{"id":91596,"date":"2024-05-02T00:00:00","date_gmt":"2024-05-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/major-developers-to-work-on-aed-1-bn-luxury-project-in-ras-al-khamahs-al-marjan-island\/"},"modified":"2024-05-02T00:00:00","modified_gmt":"2024-05-02T00:00:00","slug":"major-developers-to-work-on-aed-1-bn-luxury-project-in-ras-al-khamahs-al-marjan-island","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/05\/02\/major-developers-to-work-on-aed-1-bn-luxury-project-in-ras-al-khamahs-al-marjan-island\/","title":{"rendered":"Major Developers to work on AED 1 bn luxury project in Ras Al Khamah\u2019s Al Marjan Island"},"content":{"rendered":"

REAL ESTATE-<\/p>\n

#1- World\u2019s highest rooftop beach lands in Ras Al Khaimah: <\/strong>Dubai-based developer Major Developers<\/a> is working on an AED 1 bn luxury project in Ras Al Khamah\u2019s Al Marjan Island, dubbed Manta Bay, {Khaleej Times}<\/a> reports, citing the developer. The development includes the world\u2019s first rooftop beach, set to be the highest globally with sand and seawater, and comes as the developer looks to capitalize on the interest among tourists in the emirate. Construction has kicked off at a cost of AED 400 mn, with handover slated for the end of 2026.<\/p>\n

Dubai, next?<\/strong> The company plans to launch another project in Dubai, seeking to monetize on the heightened demand for residential properties in the emirate, Major Developers CEO Andrei Charapenak told Khaleej Times. It aims to set one world record with every new project launch in the UAE, Charapenak added.<\/p>\n

#2- Dubai will see its first active living residential community <\/strong>near Global Village,courtesy of a new partnership between Aldar Properties and Dubai Holding, Aldar said in a statement<\/a>. The project, dubbed Ahtlon, features a dynamic program of activities curated by wellness experts and interactive green spaces, including four parks and tracks and trails for jogging and cycling. It will offer some 1.5k units, with sales for the first phase launching next Tuesday, 7 May, at prices starting from AED 2.8 mn.<\/p>\n

\n

LOGISTICS-<\/p>\n

DP World inked an agreement with Malaysia\u2019s Suria Capital Holdings subsidiary <\/strong>Sabah<\/a><\/strong>Ports<\/a><\/strong> to jointly manage Sapangar Bay Container Port<\/strong>, according to a press release<\/a>. <\/p>\n

The agreement will see DP World support efforts to boost the port\u2019s container handling capacity from 500k TEUs to 1.25 mn TEUs by 2025, as well as to optimize workflows and digitization. The pair will also invest in improvement to the port\u2019s cold chain storage and transport capabilities to increase the export of Sabah\u2019s agricultural products to international markets, the statement notes. <\/p>\n

Background: <\/strong>The latest partnership builds upon a long-term collaboration agreement inked by DP World and Sabah Ports in 2019, where both parties agreed to co-develop solutions to boost the port\u2019s competitiveness, the statement added. In the long term, the partnership looks to boost land and sea connectivity in Sabah, curb transit times and costs, and improve standards across Sabah\u2019s supply chains.<\/p>\n

\n

MANUFACTURING-<\/p>\n

EDB, Sheraa, and SCCI partner for manufacturing center of excellence:<\/strong> Emirates Development Bank, Sharjah Entrepreneurship Center, and the Sharjah Chamber of Commerce and Industry yesterday launched a Center of Excellence for advanced manufacturing and consumer packaged goods, with the goal of supporting startups in the manufacturing industry in the UAE, according to a statement (pdf)<\/a>.<\/p>\n

\n

INVESTMENT-<\/p>\n

#1-<\/strong>Investcorp Capital is set to back its newly launched USD 1 bn investment fund<\/strong>, Investcorp Golden Horizon, according to an ADX filing (pdf)<\/a>. The backing amount was undisclosed.<\/p>\n

Background: <\/strong>Mubadala-backed Bahraini asset manager Investcorp launched a USD 1 bn investment fund, Investcorp Golden Horizon, geared towards investing in high-growth companies in consumer, healthcare, logistics, and business services across Saudi Arabia, the wider GCC region, and China, last month<\/a>. China\u2019s sovereign wealth fund, the China Investment Corporation, alongside private investors from the GCC, will anchor the fund.<\/p>\n

#2- US-based investment management firm <\/strong>Barings<\/a><\/strong> has opened a Dubai office to<\/strong> cater to increasing demand and improve services for its clients in the region<\/strong>, according to a company statement<\/a>. Waleed Zamel, who has prior experience at Amundi, ADIA, and Standard Chartered Bank, was appointed to lead distribution for the new Dubai office. <\/p>\n

\n

ENERGY-<\/p>\n

Gecko Robotics and Al Masaood Energy inked an AED 110 mn multi-year contract <\/strong>with Adnoc Gas<\/strong>, according to a press release<\/a>. The partnership will see Adnoc Gas implementing Gecko\u2019s robots and AI data platform at their sites to enable predictive maintenance, boosting efficiency and cutting downtime and CO2 emissions. Gecko\u2019s technology enables precise repairs and preventive maintenance in crucial infrastructure, resulting in a 99.6% increase in coverage of assets and an over 93% increase in efficiency improvement compared to manual methods. <\/p>\n

\n

TRANSPORT-<\/p>\n

Alfahim Group will set up a facility to manufacture and assemble electric <\/strong>commercial vehicles (ECVs)<\/strong>, particularly buses and trucks, in Abu Dhabi, after signing an agreement with the Abu Dhabi Department of Economic Development, a press release<\/a> reads. Alfahim Group will also develop \u201cenergy storage and charging solutions for a variety of industries and applications,\u201d according to the statement. No details were provided on the investment value or timeline of the facility.<\/p>\n

\n

REGULATION WATCH- <\/p>\n

Sharjah\u2019s executive council is introducing new regulations for homecare services in <\/strong>the emirate<\/strong>, with plans to set up a specialized committee to establish rules, approve cases that require homecare, and oversee the service in the emirate, Wam<\/a> reports.<\/p>\n

\n

FINTECH-<\/p>\n

UAE-based digital infrastructure startup Fils has inked a partnership with Pakistani <\/strong>digital payments provider TPS <\/strong>to offer carbon credits to TPS\u2019 portfolio of clients, including banks, fintechs, and payment processors, through Fils\u2019 payments platform, a press release<\/a> reads. By integrating blockchain technology in its platform, Fils will track clients\u2019 emissions and carbon credits to prevent credit duplication.<\/p>\n

\n

MEDIA-<\/p>\n

Al Habtoor Group will launch a TV channel in Beirut<\/strong>, Chairman Khalaf Ahmad Al Habtoor said in a statement<\/a> on X. The channel will create 300 jobs initially and aims to boost Lebanon\u2019s economy. Lebanese Prime Minister Najib Mikati pledged support for the project, which includes a 100k-square-meter studio city. The new channel will focus on \u201chighlighting successes and good news around the world,\u201d Al Habtoor said. <\/p>\n","protected":false},"excerpt":{"rendered":"

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