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REAL ESTATE

RAK Ceramics considers new Saudi plant as demand heats up
August 8, 2019

LONDON: RAK Ceramics is considering adding a secondary manufacturing plant in Saudi Arabia to meet local demand as well as growing export markets in Europe.

The UAE-based tile maker reported an 8.5 percent decline in second quarter profits to 110 million dirhams ($29.9 million) compared to a year earlier as it absorbed rising energy costs.

Total"...

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SWPC issues RFP for new Jubail desal plant
August 7, 2019

Saudi Water Partnership Company (SWPC) has issued a request for proposals (RFPs) for the development of a reverse osmosis desalination plant in the Eastern Province of Saudi Arabia to the qualified bidders.

The 600,000-cu-m-per-day Jubail-3A independent water project (IWP) will be located 18 km south of Jubail"...

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Makkah’s real estate sector rises amid growth in pilgrims
August 5, 2019

MAKKAH — Government initiatives have proven successful in increasing the number of pilgrims visiting the holy city of Makkah, which has had a positive trickling down effect on all of the city’s real estate sector, according to the H1 2019 Makkah Market Snapshot by global real estate consultancy firm CBRE.

Makkah has reported growth in the residential subdivision developments across the city. This trend is most notable in projects such as"...

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Saudi housing market shows signs of bottoming out
July 25, 2019

House prices continued to fall in Saudi Arabia’s main cities during the first half of the year but transaction volumes rose sharply, indicating the market may be reaching the bottom of its current cycle, according to Knight Frank.

The real estate consultancy’s latest Saudi Arabia Residential Market Review showed the decline in prices triggered by an economic slowdown that started"...

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CG Power unit wins Saudi windfarm contract
July 23, 2019

CG Power & Industrial Solutions said its subsidiary, CG Holdings Belgium NV Systems Division, has secured a contract to design and build high voltage substations for a 400 MW wind farm in Saudi Arabia.

The Dumat Al Jandal project, being set up at a cost of €12.5 million ($14 million), will be Saudi Arabia's first large-scale onshore wind farm and the largest so far in the Middle East, said the company in a statement.

It is being"...

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Saipem plans floating offshore wind farm in Saudi Arabia
July 22, 2019

Saipem has signed a memorandum of understanding with Plambeck Emirates, a solutions company in the field of renewables based in Abu Dhabi, and an exclusive agreement for the development and construction of a floating offshore wind farm.

The project phases will commence in the coming weeks via Plambeck Saudi,"...

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Jeddah property purchases more than double on government initiatives, CBRE says
July 22, 2019

Saudi Arabia's affordable housing initiative is driving demand for projects in Jeddah geared towards low to middle-income earners, with a more than twofold increase in the number of contracts year-to-date in May over the same period a year earlier, global consultancy company CBRE said in a report on Sunday.

A total of 58,809 mortgage contracts representing a value of 27 billion Saudi"...

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Schlumberger Appoints Olivier Le Peuch as CEO
July 20, 2019

Schlumberger Limited (NYSE: SLB) announced today that its Board of Directors has appointed Olivier Le Peuch as its Chief Executive Officer and member of the Schlumberger Board, effective August 1, 2019. Mr. Le Peuch succeeds Paal Kibsgaard, who will retire as Chief Executive Officer effective that same date. Also effective August 1, Mr. Kibsgaard will step down as Chairman of the Board and retire as a member of the Board of Directors. Mr. Kibsgaard will retire after"...

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Quanergy and Chery Established Partnership to Propel a New Era of Autonomous Vehicles and Smart Cities
July 20, 2019

Quanergy Systems, Inc., a leading provider of LiDAR (Light Detection and Ranging) sensors and smart sensing solutions, announced a partnership with Chery Automobile, one of the largest automotive manufacturers in China.

On June 20th, 2019, Chery unveiled the logo of its new brand Chery Lion, and announced its strategic plan of working with selected partners to solve technological challenges"...

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