Talaat Moustafa Group (TMG) has announced record sales of EGP 470 billion (approximately $9.4 billion) as of November 6th, 2024. This represents a significant surge compared to the EGP 108 billion recorded during the same period last year. The group’s “SouthMed” project on Egypt’s North Coast has been a major driver of growth, generating sales of approximately EGP 280 billion ($5.6 billion). Additionally, the “Benan” project in Saudi Arabia, launched in May 2024, has already surpassed its initial year-one sales target, reaching EGP 53 billion. TMG’s strong performance can be attributed to its strategic focus on large-scale, mixed-use developments and its ability to meet the evolving needs of its customers. The group’s commitment to quality, innovation, and sustainability has enabled it to maintain its leadership position in the Egyptian real estate market. “SouthMed” is a prime example of TMG’s commitment to delivering world-class developments. The project offers a range of residential, commercial, and leisure amenities, including luxury villas, beachfront residences, and a world-class marina. TMG’s strategic partnership with international hotel management companies ensures year-round occupancy and strong rental income. Benan City, a new smart residential city in Riyadh, is another significant milestone for TMG. This ambitious project will span 10…
Latvia has taken a significant step towards a greener future with the commissioning of its first utility-scale battery energy storage system (BESS). The 10MW/20MWh BESS, located in Targale, Ventspils region, is integrated with the 58.8MW Targale Wind Park. Developed by Utilitas Wind, a subsidiary of Estonian energy company Utilitas, the BESS project is a €7 million investment. The system comprises six containerized BESS units, inverters, transformers, and a distribution point container. Hoymiles, a Chinese solar inverter manufacturer, provided the BESS enclosures and power conversion system inverters. The BESS will enable the storage of excess wind energy generated during periods of high production and its subsequent release to the grid during peak demand or low renewable generation. This will contribute to grid stability and enhance the overall reliability of the power supply. The opening event was attended by guests and dignitaries including Latvia’s climate and energy minister Kaspars Melnis, who said that hybrid energy parks that combine different clean energy technologies like wind and batteries “will become common practice in the future, ensuring a stable, minimally weather-dependent energy supply.” Melnis said the project set a high bar for wind farms in the country and noted their importance in the context of…
Ocean Sun, a Norwegian floating solar company, has secured NOK 4 million (approximately $359,000) from the Research Council of Norway and Brazil’s Finep agency to advance a 250 kWp floating solar pilot project near Rio de Janeiro in 2025. The project aims to develop and deploy Ocean Sun’s innovative membrane-based floating photovoltaic (PV) technology in collaboration with Brazilian partners UAPÊ Energias Solares and Sansuy S.A. Indústria de Plásticos. This partnership will allow the company to explore new fixation designs and materials engineering to enhance the performance and durability of its floating solar systems. Ocean Sun’s CEO, Kristian Tørvold, said: “This funding will enable us to push the boundaries of floating solar technology and allow us to build our first installation in South America, a strategically important market with our good partner Uapê.” The pilot project will demonstrate the viability and resilience of Ocean Sun’s membrane-based technology in Brazil’s coastal environment. This technology offers several advantages, including low material usage, simple installation, efficient water cooling, and robustness in challenging water conditions. This latest funding follows Ocean Sun’s recent acquisition of funding from Innovation Norway to advance key technology areas, including a freshwater collection system. The company has also strengthened its leadership team with…
The Ministry of Environmental Protection and Natural Resources of Ukraine has announced plans to adopt 643 European and international standards in the field of environmental protection. This move is supported by the OSCE Support Program for Ukraine and aims to align Ukraine’s environmental regulations with European standards. Ukraine’s membership in CEN-CENELEC, the European Committee for Standardization, has necessitated the adoption of these standards to facilitate the country’s integration into the European Union. By harmonizing its national standards with European norms, Ukraine aims to enhance its environmental monitoring capabilities and improve its overall environmental performance. The implementation of these standards will require a systematic approach, including the modernization of laboratories and the training of personnel. This will enable Ukraine to effectively monitor environmental conditions, assess the impact of human activities, and develop effective environmental policies. This initiative is a significant step towards Ukraine’s commitment to sustainable development and environmental protection. By adopting international best practices, Ukraine can improve its environmental performance, enhance its international reputation, and contribute to global efforts to address climate change and environmental degradation.
Codelco, Chile’s state-owned copper mining company, has submitted an environmental permit application for a $650 million project aimed at enhancing water sustainability at its Andina mine. The project involves redirecting water from the mine’s Ovejeria tailings to the concentrator plant, located approximately 70 kilometers away. This innovative approach will improve water efficiency and reduce the mine’s environmental impact. “This project will enhance the availability of water resources by implementing a sustainable alternative that addresses the region’s water scarcity situation. This allows us to continue reducing our environmental footprint and to confront the consequences of climate change,” explained Lindor Quiroga Bugueño, General Manager of Codelco Andina. As global demand for sustainable mining practices grows and water resources become increasingly scarce, Codelco is committed to operating responsibly. The Andina mine, located in central Chile, has been particularly affected by prolonged drought conditions. The project is expected to create up to 1,650 jobs and take approximately 36 months to complete.
Ulster University (UU) has announced plans for a groundbreaking indoor sports arena on its Londonderry campus. This ambitious project, funded by the PeacePlus program, will transform the local sporting landscape and provide a world-class facility for students and the wider community. The new arena, spanning approximately 15,000 square meters, will accommodate a range of sports, including rugby, soccer, and Gaelic games. It will also serve as a venue for community events, concerts, and other cultural activities. Prof Cathy Gormley-Heenan, UU’s provost, said it was exciting to be able to take the project forward. “This facility will be quite literally game-changing in terms of enhancing sporting and community facilities in the city and we are delighted to be expanding our offering for both our students and our neighbours in Derry-Londonderry,” she said. The PeacePlus program, a joint initiative of the European Union, the UK government, the Irish government, and Stormont, has awarded over €77 million to various projects across the island of Ireland. The funding for the UU project will enable the university to deliver a world-class facility that will benefit generations to come. Gina McIntyre of the Special EU Programmes Body (SEUPB) said the projects “will provide places where people…
SP Energy has received approval for a crucial substation project that forms part of a larger £1.6 billion initiative to create an underwater “superhighway” for offshore energy in the UK. The 400 kilovolt (kV) Gas Insulated Switchgear (GIS) substation, to be located in Branxton, will serve as a vital link in the Eastern Link project, connecting the Torness and County Durham sites via a 176km subsea cable. While the project is expected to significantly boost the UK’s renewable energy capacity, it has also faced opposition from local communities concerned about the cumulative impact of energy infrastructure in the area. Despite these concerns, the East Lothian Council approved the application, recognizing the project’s importance in transitioning to a low-carbon future. The substation is expected to take up to five years to construct and will require significant infrastructure development, including underground cables connecting the substation to the converter station and landfall sites. The approval of this substation marks a significant milestone for the Eastern Link project and highlights the growing importance of offshore wind energy in the UK’s energy mix.
Boston, Lincolnshire, is set to undergo a significant transformation with the approval of the first phase of the Rosegarth Square regeneration project. This £14.8 million government-funded initiative aims to revitalize the area between the River Witham and the bus station, creating a vibrant public space. The project will feature a range of improvements, including new public art installations, outdoor seating areas, a new entrance for the Len Medlock Centre, a sensory garden, and an amphitheater-style seating area. The centerpiece of the project, “The Wave,” a sculpture inspired by Boston’s maritime heritage, is expected to become a prominent landmark. Louis Ashford from Ares Landscape Architects, the project’s designer, highlighted the transformative potential of the new public realm. He emphasized that the space will serve as a gateway to the town center, attracting visitors and enhancing the overall experience. The Rosegarth Square regeneration project is part of a broader effort to revitalize Boston and enhance its appeal as a vibrant and attractive town. By investing in public spaces and cultural amenities, the project aims to boost local businesses, attract visitors, and improve the quality of life for residents.
Egypt’s Prime Minister Mostafa Madbouly recently met with representatives of INTRO Holding to discuss the development of the Kemet Data Center, a significant project within the Suez Canal Economic Zone (SCZone). The meeting followed the signing of a land contract for the project earlier this year. The Kemet Data Center, a green data center powered by renewable energy, is poised to become a regional hub for cloud computing and data storage. The project is being developed in partnership with Oman Data Park and Sterling & Wilson, and it will meet the highest international standards for data center operations. The project is expected to generate significant economic benefits for Egypt, including job creation, increased foreign investment, and enhanced digital infrastructure. By leveraging its strategic location and robust connectivity, the Kemet Data Center will cater to the growing demand for data processing and storage services in the region. “Egypt is ideally located to become a hub for data centers,” Prime Minister Madbouly said. “The Kemet Data Center will be a major leap forward for data centers in the region and globally.” Amr Talaat, Egypt’s Minister of Communications and Information Technology, emphasized the government’s commitment to digital transformation and its efforts to create…
Bureau Veritas, a global leader in Testing, Inspection, and Certification (TIC) services, has announced the acquisition of The APP Group, a leading provider of assurance, compliance, and project management services in Australia. This strategic move will bolster Bureau Veritas’ position in the Asia-Pacific region and enhance its capabilities in the infrastructure and building sectors. The APP Group brings a wealth of experience and a strong track record in delivering high-quality services to clients across Australia. By combining the expertise of both companies, Bureau Veritas will be able to offer a comprehensive suite of services, including asset management, construction supervision, and independent verification and certification. This acquisition aligns with Bureau Veritas’ LEAP | 28 strategy, which aims to expand the company’s leadership in the Buildings and Infrastructure sector. By diversifying its portfolio and investing in attractive regional markets, Bureau Veritas is well-positioned to capitalize on future growth opportunities. Hinda Gharbi, Chief Executive Officer of Bureau Veritas, commented: “When closed, The APP Group acquisition will mark a significant milestone in our LEAP | 28 growth strategy for the Buildings & Infrastructure business in Asia Pacific. This move will not only strengthen our position in the Australian market but will also provide us…
