Housing project a step closer
BAHRAIN’S Ministry of Housing has received two bids from local companies for the development of a social housing project, as the country seeks to address a housing shortage for low-income nationals.
The project involves the construction of a minimum of 3,500 social houses. Land will be given to the developer for free, with three sites earmarked for development – Al Buhari east of Riffa area, an area of reclaimed land known as North Bahrain Newtown and Al Lawzi. The government hopes the scheme could be expanded to involve the construction of 20,000 homes for low-income Bahrainis under a public-private partnerships (PPP) basis.
Ashghal awards $42m contract
THE Public Works Authority (Ashghal) in Qatar has awarded the local National Industrial Contracting Company (NICC) a QR154.98 million ($42.6 million) contract for construction of new sewers in Al Khor city. The scope of services involves the carrying out of post-contract professional general, site supervision and quantity surveying, consultancy services that will monitor the successful completion of the project.
$104bn plan gets go-ahead
KUWAIT’S government has given the green light to the country’s banks to finance a KD30 billion ($104.2 billion) development plan and is prepared to back them with guarantees, newspaper reports say. Kuwait’s parliament approved the four-year plan in February.
Saudi real estate prices rising
REAL estate prices are on the rise in parts of Riyadh and Jeddah as Saudi Arabia’s growing population drives up demand for residential properties, according to the Oxford Business Group (OBG).
Rakesh Kunhiraman, Dubai-based director of OBG’s Consulting Division, said the growth witnessed in prime and emerging localities of the cities marked a turnaround for the kingdom’s two key real estate markets, which had been hit by the economic downturn.
Prices in Riyadh’s prime residential districts have risen by three per cent over the course of the past 12 months, Kunhiraman added.
$385bn boost for infrastructure
SAUDI Arabia has endorsed its ninth five-year development plan, earmarking $385 billion for infrastructure spending over the next five years.
This represents an increase of 67 per cent to be spent on the education and healthcare sectors and general welfare of its people. The spending plan allocates funds for 25 new colleges of technology, 28 higher technical institutes and 50 industrial training institutes, 117 new hospitals and 750 primary health care centres.
Contractors bid for Kingdom Tower
CONTRACTORS are currently bidding for Kingdom Tower in Jeddah, Saudi Arabia, the latest contender for the mantle of the world’s tallest building.
Part of the 23-million-sq-m project known as Kingdom City, the tower will stand at 1,001 m once completed, 173 m taller than Dubai’s Burj Khalifa, currently the world’s tallest building.
The tower is developed by Kingdom Holding controlled by Saudi Prince Alwaleed bin Talal bin Abdulaziz Al Saud. Construction companies have been asked to submit bids three times this year, accounting for changes in market conditions and the tower’s design.
Bidders include Six Construct and its Saudi partner El Seif Engineering Contracting; Australia’s Multiplex Construction; and Saudi Binladin Group.
Galfar wins two contracts
GALFAR Engineering and Contracting, an Omani construction company, has been awarded two contracts with a combined value of RO39.63 million ($103 million) in Oman. These include the construction of New Six Senses spa building at the Al Bustan Palace hotel from the Ministry of Tourism for a contract value of RO4.37 million ($11.3 million) and Ibri road project from Jabrin to Ibri for RO35.26 million ($91.6 million).
Hussain joins Norton Rose
INTERNATIONAL legal practice Norton Rose (Middle East) said Gulfam Hussain has joined the dispute resolution practice in Bahrain as a senior associate. Hussain previously worked for Kuwait Finance House (KFH) in Bahrain, the world’s largest Islamic bank, where he was senior legal counsel.
He specialises in banking and finance disputes and has a broad range of dispute resolution experience in Bahrain and across the GCC.
Hill wins Jabal Omar contract
HILL International, a global leader in managing construction risk, has been named project manager for the Jabal Omar development in Makkah, Saudi Arabia. The three-year contract is worth SR69.8 million ($18.6 million). The development is situated on 57 acres, and includes 37 towers.
