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Majid Al Futtaim to develop Diriyah Square in Saudi: Retail conglomerate Majid Al Futtaim Holding inked an agreement with Saudi developer DiriyahCompany to introduce a VOX Cinemas multiplex and seven major lifestyle retail brands to Diriyah Square — part of Saudi Arabia’s Vision 2030 project, according to a press release. Majid Al Futtaim is the first major lifestyle and entertainment partner on the Diriyah Square project.

What we know: The new retail outlets will span around 5.5k sqm, while the VOX Cinemas complex will cover about 7.6k sqm, for a combined total of 13.2k sqm. The partnership will include flagship stores for global brands like lululemon, Crate & Barrel, and Abercrombie & Fitch, along with new locations for AllSaints, CB2, and Hollister.

More UAE involvement to come? Last month, Dubai-based engineering and contracting group Alec Holding said it was targeting projects linked to the Kingdom’s Vision 2030, like Qiddiya and Diriyah Gate.

ALSO FROM MAF- The conglomerate is launching Ghaf Woods Mall, a shopping and entertainment center within its AED 15.4 bn Ghaf Woods residential project, according to a press release. The mall will offer shopping, dining, and entertainment, marking the emirate’s first retail space integrated with natural surroundings.

ICYMI- The development will be a key landmark within the Ghaf Woods projects — its forest-integrated residential community that is slated for release in eight phases between now and 2031. The development markets itself as a nature-focused integrated community with more trees than residences.

DISPUTE WATCH-

Eshraq hits wall in redeeming Goldilocks shares: Real estate investment firm Eshraq Investment said its request to redeem its shares in Goldilocks Investment Co. was refused as they have already been pledged to a local bank, according to a statement (pdf).

The details: Goldilocks’ investment manager informed Eshraq that a “significant number” of the shares were pledged as security to a local bank back in 2019, after it provided Goldilocks with credit facilities. The agreement, which came before Eshraq acquired the firm in 2022, carries financial exposure equal to around AED 208 mn. Without consent from the bank, the shares can’t be redeemed, transferred, or deposited, the investment manager said. Eshraq’s previous management had failed to disclose the existence of the pledge at the time.

The next steps: Eshraq is now weighing its options to recover and redeem the shares, and will pursue action against involved parties for financial damages.

ICYMI- Eshraq Investments had been in an escalating dispute with Shuaa GMC over the management of the Goldilocks Fund, after uncovering major differences in how the fund’s assets were valued, resulting in significant losses for Eshraq. Eshraq saw its chairman and CEO both step down recently.

MANUFACTURING-

Nanjing Kenyo building UAE’s largest 3D printing facility in Abu Dhabi: China’s Nanjing Kenyo Group — a global firm specializing in 3D printing for the concrete industry — and its UAE subsidiary broke ground on their new 3D concrete printing factory in Abu Dhabi, Gulf News reports. The factory, located in the China-UAE Industrial Capacity Cooperation Demonstration Park, is set to be the largest facility of its kind in the UAE.

The details: The factory will be made up of five centers specializing in equipment assembly, component manufacturing, templating, research and development, and sculpture and decorations. The firm previously produced work for the Al Ain sculpture project and JOCIC exhibition hall, and its work also includes 3D-printed villas and warehouses.

SPACE-

Abu Dhabi’s Technology Innovation Institute (TII) has designed, built, and test-fired the UAE’s first liquid rocket engine, according to a press release. TII plans to establish local testing infrastructure to conduct future findings in the UAE, scaling to larger engines with regenerative cooling and cryogenic propellants.

Why it matters: Liquid rocket engines are key to the space exploration sector, and the success tests are a central step in designing the tech needed for regular launches into space to conduct station maintenance, spacecraft positioning, and exploratory missions.

REAL ESTATE-

#1- Marjan launches new beach town in RAK: Local developer Marjan unveiled its large-scale, mixed-use beach town development, Marjan Beach, in Ras Al Khaimah, according to a press release. The investment ticket for the project wasn’t disclosed, however the build comes as Ras Al Khaimah looks to position itself as a key tourist destination with projects like a USD 3.9 bngaming resort and casino.

More details: Located along a 3-km coastline, the project will feature residential, commercial, hospitality, and leisure facilities across an area of 85 mn sq ft. The new waterfront district will include 22k residential units, 12k hotel keys, and is expected to accommodate 74k residents as well as 180k annual visitors. The project is divided into eight neighborhoods, featuring offices and educational institutions close to landmarks like the Ras Al Khaimah Economic Zone.

#2- Sotheby’s Realty debuts in Abu Dhabi with Alain collab: Sotheby’s International Realty entered the Abu Dhabi market through a partnership with local developer Alain to launch the Four Seasons Private Residences at Saadiyat Beach, Construction Business News Middle East reports. A unit in the project recently sold for AED 14k per sq ft — a record for the capital’s residential market.

REMEMBER- Abu Dhabi sovereign wealth fund ADQ agreed last year to acquire a minority stake in Sotheby’s for USD 1 bn, joining b’naire Patrick Drahi to support the auction house’s global expansion, particularly in the Middle East. Sotheby’s has operated in Dubai for over a decade and expanded into Saudi Arabia in 2023.

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