Emaar appoints contractor for Dubai project
26 July 2023
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Dubai-based real estate developer Emaar has awarded the main construction contract for the Golf Heights project to Al-Sahel Contracting Company.
The project is located at Emirates Living in Al-Thanyah Third and involves the construction of a 39-storey residential tower comprising 277 one, two and three-bedroom apartment units.
KEO International Consultants is the design consultant and UAE-based Pinnacle International Piling Foundation is the piling contractor. The piling works are ongoing at the project site.
The project is scheduled for completion by the fourth quarter of 2026.
In February, Emaar Properties reported a net profit of AED6.8bn ($1.9bn) in 2022, marking 80 per cent growth compared with the 2021 figure of AED3.8bn.
The company attributed its financial performance to the strengthening Dubai real estate market and rebound in global tourism, which drove its recurring-revenue businesses.
New project launches drove Emaar group's property sales to AED35.1bn in 2022, with a backlog of property sales reaching AED53.2bn.
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Dubai property market rebounds in February
13 March 2025
Property prices in Dubai rebounded in February following a decline in January. Average property prices hit a record high of AED1,505 ($410) per square foot, reflecting a month-on-month increase of 1.41% or a rise of AED20.94 compared to January 2025, according to a statement from property agent Better Homes.
The report also said there was a 17% increase in sales volume, reaching AED41bn across 14,929 transactions, marking a 15% month-on-month rise. This resurgence underscores Dubai's resilience and enduring appeal as a global property investment hub.
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Siemens Energy wins $1.6bn Saudi deal
13 March 2025
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Chinese engineering, procurement and construction (EPC) contractor Harbin Electric International has awarded Germany’s Siemens Energy a contract to supply combined-cycle gas turbine (CCGT) units for the Rumah 2 and Nairiyah 2 independent power projects (IPPs) in Saudi Arabia.
The Rumah 2 and Nairiyah 2 CCGT plants will each have a capacity of roughly 1,800MW, requiring an estimated investment of $2bn each.
The value of the contract Siemens Energy won is $1.6bn.
Siemens Energy will supply six SGT6-9000HL gas turbines, four SST6-5000 steam turbines, eight SGen6-3000W generators, two SGen6-2000P generators and associated auxiliary equipment for each site.
The power plants are designed to replace ageing oil-fired stations, reducing carbon dioxide emissions by up to 60% compared to traditional oil-based power generation.
The project includes long-term maintenance agreements to support the plants’ operational reliability over the next 25 years, Siemens Energy said.
It added: “Core components for the power plants will be manufactured at the Siemens Energy Dammam Hub, which is currently expanding to increase local production capacity and support Saudi Arabia’s energy sector.”
MEED reported in November last year that a developer consortium comprising the UAE-based Abu Dhabi National Energy Company (Taqa), Japan’s Jera Company and the local Albawani Company had partnered with Siemens Energy for the projects’ gas turbines contract.
The consortium tapped Harbin Electric to undertake the projects’ EPC.
The power generation projects will be developed using a build, own and operate (BOO) model over 25 years, with principal buyer Saudi Power Procurement Company (SPPC) as the sole offtaker.
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Photo credit: Siemens Energy
READ THE MARCH MEED BUSINESS REVIEW – clck here to view PDFChinese contractors win record market share; Cairo grapples with political and fiscal challenges; Stronger upstream project spending beckons in 2025
Distributed to senior decision-makers in the region and around the world, the March 2025 edition of MEED Business Review includes:
> AGENDA 1: Chinese firms dominate region’s projects market> AGENDA 2: China construction at pivotal juncture> UPSTREAM 1: Offshore oil and gas sees steady capex> UPSTREAM 2: Saudi Arabia to retain upstream dominance> DIRIYAH: Diriyah CEO sets the record straight> SAUDI POWER: Saudi power projects hit record high> AUTOMOTIVE: Saudi Arabia gears up to lead Gulf’s automotive sector> EGYPT: Egypt battles structural issues> GULF PROJECTS INDEX: Gulf hits six-month growth streak> CONTRACT AWARDS: High-value deals signed in power and industrial sectors> ECONOMIC DATA: Data drives regional projectsTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/13483115/main.jpg -
Chinese builders go global
13 March 2025
Commentary
Colin Foreman
EditorRead the March MEED Business Review
It is difficult to fathom the scale of growth experienced by China’s construction sector over the past 20 years. Since 2004, it has grown by over 800%, with a compound annual growth rate of 11% to reach an estimated value of $4.5tn.
That success has created contractors that are now the largest construction companies on the planet. According to GlobalData, seven Chinese companies are among the top 10 largest construction companies in the world, with China State Construction Engineering Corporation topping the list with revenues of $320bn.
In the Middle East and North Africa, Chinese contractors dominated in 2024 by securing $90bn of the $347bn of contracts awarded, according to data from MEED Projects.
The region’s active projects market has created unprecedented demand for contractors. Most notably, project clients in Saudi Arabia have been actively courting international construction companies to come and work in the kingdom.
Many international contractors exited the region over the past decade, which has meant Chinese contractors have had little competition as they stepped in to fill the void and deliver crucial projects.
On top of exploiting the shifting competitive landscape, Chinese successes have been able to meet the budgetary requirements of many projects, offering cost-effective solutions and even providing financing.
At the same time, the maturing Chinese economy has driven contractors to seek opportunities abroad. With a slowing domestic real estate market, they are turning to international markets for growth. The Middle East presents an attractive option due to its wide range of projects, backed by financially secure clients and governments.
The scale of the contractors and the large number of players yet to meaningfully venture overseas means they possess the ability to grow even further in the Middle East and North Africa as the region continues to press ahead with large-scale projects that require vast resources.
Register for MEED’s 14-day trial access
READ THE MARCH MEED BUSINESS REVIEW – clck here to view PDFChinese contractors win record market share; Cairo grapples with political and fiscal challenges; Stronger upstream project spending beckons in 2025
Distributed to senior decision-makers in the region and around the world, the March 2025 edition of MEED Business Review includes:
> AGENDA 1: Chinese firms dominate region’s projects market> AGENDA 2: China construction at pivotal juncture> UPSTREAM 1: Offshore oil and gas sees steady capex> UPSTREAM 2: Saudi Arabia to retain upstream dominance> DIRIYAH: Diriyah CEO sets the record straight> SAUDI POWER: Saudi power projects hit record high> AUTOMOTIVE: Saudi Arabia gears up to lead Gulf’s automotive sector> EGYPT: Egypt battles structural issues> GULF PROJECTS INDEX: Gulf hits six-month growth streak> CONTRACT AWARDS: High-value deals signed in power and industrial sectors> ECONOMIC DATA: Data drives regional projectsTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/13483117/main.gif