Related Articles

• 
  Aldar launches Fahid Beach Terraces project Yasir Iqbal

  13 August 2025

  Abu Dhabi-based private real estate developer Aldar Properties has launched the Fahid Beach Terraces project, located on Fahid Island, which is a new waterfront development located between Yas Island and Saadiyat Island

  The project is designed by Japanese architect Koichi Takada, with interiors from UK-based firm M&L.

  The six-building community will offer 501 one- to four-bedroom apartments, duplexes and six five-bedroom penthouses.

  The announcement follows Aldar's unveiling of the masterplan for Fahid Island in June. The island spans a total area of over 2.7 million square metres (sq m) with 11 kilometres (km) of coastline and 4.6km of beachfront.

  Aldar said that it has enrolled several architects to design the island’s residential assets, including Japan's Kengo Kuma and Koichi Takada. Other residential developments have been designed by London-headquartered Acme and UAE-based Naga Architects.

  The island will offer more than 6,000 apartments, townhouses and villas.

  In April last year, MEED reported that Aldar Properties planned to launch a project on Fahid Island.

  In February 2024, Aldar made a AED2.5bn ($680m) investment, to be paid over five years, for a 4 million sq m land bank on Fahid Island to build a waterfront development.

  In addition to residential units, the project will include a school, as well as retail and leisure facilities.

  

  https://image.digitalinsightresearch.in/uploads/NewsArticle/14459970/main.jpg

  Yasir Iqbal
• 
  Contract award nears for Trump Tower Jeddah Yasir Iqbal

  13 August 2025

  

   

  Register for MEED’s 14-day trial access 

  Saudi Arabia-headquartered real estate developer Dar Global is preparing to award the main construction contract to build the Trump Tower development in Jeddah.

  "The bid evaluation process has reached the final stages, and the contract could be finalised in a few weeks," sources close to the project told MEED.

  The enabling works have already started and are being undertaken by local firm Specialised Italian Foundation Company.

  The 47-floor tower is expected to be developed at an estimated cost of SR2bn ($532m).

  Dar Global is developing the project in collaboration with the US-based Trump Organisation.

  The project is the latest addition to Dar Global's portfolio after it announced the development of two new projects in Riyadh with the Trump Organisation.

  The announcement follows a partnership deal signed by Dar Global in September last year with Geneva-based jeweller Mouawad to develop a residential project in Riyadh.

  The estimated SR880m ($234m) development will offer 200 residential villas north of Riyadh, close to the Expo 2030 site.

  The development is expected to be completed by 2026.

  According to an official statement, Dar Global has $7.5bn-worth of projects under development in six countries: the UAE, Oman, Qatar, the UK, Spain and Saudi Arabia.

  UK analytics firm GlobalData expects the kingdom's construction industry to record an annual average growth rate of 5.2% in 2025-28, supported by investments in transport, electricity, housing and tourism infrastructure projects and the Saudi gigaprojects programme.

  The industry will also be supported by the government’s aim of increasing homeownership from 62% in 2020 to 70% by 2030, as part of Saudi Vision 2030.

  

  https://image.digitalinsightresearch.in/uploads/NewsArticle/14459905/main.jpeg

  Yasir Iqbal
• 
  Drake & Scull announces $381m in new contract awards Yasir Iqbal

  13 August 2025

  Dubai-based contractor Drake & Scull International (DSI) has announced that it has secured three new contracts worth over AED1.4bn ($381m) in the UAE, Jordan and India.

  The first contract, worth over AED1bn ($272m), covers the infrastructure works for the Arabian Hills project in Dubai.

  The second contract, which is worth AED215m ($58m), includes the construction of the North Balqa wastewater treatment plant in Jordan.

  The third contract, valued at AED169m ($46m), covers the construction of a water treatment facility in Maharashtra, India.

  The firm has also announced its entry into Dubai’s commercial real estate sector with the purchase of a land parcel in the Majan area of the city, where it plans to develop an office building.

  DSI has also announced that in the first half of 2025, its revenues increased to AED78m. The firm posted a gross profit of about AED6m, while net profit stood at AED6.5m.

  In June last year, DSI announced that it had completed its financial restructuring plan after it was able to reach settlements with “a number of creditors”.

  "Settlements have been reached with creditors and the financial restructuring plan has been approved by the competent courts," said Shafiq Abdul Hamid, chairman of the board of directors of DSI.

  "The company has been successful in increasing its new capital by more than AED450m ($123m) and obtaining approval from the Securities & Commodities Authority," he added.

  Hamid said the move was expected to enable the company to resume its activities by bidding for new projects.

  According to the new operational plan, the company will be focusing on three core disciplines: mechanical, electrical and plumbing; oil and gas; and wastewater treatment.

  In November 2023, DSI's restructuring plan was approved by the Courts of Dubai.

  The company resumed trading on the Dubai Financial Market in May, following a suspension of more than five years for restructuring.

  DSI's restructuring advisory team includes Trussbridge, Allen & Overy, Hadef & Partners, Ibrahim & Partners, Aaronite, Linklaters and Deloitte.

  UK analytics firm GlobalData expects the UAE construction industry to register annual growth of 3.9% in 2025-27, supported by investments in infrastructure, renewable energy, oil and gas, housing, industrial and tourism projects.

  The residential construction sector is expected to expand by 2.7% in 2025-28, supported by private investment in the residential housing sector, along with government initiatives to meet rising housing demand.

  

  https://image.digitalinsightresearch.in/uploads/NewsArticle/14459688/main.jpg

  Yasir Iqbal
• 
  New Murabba and US firm sign Mukaab agreement Yasir Iqbal

  13 August 2025

  Saudi Arabia’s New Murabba Development Company (NMDC) has signed a memorandum of understanding (MoU) with US-based Falcons Creative Group to develop the creative vision and immersive experiences for the Mukaab project at the New Murabba development.

  The Mukaab is a Najdi-inspired landmark that is set to become one of the largest buildings in the world, standing 400 metres high, 400 metres wide and 400 metres long.

  Internally, it will feature a tower atop a spiral base, with 2 million square metres (sq m) of floor space dedicated to hospitality. The structure will include commercial areas, cultural and tourist attractions, residential and hotel units and recreational facilities.

  This latest announcement follows other MoUs signed by NMDC in recent weeks. Earlier in August, NMDC signed an MoU with Alat, a Public Investment Fund-backed company, to explore the development and integration of technologies supporting the Mukaab project.

  This MoU also covers potential future technology needs across the wider New Murabba downtown development. 

  This followed NMDC's signing of an MoU with South Korea’s Heerim Architects & Planners in July to explore additional design work for assets within the 14-square-kilometre New Murabba downtown project.

  Earlier in July, NMDC signed an MoU with another South Korean firm, Naver Cloud Corporation, to explore technological solutions for delivering the New Murabba downtown project.

  Also in July, NMDC announced the completion of excavation works for the Mukaab, the centrepiece of the overall development.

  Downtown destination

  The New Murabba destination will have a total floor area of more than 25 million sq m and will feature more than 104,000 residential units, 9,000 hotel rooms and over 980,000 sq m of retail space.

  The scheme will include 1.4 million sq m of office space, 620,000 sq m of leisure facilities and 1.8 million sq m of space dedicated to community facilities.

  The project will be developed around the concept of sustainability and will include green spaces and walking and cycling paths to promote active lifestyles and community activities.

  The living, working and entertainment facilities will be developed within a 15-minute walking radius. The area will use an internal transport system and will be about a 20-minute drive from the airport.

  The downtown area will feature a museum; a technology and design university; an immersive, multipurpose theatre; and more than 80 entertainment and cultural venues.

  

  https://image.digitalinsightresearch.in/uploads/NewsArticle/14459669/main.jpg

  Yasir Iqbal
• 
  AIQ and SLB to deploy agentic AI to Adnoc operations Indrajit Sen

  12 August 2025

  Abu Dhabi-based artificial intelligence (AI) services provider AIQ has entered into an agreement with US oil field services major SLB for the development and deployment of AIQ’s ENERGYai (Energy to the Power of AI) agentic AI system across subsurface operations at Abu Dhabi National Oil Company (Adnoc).

  Built on 70 years of proprietary data and knowledge, ENERGYai combines large language model technology with agentic AI, which is trained for specific workflows across Adnoc’s upstream operations.

  Early indications of ENERGYai's capabilities in a test environment using 15% of Adnoc’s data, and looking specifically at two fields, resulted in a seismic agent achieving a 10 times increase in the speed of seismic interpretation and a 70% increase in precision.

  In March, Adnoc awarded AIQ a $340m contract to deploy ENERGYai across its operations.

  AIQ and SLB will jointly design and deploy new agentic AI workflows across Adnoc’s subsurface operations, including for geology, seismic explorations and reservoir modelling, supported by SLB’s Lumi data and AI platform and other digital technologies.

  A scalable version of ENERGYai is under development, which will include AI agents covering tasks within subsurface operations. Deployment will commence in the last quarter of this year.

  The agreement between AIQ and SLB builds on another agreement that the companies signed in March to facilitate autonomous operations in the energy sector through the adoption of edge AI and Internet of Things technologies, and specifically to promote the use of Agora edge technology.

  ALSO READ: SLB completes $7.8bn US oil field services firm acquisition

  

  https://image.digitalinsightresearch.in/uploads/NewsArticle/14452804/main4800.jpg

  Indrajit Sen