Upcoming Mega Projects Middle East

IRAQ

Project: Al Faw Grand Port - Phase 1
Value: USD 5,000,000,000
Client: Iraq Ministry of Transportation
Website: www.motrans.gov.iq

Iraq and Hanwha Company of South Korea have agreed on the final draft contract for Phase 1 of the Al Faw Grand Port project. The project involves construction of Al Faw Grand Port which will compete with the world’s largest ports with a long-term goal to turn Iraq into a transportation corridor between the Middle East and Europe.

The new port will act as a bypass to the Suez Canal and is expected to significantly reduce the transportation time for cargo to reach Europe. The port will have a capacity to handle 99 million tonnes annually, making it one of the world’s largest container terminals.

SAUDI ARABIA

Project: Red Sea Development
Value: USD 986,000,000
Client: The Red Sea Development Co. (TRSDC)
Website: www.theredsea.sa

The Red Sea Development Co. (TRSDC) plans to have 16 hotels ready by the end of 2023, two more than initially planned in the first phase, as it expects a V-shape recovery in global tourism once the pandemic abates.

TRSDC plans to finalise a 15-year loan from banks worth SAR14bn ($3.73bn) by the end of the year to partly fund its SAR30bn capital spending by 2023, as it expects to end 2020 with around SAR15bn worth of committed contracts. Owned by a Saudi sovereign fund, and backed by Crown Prince Mohammed bin Salman, the multi-billion dollar project entails developing luxury resorts on 50 islands off the coral-fringed Red Sea coast, where tourists can go diving, and visit a nature reserve and heritage sites. During the first phase, the project aims to attract 300,000 visitors annually.

UNITED ARAB EMIRATES

Project: City Tower 1 at Sheikh Zayed Road
Value: USD 408,000,000
Client: H&H Investment and Development LLC
Website: www.h-h.ae

Designed by Pelli Clarke Pelli Architects, City Tower 1 will be a striking contemporary and timeless mixed-use high rise tower. The existing City Tower 1 on Sheikh Zayed Road will be demolished to make place to this 83 storey high-end residential and commercial tower, including 608 apartments, 4,650sqm offices and 705sqm retail. The primary tower entrance is characterized by a grand Porte Cochere that connects the tower to its multi-story carpark with an approximate 1253 parking spaces.

UNITED ARAB EMIRATES

Project: Noya Residential Community
Value: USD 256,000,000
Client: Aldar Properties
Website: www.aldar.com

Aldar Properties announced the launch of Noya, a master-planned residential community on the iconic Yas Island. The AED940m development is located in an investment zone, with all properties available for purchase on a freehold basis. Located in close proximity to Aldar’s flagship Yas Acres, Noya offers residents the opportunity to combine the luxury of living on Yas Island, the capital’s premier leisure and entertainment destination, with convenient access to the heart of Abu Dhabi. Noya features 510 residences, including 4-bedroom villas and 2-and 3-bedroom townhouses. Each unit will have its own outdoor space that owners will be able to call their own. The community offers an attractive range of amenities including community gardens, sports facilities, a community pool with adult and kid’s sections, splash pad, gym, and multi-purpose room, along with access to the island’s schools, golf courses, retail and entertainment destinations, and park networks for relaxation and leisure.

Construction of Noya is due to begin in Q2 2021, with handovers to commence in Q2 2023. Noya is Aldar’s latest residential community on Yas Island, which is home to Water’s Edge, demonstrating the continued appeal for residences in this prime destination in Abu Dhabi.

UNITED ARAB EMIRATES

Project: Town Centre at Jubail Island 
Value: USD 204,000,000
Client: Jubail Island Investment Company
Website: www.jubailisland.ae

The mixed-use (commercial, retail and residential) Town Centre is estimated at AED750m (USD204m), is a corner stone to create a balanced community addressing the needs of residents and nearby communities.

The built-up area of for the Town Centre is one million square feet. The scope of the works covers the design for the Town Centre area that includes a range of apartments of varying sizes to meet different user needs, retail establishments, office park with separate office buildings sized between 700 and 1,000 sqm, and the support facilities needed to sustain a dynamic community. The development seamlessly integrates with the site’s adjacent low-density residential neighbourhoods that intertwine within natural surroundings that feature untouched mangroves forests and unique local fauna.

SAUDI ARABIA

Project: Tissue Paper and Hygienic Paper Jumbo Rolls Production Plant
Value: USD 92,000,000
Client: Middle East Paper Company
Website: www.mepco.biz

Middle East Paper Co. (MEPCO) has announced the establishment of tissue paper and hygienic paper jumbo rolls production plant at an estimated cost of SAR338m. The project, which is expected to have an annual production capacity of 60,000 tons, will be established on the company’s land in the Industrial Valley in King Abdullah Economic City (KAEC). It is aimed at meeting the market needs and diversifying the company’s products. The construction is set to start in Q1 2021, and is expected to be completed by Q4 2022. The project will mainly be funded by the Industrial Development Fund and through bank loans, along with the company’s own resources. The project will begin to have a positive impact on its results after commercial operation in Q1 2023. Trial operation is also slated to begin in Q1 2023.