Red Sea Global awards Turtle Bay school contract
21 February 2024
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Saudi Arabia’s Red Sea Global (RSG) has awarded a contract to local contractor Built Industrial Company to build a school complex at the Turtle Bay Village in Amaala.
The contract is valued at SR131m ($35m). It covers constructing a group of school buildings, including the main office, kindergarten, primary school, nursery, arts, sports and security buildings, and associated infrastructure works.
The contract duration is 547 days from the start date of construction.
In February, RSG awarded Egyptian contractor SIAC Construction a contract to build a school complex at its Amaala development.
The scope of the contract covers the construction of a school with an administration building, kindergarten and middle school buildings and a sports building, as well as water, sewage and electrical networks.
Amaala progress
Amaala is a coastal development that covers an area of about 2,500 square kilometres and will be developed in phases. Phase one, focused on the Triple Bay masterplan, is expected to be completed in 2027. It will consist of eight resorts offering more than 1,200 hotel keys.
The overall development will include 27 hotels with a total of 37,000 keys.
RSG has adopted a construction management approach to delivering its projects. Schemes are divided into individual trade works packages procured by the developer rather than awarded to a series of main contractors. There are typically about 20 works packages for each project.
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Iraq downstream contract completed
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The contract was worth $25m and the scope included upgrading civil structures and underground facilities.
The contract is part of the wider Basra refinery upgrade project, which is worth several billion dollars.
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The biggest package is focused on upgrading the project’s fluid catalyst cracking (FCC) unit.
Iraq’s state-owned South Refineries Company (SRC) sent Japan-based JGC a notice of the main contract award for the Basra refinery upgrade project’s FCC package in August 2020.
The contract awarded to JGC, which uses the engineering, procurement, construction and commissioning model, was worth $3.78bn.
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UAE-Turkiye financial links strengthen
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This package on UAE-Turkiye relations also includes:
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Turkish bank DenizBank is one of Turkiye’s leading private banks and, as a wholly owned subsidiary of Emirates NBD since 2019, it is playing a leading role in developing business links between the UAE and Turkiye.
Recep Bastug, who was appointed as DenizBank’s CEO in 2024, says there is great potential for trade between the two countries.
“Turkiye is a growing country,” he says. “We’ve had volatility over the past five years, but the Turkiye economy and the banking sector have been able to manage those periods successfully.”
Having spent years with international institutions such as BBVA, Bastug has vast experience in the banking sector. “Turkish banks, especially private ones like DenizBank, are very successful. In terms of capital, balance sheet structure and digital transformation, we are in a strong position,” he says.
Solid fundamentals
Turkiye’s fundamentals remain solid with a diversified export-oriented economy, a young and skilled population of 85 million, and relatively low debt levels. “We are not a highly leveraged country. Our household debt-to-GDP ratio is low. With the right policy mix, we offer high potential for foreign investors,” says Bastug.
That potential is increasingly being realised through growing engagement with the GCC and the UAE. “Turkiye’s connection with the Gulf is going up, and DenizBank is set to play a serious role in these relations. Day by day, Turkish companies are expanding their footprint in the region.”
GCC projects
Baştug says that many of these companies approach DenizBank to help facilitate their entry into Gulf markets. “Some of our clients are extremely well capitalised, but others need support for major projects. Just recently, one Turkish company announced a $3bn project in the region. We’re helping them connect with Emirates NBD and navigate the local financial landscape.”
DenizBank is actively supporting the creation of trilateral partnerships – particularly between Turkiye, the UAE and Saudi Arabia. “We see huge opportunity in forming financial strongholds across these markets, leveraging Turkiye’s contractor experience, the UAE’s capital and Saudi Arabia’s scale,” says Baştug.
DenizBank is already delivering results. “With Emirates NBD, we’ve identified 10 strategic cooperation areas, including trade finance, payments and capital markets. Thanks to this partnership, Emirates NBD has become the number one debt capital markets bank in Turkiye, even ahead of global players.”
One area of growing activity is initial public offering (IPO) participation. “We’ve launched a mutual fund that allows Turkish private banking clients to participate in IPOs from the region, including from the UAE and Saudi Arabia. It’s a diversification strategy and helps retain wealth within the group.”
Turkiye’s connection with the Gulf is going up, and DenizBank is set to play a serious role in these relations. Day by day, Turkish companies are expanding their footprint in the region
Recep Bastug, DenizBankInflation ends
Despite the current inflationary environment, Bastug says there is a clear inflection point ahead. “We expect 2027 to be a turning point. Once we exit the inflationary accounting regime [in Turkiye], DenizBank will become one of the biggest contributors to Emirates NBD’s global balance sheet. Last year, we contributed $1.2bn. In 2027, it will be significantly more.”
DenizBank is the fifth-largest private bank in Turkiye with about a 5% market share. “The largest private bank is at 13%. It’s not easy to close that gap – but we will do it. Our long-term goal, aligned with our shareholder, is to become the biggest and most successful private bank in the country.”
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Bastug also sees potential for engagement beyond the GCC, including in post-conflict reconstruction. “In the past, Turkiye had strong trade volumes with Syria. Even during wartime, commercial links remained. Once a stable environment emerges, there will be opportunities – especially in infrastructure.”
While a physical branch presence is not currently being considered, DenizBank is prepared to support Turkish contractors operating in neighbouring countries. “We have the relationships and expertise to facilitate this growth. And culturally, we’re well aligned with the region – it helps make business smoother.”
As Turkiye re-establishes economic momentum and Gulf economies look to deliver on long-term visions, DenizBank is positioning itself for a more active role in the region in the future. “We are preparing the bank for the next stage, and with the backing of Emirates NBD, we’re confident in our ability to lead.”
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Iraq has been gradually recovering since the war. The government initially prioritised infrastructure and public housing to stimulate economic growth, improve living standards and attract foreign investment.
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