhabi-based Fibrex Contracting to build the Bay Villas project at Dubai Islands.

  The contract includes the construction of 636 villas.

  The Dubai Islands development consists of five islands spanning 18.6 square kilometres. It features over 59km of waterfront and 20km of beaches, as well as parks, golf courses, promenades and cycling paths.

  This is the second major contract recently awarded by Nakheel to Fibrex Contracting.

  In February last year, Nakheel appointed Fibrex Contracting to deliver the District One West community in Mohammed Bin Rashid Al-Maktoum City in Dubai.

  The offshore island project gained renewed momentum in 2022 when Nakheel unveiled a new masterplan and rebranded it as Dubai Islands.

  The reclaimed islands were originally part of the Palm Deira project, which was partially completed before being put on hold in 2008.

  Nakheel is also evaluating bids for a contract to build approximately 550 additional villas on fronds A to F of Palm Jebel Ali, an artificial island located south of Jebel Ali Freezone.

  This latest tender follows Nakheel’s award of three infrastructure contracts, worth over AED750m ($204m), to local firm Dutco Construction for works on Palm Jebel Ali. Completion is expected by the fourth quarter of 2026.

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  Yasir Iqbal
• 
  Empower to build district cooling plant at Dubai Science Park

  18 August 2025

  Emirates Central Cooling Systems Corporation (Empower) has signed a contract to design a new district cooling plant at Dubai Science Park.

  The plant will have a total capacity of 47,000 refrigeration tonnes (RT) and will serve nearly 80 mixed-use buildings in the area. Construction is scheduled to begin by the end of the first quarter of 2026.

  The project is part of Empower’s expansion strategy to meet rising demand for energy-efficient district cooling services in key areas of Dubai.

  Empower says it will deploy advanced technologies at the Dubai Science Park Waterfront district cooling plant. These include thermal energy storage, which optimises energy use during on-peak and off-peak hours, and treated sewage effluent, which conserves fresh water.

  It is understood that the plant will also leverage artificial intelligence applications to ensure maximum efficiency and sustainability.

  Empower currently holds over 80% of Dubai’s district cooling market and operates 88 district cooling plants across the emirate.

  In July, Empower began supplying district cooling services to phase one of the Al-Habtoor Tower project, which spans 3.5 million square feet.

  Empower stated that all phases of the district cooling connection are scheduled for completion by the end of 2027. Its total cooling capacity will reach 7,200 RT, equivalent to nearly 75% of the peak cooling demand of the Burj Khalifa.

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  Mark Dowdall
• 
  Oman issues tender for Grand Blue City construction

  18 August 2025

  

   

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  Grand Blue City Development Company (GBCD), backed by Oman’s sovereign wealth fund, the Oman Investment Authority (OIA), is preparing to commence the main construction works on its Grand Blue City project in the sultanate.

  According to a notice published on the Oman Tender Board, the client issued the site demolition works tender on 13 August and set a bid submission deadline of 31 August.

  It is understood that the demolition works package will prepare the site for the main construction works on the project’s first phase, which includes 100 luxury villas; 202 lagoon villas; a five-star hotel; 130 studio, one-, two- and three-bedroom serviced apartments; and 270 residential apartments.

  In June last year, GBCD appointed local contractor Galfar Engineering & Contracting to carry out the marine works for its Grand Blue City project.

  The contract awarded to Galfar is valued at RO12m ($31m) and is scheduled for completion over two years.

  In November 2023, MEED exclusively reported that Oman had revived plans to proceed with the long-stalled Blue City project.

  Egyptian architectural consultant Engineering Consultants Group is the project consultant for the first phase of the development. 

  The project, also known as Al-Madina Al-Zarqa, is located along the Al-Sawadi seafront, which is almost 100 kilometres (km) northwest of Muscat.

  Project background

  First launched in 2005, the project was led by the local Al-Sawadi Investment & Tourism Company (ASIT). In 2006, a joint venture of Greece’s Aktor and Turkiye’s Enka was awarded a $1.9bn design-and-build contract for the first phase of the Blue City development.

  Project promoter ASIT, which included the local Cyclone and Bahrain-based AAJ Holdings, held a 75-year concession from the government to develop the land.

  Construction began shortly after the contract award, but failed to gain momentum due to financial difficulties.

  The 2008-09 financial crisis caused further investment in the project to dry up, stalling progress. As a result, the scheme became burdened with unsustainable debt and was unable to proceed.

  In 2010, Dubai-based Essdar Investments made an offer to buy notes sold by the Blue City development at a discount. The company said it would pay 20% of the face value for class B1 and class C securities. 

  In 2012, Onyx Investments, a subsidiary of the OIA, attempted to take control of the project by offering to repurchase approximately $143m in outstanding bonds at 35 cents on the dollar.

  When it was initially conceived, Blue City was expected to cover 32km and become Oman’s third-largest city, including schools, apartment buildings and villas. It was viewed as an integral part of the sultanate’s economic diversification strategy.

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  Yasir Iqbal