Maghreb energy project activity doubles
12 July 2023
The total value of active oil, gas and chemical projects in the Maghreb region has more than doubled since the start of 2021 amid increased energy demand from Europe in the wake of the Russia-Ukraine war.
Algeria, Morocco and Tunisia’s energy project markets have all expanded, according to data collected by MEED Projects.
Libya has seen a slight contraction, but appears to have laid the foundation for a steady increase in activity as long as it can maintain a degree of political stability.
The total value of all active oil, gas and chemical projects across all four countries stands at $90.8bn, more than double the figure recorded in January 2020, when the total was just $43.9bn.
With the ongoing Russia-Ukraine conflict, European nations have made a significant effort to support oil and gas projects in Libya and Algeria in the hope of paving the way for increased imports that can be used as an alternative to Russian hydrocarbons.
Additionally, Morocco, home to the world’s largest concentrated solar plant, has increasingly been identified as a promising location for producing green hydrogen and fertiliser projects.
More on Algeria’s oil, gas and chemicals sectors:
> TotalEnergies signs Algeria gas deal
> Chinese contractor signs Algerian petrochemical deal
> Repsol and Pertamina sign Sonatrach oil deal
> Banks provide financing for Algeria chemicals plant
> Petrofac signs $1.5bn Algerian petrochemicals deal
> Contractors bid for Algeria chemicals plant
> Algeria seeks upstream oil and gas consultants
Algeria
In terms of oil, gas and petrochemicals projects, Algeria is by far the region’s largest projects market, with $43.1bn in energy projects.
The North African country has seen a 45 per cent increase in the total value of active oil, gas and chemical projects since the start of 2021, according to MEED Projects.
Algeria’s energy project expansion has been mainly driven by gas projects, with the total value of all active gas projects more than doubling from $10.8bn in January 2021 to $22bn in June 2023.
Chemical and oil project activity has also risen significantly, growing by 12.2 per cent and 10.7 per cent, respectively.
Despite years of poor maintenance at some of its biggest oil and gas fields, the country is taking advantage of its extensive gas reserves, its geographical proximity to Europe, and Europe’s need for alternatives to Russian gas exports.
European officials have repeatedly visited Algeria, seeking to help boost Algerian production and secure increased gas imports.
In January, Italy’s Prime Minister Giorgia Meloni called Algeria Rome’s “most stable, strategic and long-standing” partner in North Africa when she wrapped up a two-day visit aimed at securing Italy’s energy supplies and promoting her plan for investment in the continent.
On 23 January, the Italian international oil and gas company Eni announced that it would study joint projects with Algeria’s state-owned energy company Sonatrach to improve the country’s energy export capacity.
In August 2022, the president of France, Emmanuel Macron, also travelled to Algeria as it became increasingly clear that Algerian gas imports would provide a key role in Europe’s energy mix.
Algeria has also secured higher prices for gas transported to Spain, where it supplied 25 per cent of the country’s gas deliveries in January, more than any other supplier.
In January, Sonatrach announced plans to invest more than $30bn in exploration and production to boost the country’s natural gas output.
The funds will also be spent on upgrading infrastructure to export gas from liquefied natural gas (LNG) terminals and by pipelines to Europe, according to the company’s chief executive Toufik Hakkar.
Hakkar said that Algeria wants to become one of the world’s most important sources of natural gas through Sonatrach and its planned investments.
Amid the increased demand for Algerian energy, there has been a series of major announcements regarding new projects and contracts in the country.
These include the announcement that UK-based Petrofac had signed an engineering, procurement and construction (EPC) contract for an estimated $1.5bn Algerian petrochemicals project.
Petrofac has partnered with China Huanqiu Contracting & Engineering Corporation, a subsidiary of China National Petroleum Corporation, for the Step Polymers project, which is due to be developed in the Arzew Industrial Zone to the west of Algiers.
At the end of 2022, Algeria revived phase two of the Touat natural gas field development project.
The project is estimated to be worth $1bn and is being developed by Groupement TouatGaz, a partnership between Sonatrach and London-based Neptune Energy.
The project scope includes the development of 19 wells, the construction of a gas treatment plant and the installation of pipelines.
In November last year, Sonatrach signed a series of contracts with the Italian contractors Tecnimont and Arkad, as well as local contractors, in a push to develop its hydrocarbons sector.
The contracts, all signed at a single ceremony, were worth more than $660m.
The contracts included one worth AD56bn ($400m) with Tecnimont for a liquefied petroleum gas (LPG) facility at its Rhourde el-Baguel oil field.
The plant is expected to process 10 million cubic metres a day (cm/d) of associated gas, producing 1,000 tonnes a day (t/d) of LPG, 300 t/d of condensate and 8.7 million cm/d of gas.
More on Libya’s oil, gas and chemicals sectors:
> Libya has potential for energy project surge
> Libyan pipeline contract awarded
> Libyan oil company in pipeline procurement talks
> Libya’s Waha Oil plans water plant
> Halliburton in talks for $1bn Libya oil project
> UK delegation to meet Libyan oil officials
> Eni signs gas deal in Libya
Libya
Like Algeria, Libya has extensive hydrocarbon reserves and existing export routes, making it a good candidate for replacing Russian oil and gas supplies to Europe.
While the total value of active oil, gas and chemical projects in the country declined by 14.5 per cent to $9.7bn between the start of 2021 and June 2023, its energy projects market holds the potential to expand significantly over the coming months if there is no decline in the security situation.
Libya pipeline can boost Europe gas exports
Since the start of the Ukraine war, a series of major oil and gas deals have been signed in the country. Libya’s National Oil Corporation (NOC) has ramped up tendering under the leadership of Farhat Omar Bengdara, appointed in July last year.
In January, NOC announced a partnership with Italy’s Eni to develop two regions containing expected gas reserves of 6 trillion cubic feet with an estimated production capacity of 750 million cubic feet a day (cf/d) of gas for 25 years.
NOC chairman Bengdara and Eni chairman Claudio Descalzi signed the deal. The Italian company said the agreement would generate between $7bn and $9bn of investment into the country’s oil and gas industry.
In March, it was announced that a subsidiary of NOC had signed a contract with US-based Honeywell for engineering work on the planned South Refinery project in Libya.
Zallaf Oil & Gas Company said in a statement that the project would be carried out in two phases and is expected to cost between $500m and $600m.
Libya’s Waha Oil Company is in advanced talks with US-based Halliburton over a $1bn project to rehabilitate the country’s Al-Dhara oil field.
The oil field in central Libya has suffered from years of poor maintenance and was sabotaged by Islamic State militants in 2015.
If the contract is signed soon, it could help provide a significant boost to Libyan oil exports and send a signal to other international oil companies that are wary about investing in the country due to concerns about security.
More on Tunisia and Morocco’s oil, gas and chemicals sectors:
> Tunisia gas pipeline to complete before 2024
> Tunisia tenders study for refinery project
> Tunisia receives gas transmission bids
> Morocco fertiliser project progresses towards approval
> Nigeria to invest $12.5bn in Morocco pipeline
> Genel in talks to develop Moroccan oil assets
> Design completed for Moroccan gas project
Tunisia and Morocco
The dynamics in the energy projects sector in Tunisia and Morocco are different from those in Libya and Algeria because they lack the same large volumes of hydrocarbon reserves.
While Tunisia has more than doubled the value of active oil, gas and chemical projects within its borders since the start of 2021, it remains the Maghreb’s smallest energy project market.
As of 20 June 2023, it had just $1.7bn in energy projects, according to data compiled by MEED Projects.
While Morocco also lacks large volumes of hydrocarbons, it has seen a significant expansion in gas and petrochemicals projects.
The North African country is currently evaluating bids for a floating LNG import terminal in Mohammedia Port that is estimated to be worth $200m.
A project estimated to be worth $190m is also ongoing to develop the country’s offshore Anchois gas field.
The major driver of growth in the country’s chemical projects market has been phosphate fertiliser projects and green hydrogen and ammonia schemes.
In December 2022, it was announced that Total Eren, affiliated with France’s TotalEnergies, was planning to construct a hydrogen and green ammonia plant in Morocco estimated to be worth about $10bn.
Main image: View of Skikda Port, Algeria
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Completing infrastructure ahead of time
10 December 2024
In late December 2023, Bahrain opened the Al-Fateh Highway project to traffic five months ahead of schedule. The highway connects key areas in Bahrain, including Manama, Mina Salman, Sitra, Muharraq, Bahrain Bay and Juffair, and opening the scheme promptly has significantly improved traffic in one of the most congested areas of the country.
“The secret to success was implementing the project in stages, combined with excellent traffic management,” says Minister of Works Ibrahim Bin Hassan Al-Hawaj.
The successful completion of the Al-Fateh Highway project comes at an important time for Bahrain, as it continues to upgrade its road network.
“The lessons we learned from Al-Fateh Highway are being utilised on other projects. We are working on the Muharraq Ring Road project, and that is also going to be open for traffic well ahead of time,” says Al-Hawaj.
Like Al-Fateh Highway, the Muharraq Ring Road project connects key commercial and residential areas in Bahrain, including North Muharraq, Diyar Al-Muharraq and Dilmunia.
Multifaceted approach
These projects are part of Bahrain’s comprehensive approach to alleviating road traffic.
“In 2016, we launched a study that identified projects that could help ease congestion. It proposed a multifaceted approach that covers many things, including public transport and an intelligent transport system, which introduces automation,” explains Al-Hawaj.
“We have not implemented everything in the study, but we are working through it gradually with the Traffic Council, headed by his excellency the minister of interior, and including the Ministry of Works, Ministry of Transportation and Ministry of Housing & Urban Planning. We have regular meetings to identify challenges and then put forward suitable projects to solve them,” says Al-Hawaj.
The Ministry of Works is responsible for maintaining, improving and expanding the road network. Its projects are split into four categories.
The first two categories are the major projects. The first is building new roads, while the second is improving the existing road network, either by widening roads or upgrading intersections.
Then there are the other two categories. These are maintaining the existing road network – which is a challenging task with existing traffic – and a fourth category that is known as ‘quick wins’. These small, tactical-level projects can be completed quickly to ease specific traffic black spots.
“We have about 60 projects under implementation, valued at BD172m ($456.2m), and among these are 14 strategic projects that amount to BD117m,” says Al-Hawaj.
Upcoming schemes
The pipeline of projects under execution will soon be expanded with the addition of a fourth crossing connecting Busaiteen with Bahrain Bay. The Bahrain Tender Board opened prices for the contract to build the signature bridge crossing in late November.
“The fourth crossing project is going to start in 2025,” says Al-Hawaj.
Looking further ahead, more road contracts will be awarded. “There are more than BD200m of future projects approved, and they will go to tender in the coming two years,” says Al-Hawaj.
There are more than BD200m of future projects approved, and they will go to tender in the coming two years
One of the roads that suffers from high traffic volumes is Sheikh Jaber Ahmed Al-Sabah Highway, from Umm Al-Hassam to the Alba intersection.
“This is our biggest project in the future. There will be four lanes in each direction, and all the intersections will be free-flowing traffic either by underpass or flyovers. We will get rid of all the traffic lights,” says Al-Hawaj.
The project will move into the construction phase next year with preparation works.
“One of the main lessons from the Al-Fateh Highway project is to free the construction zone from any services before construction starts. It will take some time to redirect the existing utilities, and then we will immediately go into construction,” says Al-Hawaj.
Another upcoming major scheme is the Bahrain Northern Link Road (BNLR) project that will run along the northern coast of Manama from the Bahrain Bay area in the east to Madinat Salman in the west. Initial estimates suggest that the scheme, which will have sections onshore and offshore, could cost BD500m to deliver.
Together with the fourth crossing project and the Northern Muharraq Ring Road, the BNLR scheme will create a new road corridor along the northern edge of Bahrain.
Unlike other road projects in Bahrain, the BNLR will be delivered as a public-private partnership project. Dar Al-Handasah was selected for the project’s feasibility study in 2022.
Away from roads, another major area of responsibility for the Ministry of Works is sanitation. At present, 86% of premises in Bahrain are connected to the sanitation network and sewage treatment plants (STPs), and there are plans to connect the remaining 14%.
STP capacity is also increasing. The capacity of Bahrain’s largest plant at Tubli is being doubled, and there is an expansion under way for the STP at Muharraq. The Sitra STP is also being upgraded, using technology from UK company Bluewater, which allows for capacity to increase without adding to the footprint of the site.
A greenfield project is also planned. “We have a new plant coming soon at Khalifa City,” says Al-Hawaj.
“We are finalising the drawings, and a tender is expected to be issued in the first quarter of 2025. We will start with 20,000 cubic metres a day, but the ultimate capacity will be 40,000 cubic metres a day.”
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Oman’s mining ambitions take a leap forward
10 December 2024
While Oman is at a disadvantage in terms of hydrocarbon reserves compared to its Gulf neighbours, when it comes to mineral resources, the sultanate, with its considerably large geographical area, enjoys benefits that its Gulf peers – barring Saudi Arabia – do not.
Exploration for mineral resources and mining activities for metals production are fundamental pillars of Oman Vision 2040 – a socio-economic strategy designed to diversify the sultanate’s economy away from oil and gas revenues and harness the potential of non-hydrocarbon industrial sectors.
At the forefront of this ambition is Minerals Development Oman (MDO), which was created in 2017 to explore the country’s mineral resources base and develop the mining sector.
Minerals exploration and production
MDO, a subsidiary of Oman Investment Authority, continues to advance its exploration campaigns across a range of minerals, including copper, chromite, gypsum, limestone, dolomite and silica.
The company had a major success recently when its subsidiary, Mazoon Mining, broke ground on a copper concentrate production project in Yanqul in northwestern Oman.
The Mazoon copper project site, located in the wilayat of Yanqul in Al-Dhahirah Governorate, covers 20 square kilometres (sq km) and comprises five open-pit mines. It is estimated to hold copper ore reserves of 22.9 million tonnes.
The project includes the construction of a processing plant spanning 56,000 square metres, with the capacity to process 2.5 million tonnes a year (t/y) of copper ore.
The Mazoon copper project will have the capacity to produce 115,000 t/y of copper concentrate, at a 21.5% copper grade, making it the largest copper concentrate production project in the sultanate.
Mazoon Mining was granted exclusive rights by Oman’s Energy & Minerals Ministry in 2022 to explore, develop and produce copper concentrates in concession area 12-A1, with gold as a secondary by-product.
Following feasibility studies, Australian/Canadian firm Lycopodium was appointed as the engineering, procurement and construction management contractor for the Yanqul project.
Construction of the processing plant is planned to begin in the first quarter of 2025, and production of copper concentrate is set to commence in the first quarter of 2027.
In addition to the Mazoon copper project, MDO has also initiated the redevelopment of copper mines in Sohar and Liwa, aiming to produce 800,000 t/y of copper ore annually, with confirmed reserves of 2.78 million t/y of copper ore.
In October, the Omani Ministry of Energy & Minerals awarded MDO a concession agreement to explore and develop silica resources in Block 51F in the wilayat of Mahout in Al-Wusta Governorate. The block covers 2,156 sq km and is estimated to hold silica, limestone and dolomite deposits.
Steel production investments
Several other metal production projects in Oman, particularly steel schemes, have also made progress in recent months.
In late October, Brazilian mining major Vale and China’s Jinnan Iron & Steel Group entered a joint venture (JV) to establish an iron ore concentration plant in Oman’s northern city of Sohar.
The Brazilian-Chinese JV intends to invest more than $600m in the iron ore concentration plant project, which will be the first such facility in Oman.
Vale will invest $227m to connect the plant to its agglomerate facilities in the region, while Jinnan will invest about $400m to build, own and operate the plant.
The planned complex, to be located within Sohar Port and Freezone, is scheduled to start operations by mid-2027.
The plant will be able to process 18 million t/y of iron ore and produce 12.6 million t/y of high-grade concentrate.
The proposed iron ore concentration plant project in Sohar is understood to be the second-biggest foreign investment in Oman’s steel industry. As such, it will contribute to the sultanate becoming a key player in the global supply chain for direct reduction grade iron ore (DRI).
Vulcan Green Steel (VGS), the steel arm of Vulcan Green, which is owned by India’s Jindal Steel Group, is developing the largest green steel project in Oman. VGS broke ground on the estimated $3bn project in December 2023.
The planned facility, which covers 2 sq km in the Special Economic Zone at Duqm (Sezad), will have two 2.5 million t/y production lines, comprising DRI units, an electric arc furnace and a hot strip mill.
The planned facility, set for completion by 2026, will primarily use green hydrogen to produce 5 million t/y of green steel. Once commissioned, it will be the world’s largest renewable energy-based green steel manufacturing complex.
Sezad could also host another large-scale green steel project if Japanese steel manufacturer Kobe Steel and Tokyo-based Mitsui & Company can reach the final investment decision on a preliminary agreement they signed in April 2023 to develop a low-carbon iron metallics project.
The two Japanese firms agreed to conduct a detailed business study in line with the goal of commencing low-carbon dioxide iron metallics production by 2027. The project is expected to produce 5 million t/y of DRI using a process called Midrex, where DRI is produced from iron ores through a natural gas or hydrogen-based shaft furnace.
Polysilicon production
Oman is also set to become a key regional producer of polysilicon once private player United Solar Polysilicon completes the construction of its estimated $1.35bn production facility in Sohar Port and Freezone in 2025.
The polysilicon plant will have the capacity to produce 100,000 t/y of high-quality metallurgical silicon. United Solar Polysilicon broke ground on the factory, which will be spread across 160,000 square metres, in March this year.
United Solar Polysilicon made further progress with the project in July when it awarded a contract to provide water services to Sohar-based Majis Industrial Services, a subsidiary of Omani state energy conglomerate OQ Group.
Polysilicon is a high-purity form of silicon, which is a key raw material in producing solar photovoltaic panels. Polysilicon production involves pouring the liquid metallurgical silicon from the furnace into moulds and then cooling it through mould or continuous casting. After cooling, the metallurgical silicon is ground and packaged for global export.
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Oman construction continues its positive trajectory
10 December 2024
Oman has had its best year for construction and transport contract awards in nearly a decade in 2024. By late November, there had been $4.1bn of awards, which already exceeds the $3.6bn recorded in 2023, according to regional projects tracker MEED Projects.
The total for 2024 is the first time the market has exceeded $4bn since 2015 and builds on the steady growth that the sultanate has delivered since it emerged from the Covid-19 pandemic in 2021 and the change in leadership in 2020, when Sultan Haitham Bin Tariq Al-Said replaced Sultan Qaboos Bin Said.
Transport contracts
The big moment for Oman construction in 2024 came in April, when three civil works contracts were awarded for the Hafeet Rail project connecting Oman and the UAE. The estimated AED5.5bn ($1.5bn) design-and-build contract was awarded to a consortium of Abu Dhabi-based National Projects Construction, National Infrastructure Construction Company, Tristar Engineering & Construction and Oman’s Galfar Engineering & Contracting.
Hafeet Rail may be just the start of rail projects in Oman. In February, it was reported that studies for the proposed Muscat Metro scheme would be completed by the end of 2024. The scheme is expected to stretch 55 kilometres (km) and have 42 stations. The project is expected to cost about RO1bn ($2.6bn).
There has also been a steady flow of road contract awards in 2024. According to MEED Projects, there were close to $1.9bn of road construction contracts in Oman by the end of November. Three awards totalling $667m were awarded in November to contractors for work on the Adam to Thumrait highway.
Airports projects are also being planned. The Civil Aviation Authority appointed Swiss engineering firm Renardet SA & Partners to prepare designs for Musandam airport in March, and later in the year, it tendered engineering and design contracts for the Jabal Akhdar, Masirah and Sohar airports.
These projects are part of the National Aviation Strategy 2030, which aims to attract an investment of $3.6bn in airport cities over 20 years.
Real estate
Real estate development is also gathering pace, with several masterplanned developments going ahead. Since coming to power, Sultan Haitham has pushed ahead with key schemes, some of which had been on hold for a number of years. One of these is the Grand Blue City project, also known as Al-Madina Al-Zarqa, located along the Al-Sawadi seafront, almost 100km northwest of Muscat. The project was first launched in 2005 and stalled during the global finance crisis.
In June this year, the Oman Investment Authority-backed Grand Blue City Development Company awarded local contractor Galfar Engineering & Contracting the marine works for the project, which is the clearest sign yet that construction work is gaining momentum.
The most high-profile new masterplanned project is Sultan Haitham City, which is managed by the Ministry of Housing & Urban Planning (MHUP). In February, MHUP signed contracts worth RO1bn ($2.6bn) to develop the first phase of Sultan Haitham City. The first phase includes the development of a city centre and six of the development’s 19 planned neighbourhoods. Completion is expected in 2030.
Another masterplanned development near the capital is Al-Khuwair Downtown, which is close to Muscat International airport and is also being developed by the MHUP. Design work is progressing on the scheme, which includes a marina, waterfront with beaches and sports facilities, canal and promenade areas, a cultural quarter and a ministry campus.
Another MHUP project is the Omani Mountain Destination on Jabal Al-Akhdar, 150km from Muscat. The $2.4bn destination includes 2,537 housing units, 2,000 hotel rooms, and a health and wellness village, all situated at an altitude of 2,400 metres above sea level.
Investment avenues
Foreign investors are also playing a role. Dar Global is developing the Aida project, and this year, it launched The Trump International Resort, Golf Club & Residences. The estimated $500m development comprises a 140-key five-star hotel, villas, serviced apartments, an 18-hole championship golf course, a club and a nightclub.
As well as traditional real estate investment, public-private partnerships are playing a role. The Asyad Group is tendering a 4,925 square-metre office complex in the Muscat airport free zone, with the selected firm developing it on a design, build, finance, operate and transfer basis over 25 years.
All these subsectors are expected to generate opportunities for construction companies over the coming years. The market also has the potential to grow far beyond its achievements in 2024. While that growth was positive, analysis of the historical numbers shows that the Oman market can achieve much more. In 2014, when the market peaked, there were over $9bn of awards – more than double the 2024 total.
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Morocco explores offshore wind project
9 December 2024
Luxembourg-headquartered European Investment Bank (EIB) has tendered a contract covering the feasibility study of Morocco's first offshore wind project off the coast of Essaouira.
EIB, which is supporting the Moroccan Agency for Sustainable Energy (Masen) in the project, expects to receive bids from technical and engineering consultants for the contract by 30 January 2025.
The selected consultant will undertake the project's feasibility and complementary studies and environmental and social impact assessment.
The duration of the contract is 29 months, with the possibility of one or more extensions, consisting of a maximum of 14 additional months for a maximum period of 43 months in total, said EIB.
The value of the contract is €2m, with the possibility of one or more budget increases for additional services, of a maximum amount of €3m, if additional eligible funds are available, the bank added.
Recent studies indicate Morocco has a high potential to exploit offshore wind, particularly along its Atlantic coast where wind speed is high and where the shallow waters are suitable for fixed-bottom offshore wind.
Renewable target
Morocco has set a target for 52% of its energy to be produced from clean energy sources by 2030, one of the most ambitious targets in the Middle East and North Africa region.
It aims to increase its renewable capacity to 10,000MW by 2030. Solar PV capacity is expected to comprise 4,500MW, with wind and hydroelectric comprising 4,200MW and 1,300MW, respectively.
Masen tendered contracts to develop and operate the Noor Midelt 2 and Noor Midelt 3 solar photovoltaic (PV) and battery energy storage system (bess) projects this year
The Noor Midelt 2 solar independent power project (IPP) consists of a 400MW solar PV power plant with battery storage of two hours.
It replaces a previous scheme that was expected to include thermal concentrated solar power and PV solar components, similar to Noor Midelt 1, which was previously awarded to a consortium of EDF and Masdar.
The Noor Midelt 3 IPP scheme is expected to have a solar PV capacity of up to 400MW and a bess capacity not exceeding 400 megawatt-hours (MWh).
The client has moved the last day for bid submissions from 29 November to 12 December, according to a source close to the projects.
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Hassan Allam wins Ramhan Island villas construction deal
9 December 2024
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Egyptian construction firm Hassan Allam has been awarded a construction contract to build about 321 villas at the Ramhan Island development in Abu Dhabi.
The contract was awarded by the local firm Eagle Hills, which is led by Mohamed Alabbar, the founder and chairman of Emaar Properties.
Located off the coast of Abu Dhabi, the Ramhan Island development spans an area of over 4 million square metres.
The overall development includes the construction of 1,800 villas, 900 residences, a hotel and retail facilities.
Eagle Hills signed an agreement with US-based hotel operator Marriott International to build a Ritz-Carlton Reserve hotel on Ramhan Island in July.
The property will feature 50 private one- to four-bedroom villas, including floating villas. The development is expected to open in 2029.
Mohamed Alabbar launched the Ramhan Island development in May this year.
GlobalData expects the construction industry in the UAE to expand by 4.6% in real terms in 2024, supported by improved investments in transport, industrial and residential construction projects. Private sector investments in the real estate sector will also support the industry’s growth this year.
The construction industry is expected to register an annual average growth of 3.8% in 2025-28, supported by investments in transport, housing and renewable energy projects.
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