Neom sets Shusha Island tendering schedule
27 March 2024
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Saudi Arabia’s Neom has outlined the tendering schedule for contracts to build assets on Shusha Island. They include the world’s largest coral garden, a marina, hotels, villas, a beach club, a museum and a research centre.
The Shusha Island construction work is divided into three packages known as GC1, GC2 and GC3.
GC1 consists of three assets. They are the Hipe Tower, Grotto entrance and Sunset pools.
Hipe Tower is a 220-metre-tall structure with a built-up area of about 50,000 square metres.
Grotto entrance is a 65-metre-high, fully excavated cave inside the island’s cliffs that opens through the sea and reaches the top of Hipe Tower.
The Sunset pools are large pools to be built on the edge of the development overlooking the Red Sea.
The client is expected to issue the request for proposal in the fourth quarter of this year.
GC2 includes the Village Cluster, Museum and Research Centre, Marina Dive Boutique Resort and a utility hub.
The Village is a residential cluster consisting of residential units, retail facilities, support facilities for King Abdullah University of Science Technology (Kaust) and a canopy.
The Marina Dive Boutique Resort will have 55 rooms, and retail and F&B facilities.
The request for proposal for GC2 is expected to be issued in the second quarter of this year.
GC3 includes the Canyon, Mindfulness Hotel, Beach Club, Bowl, landscaping, villas and utilities.
The Canyon will be a recreational hub for kayaking, rafting, climbing, ziplining, vertical drops and paddling.
The Mindfulness Hotel, also known as the Mindfulness Boutique Resort, will have about 65 hotel rooms and retail and F&B facilities.
The request for proposal for GC2 is expected to be issued in the third quarter of this year.
“There will be a separate design and build tender floated in the third quarter of this year for the floating marina, which will include an interactive experience centre for marine biology in the Red Sea,” sources close to the project told MEED.
Spanish consultant Ricardo Bofill Taller de Arquitectura is the design consultant, and US-based Aecom is the project management consultant.
The development of Shusha Island is part of a framework for constructing infrastructure for 12 new islands at Neom.
MEED exclusively reported in August that Neom had briefed contractors on its development plan for Shusha Island. Several local and international contractors attended the meeting.
In October, Neom appointed Greek contractor Archirodon to carry out the early infrastructure works and local contractor Source Machinery for the enabling works on Shusha island.
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Joint venture tenders Algeria field development contract
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Contractors submit prices for Abu Dhabi offshore gas project
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Saudi Arabia’s Mutlaq Al-Ghowairi Contracting Company (MGC) has postponed its planned initial public offering (IPO) on the main market of the Saudi Exchange (Tadawul).
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In a statement issued on 9 June, the company said the offering had attracted significant interest from international, regional and local investors.
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The transaction was structured as a secondary sale, with MGC not issuing any new shares or receiving proceeds from the offering. Net proceeds were due to be distributed to the selling shareholders.
The planned IPO followed approval from the Capital Market Authority (CMA), which was granted on 31 December last year.
Founded in 1977, MGC specialises in construction, operations and maintenance services. Its core activities include water infrastructure, transport and urban development projects.
The company said it had delivered more than 80 projects over the past five years and reported a backlog of SR10.57bn ($2.8bn) as of 31 March.
MGC said the postponement would not affect its operations or project delivery.
“MGC’s operational and financial fundamentals remain strong, and this decision does not impact the company’s day-to-day operations, client relationships, project delivery, or strategic priorities.”
The company added that it remains committed to its growth strategy and supporting infrastructure projects across Saudi Arabia in line with Vision 2030.
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