Related Articles

• 
  Meraas announces Dubai City Walk expansion

  30 June 2025

  Local real estate developer Meraas has announced the City Walk Crestlane project as it continues to expand its City Walk residential community in the Al-Wasl area of Dubai.

  The City Walk Crestlane comprises two residential towers offering 198 one-, two-, three-, four- and five-bedroom units.

  The project is expected to be completed and handed over by the third quarter of 2028.

  Earlier this month, Meraas, which is part of Dubai Holding Real Estate, awarded a construction contract for another project at City Walk.

  The local firm Naresco Contracting was awarded a AED450m ($123m) contract for the main construction works on its Central Park Plaza residential project at City Walk.

  The project involves constructing two towers with 23 and 20 floors. Together, they will have 212 residential units.

  In May, Meraas awarded another local firm, Al-Sahel Contracting Company, a AED300m contract for the main construction works on Elara, which is phase seven of the Madinat Jumeirah Living masterplan in Dubai.

  The project involves building three residential towers with 234 apartments.

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  Yasir Iqbal
• 
  Dubai RTA begins Al-Safa Street early works

  30 June 2025

  

   

  Dubai’s Roads & Transport Authority (RTA) has started the survey and soil testing for the Al-Safa Street improvement project.

  The early works are being undertaken by the local Al-Mawazeen Soil Testing & Surveying Company.

  US-based engineering firm CDM Smith is the project consultant.

  The RTA formally announced the Al-Safa Street improvement project last week. The project extends 1,500 metres from the junction of Al-Safa Street with Sheikh Zayed Road to the junction with Al-Wasl Street.

  The RTA said that the project involves the construction of two bridges and two tunnels with a total length of 3.1 kilometres (km), the widening of surface roads, and upgrades to intersections and traffic signal systems.

  The project will reduce the travel time on Al-Safa Street to just three minutes from 12 minutes, and double the street’s capacity from 6,000 to 12,000 vehicles an hour in both directions.

  It will serve some of the key landmarks in Dubai, including City Walk and the Coca-Cola Arena.

  Planning for growth

  In March 2021, the government launched the Dubai 2040 Urban Master Plan. Its launch referenced studies indicating that the emirate’s population will reach 5.8 million by 2040, up from 3.3 million in 2020. The daytime population is set to increase from 4.5 million in 2020 to 7.8 million in 2040.

  In December 2022, Sheikh Mohammed Bin Rashid Al-Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, approved the 20-Minute City Policy as part of the second phase of the Dubai 2040 Urban Master Plan. 

  In addition to the road projects, the RTA’s Dubai Metro Blue Line extension forms part of Dubai’s plans to improve residents’ quality of life by cutting journey times, as outlined in the policy.

  The policy aims for residents to have 80% of their daily requirements within a 20-minute journey time, on foot or by bicycle. This goal will be achieved by developing integrated service centres with all the necessary facilities and increasing the population density around mass transit stations.

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  Yasir Iqbal
• 
  World Bank and atomic agency formalise partnership

  26 June 2025

  The World Bank Group and the International Atomic Energy Agency (IAEA) have formalised a partnership aimed at supporting the safe and responsible use of nuclear energy in developing countries.

  The agreement, signed by World Bank Group president Ajay Banga and IAEA director-general Rafael Mariano Grossi, marks a significant reengagement with nuclear power for the World Bank after decades of limited involvement.

  READ MORE: World Bank’s nuclear U-turn is an opportunity for Middle East projects

  The partnership reflects a new approach by the World Bank Group to meet global demands for baseload power while managing emissions.

  With electricity demand in developing nations expected to more than double by 2035, nuclear energy is recognised for its ability to provide continuous baseload power, which is crucial for sectors such as infrastructure, healthcare and manufacturing.

  It not only enhances grid stability but also creates high-skilled jobs and stimulates broader economic investment. Additionally, nuclear power can adapt to fluctuations in electricity demand, facilitating the integration of renewable energy sources.

  The memorandum outlines three key areas of collaboration: enhancing knowledge in nuclear safety and technology; extending the lifespan of existing nuclear plants; and advancing the development of small modular reactors.

  Currently, 31 countries operate nuclear power plants, contributing approximately 9% of global electricity and nearly a quarter of low-carbon power.

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  Colin Foreman
• 
  Turkiye’s Kalyon goes global

  26 June 2025

  

   

  Construction firms in Turkiye have developed their resources and capabilities over the past two decades as they deliver major projects such as Istanbul Grand airport, which is one of the world’s largest and most technically advanced airports. 

  Contractors are now using that expertise to export their services to international markets, including the Middle East and GCC. 

  One of the companies leading the push is Kalyon Holding, which has interests operating in the construction, infrastructure, real estate and energy sectors. 

  “We have put international growth at the top of our agenda,” says Kalyon Holding’s CEO Mustafa Kocar. 

  “It’s both a short-term and long-term strategy. We were a local company just a few years ago, but now we’re positioning ourselves as a global player.”

  Kalyon, a diversified conglomerate with origins in contracting, has evolved over the past 15 years into a major investor in energy, transportation and infrastructure. Among its assets is a 55% stake in Istanbul airport, which is “the biggest airport in Europe and the region”, says Kocar.

  This operational expertise, he says, is the foundation of Kalyon’s global expansion strategy. 

  “We tested our capabilities on megaprojects. Now, we want to leverage that know-how in other markets.”

  Exploring expansion

  While Turkiye remains the central hub, the group is scouting opportunities across the Middle East, North Africa, Eastern Europe and the US. 

  “We’ve already studied projects in Algeria, Libya, Morocco, Romania and Poland. In the US, many project opportunities have been offered to us.”

  Despite this global outlook, Kocar emphasises Kalyon’s independence. “We don’t need anyone to deliver these projects,” he says. “We have the technical expertise, the equity, the financing network – everything in-house. But if a strategic partnership adds value, we’re open to that.”

  In the GCC, Kalyon is eyeing opportunities in Saudi Arabia, where it is “getting prepared” for upcoming projects such as King Salman International airport, where the company hopes to leverage the experience it gained on the Istanbul airport scheme. Kocar adds that the firm is also forming consortiums for infrastructure projects. 

  “We’re selective. We don’t bid on everything. We focus on our core areas,” he says.

  Kalyon is also watching the development of public-private partnership models in Saudi Arabia. “It’s a big market … and everyone can get a piece. But you have to differentiate yourself with technical expertise and execution capability.”

  In the UAE, the company has prequalified for the high-speed rail project between Dubai and Abu Dhabi in partnership with a local and a Chinese firm.

  Kalyon is also undertaking post-war reconstruction in Syria. The group is part of a consortium that signed a memorandum of understanding in May to invest $7bn in energy infrastructure, including a combined-cycle gas turbine (CCGT) plant and solar projects.

  “The need [in Syria] is clear, and we believe the international commitment is there,” Kocar says. “Of course, it’s a challenge under current conditions, but we believe things will improve. We’re just at the beginning of the process.”

  The solar project could be operational within two years, while the CCGT plant may be completed three years after financial closure.

  We were a local company just a few years ago, but now we’re positioning ourselves as a global player

  Diverse expertise

  The work in Syria will lean on the group’s renewables experience. Kocar says Kalyon Energy is Turkiye’s biggest investor in renewables, with more than 2GW in operation and a target to more than double that to 5GW in the next five years.

  “Turkiye has great potential, especially in solar and wind,” he says. 

  “Our projects are already receiving strong support from European governments and financial institutions. We’ve worked with UK Export Finance, and one of our solar plants received the largest green financing ever from them, globally.”

  Kalyon Energy is a 50:50 joint venture with Abu Dhabi’s International Holding Company, through its subsidiaries. “It’s currently focused on renewables – solar and wind,” Kocar says. “There’s a view to go into other areas, but there’s no contractual arrangement yet.”

  Vertical integration is another  of Kalyon’s strengths. The group owns one of the world’s only fully integrated solar panel factories, producing everything from ingots to modules. 

  It also owns a floating storage regasification unit vessel – one of only two in Turkiye – and operates hydropower plants, as well as over 400 kilometres of toll roads under build, operate and transfer models.

  Kalyon has also entered the real estate market with the country’s first luxury designer outlet near Istanbul airport, and runs a private university in Gaziantep, providing scholarships to 40% of its 10,000 students through the Kalyon Foundation.

  While Kalyon has strong equity backing, it relies on project finance to optimise costs and competitiveness. 

  “The cost of equity is much higher than the cost of debt,” Kocar says. “The name of the game is leverage.”

  The group has worked with at least eight European export credit agencies and international banks such as JP Morgan and Standard Chartered. 

  “Once you build that expertise and network, it carries you to other markets,” Kocar says. “But this was always a planned strategy, not opportunistic.”

  UAE-Turkiye trade gains momentum 

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  Colin Foreman
• 
  Firms conduct Dubai Metro Gold Line presentations

  26 June 2025

  

   

  Consultants bidding for work on Dubai Metro’s upcoming Gold Line project have presented to the Roads & Transport Authority (RTA).

  The RTA received offers from firms on 10 June. US-based Aecom submitted the lowest-priced offer at AED628m ($171m) for the five stages of the consultancy work available on the project.

  Aecom’s price is about 18% lower than the second-lowest-priced offer of AED765m, which was submitted by UK-based Mott MacDonald.

  The other offers are AED843m from US-based Parsons and AED1.16bn from Canada’s AtkinsRealis.

  Lebanon’s Dar Al-Handasah submitted an offer of AED105m, which is understood to cover part of the consultancy work.

  Stage one covers the concept design; stage two the preliminary design; and stage three the preparation of tender documents. Stage four encompasses construction supervision, and stage five covers the defects and liability period.

  The Gold Line will start at Al-Ghubaiba in Bur Dubai. It will run parallel to – and alleviate pressure on – the existing Red Line, before heading inland to Business Bay, Meydan, Global Village and residential developments in Dubailand.

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  Colin Foreman