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…
Wood, a global leader in consulting and engineering, has been awarded a significant engineering services contract by Aramco for the Southern and Northern Areas gas increments project in Saudi Arabia. This multi-year project, which is expected to require approximately one million engineering hours, will support the country’s efforts to increase natural gas production. Wood will provide project management consultancy (PMC) services, including pre-FEED and FEED engineering for large-scale onshore gas production and processing facilities in Eastern Saudi Arabia. The company will also support EPC contracting for future phases of the project. Craig Shanaghey, Wood’s Executive President of Projects, commented, “Natural gas is a crucial transition fuel that can significantly reduce carbon emissions associated with energy production. We are proud to leverage our 30-year partnership with Aramco to support this important expansion project. The Southern and Northern Areas gas increments will help meet the growing global demand for energy and efficiency.” The seven-year project will involve a team of over 400 Wood employees based in Al-Khobar, Saudi Arabia, Reading, UK, and Chennai, India.
ONE Development, a leading UAE-based real estate developer, has selected AE7, a globally recognized architectural and engineering group, as the consultant for its flagship $544 million (AED2 billion) project in Dubai’s City of Arabia. AE7 will oversee all aspects of the development’s masterplanning, including architecture, design, AI integration, development management, engineering, interior design, landscape architecture, project management, and built-in sustainability practices. AE7 brings a wealth of experience to the project, with over 40 years of designing and creating destinations in the USA, Asia, and the Middle East. The company has a proven track record of excellence and has designed and managed over $40 billion of design work in the past five years. Ali Al Gebely, Founder & Chairman of ONE Development,, said: “We are in the process of redefining urban living through the integration of cutting-edge AI and its technology, and our City of Arabia project is a flagship enterprise that requires the strength and resilience of a world-leading consultancy that shares our aspirations, and selecting AE7 to be the project consultant aligns with our vision to have a strong world-renowned multi-disciplinary design firm on board.” “One Development and AE7 will offer our community residents a high-tech lifestyle that not…
The United States Government has announced an additional allocation of nearly $336 million in humanitarian aid to support the people of Gaza and the West Bank, who have been deeply impacted by the ongoing conflict. This assistance addresses the critical needs of over 1.9 million displaced Palestinians and the more than 2.1 million individuals experiencing severe food insecurity. This latest round of funding will be directed through USAID partners to provide essential life-saving aid. Key areas of focus include the provision of emergency food assistance, enhanced healthcare and nutrition services, psychosocial support, and improved access to clean drinking water, hygiene products, and sanitation facilities. Additionally, the aid package will support the provision of emergency shelter for displaced Gazans, helping them prepare for the approaching winter season. With this new commitment, total U.S. humanitarian assistance for the Palestinian people has exceeded $1 billion since October 2023, underscoring the country’s ongoing commitment to addressing the region’s critical humanitarian needs. The conflict over the past year has claimed numerous lives, affecting both Palestinians and Israelis, while leaving Gaza and the West Bank in a state of crisis. The U.S. continues to advocate for a ceasefire agreement, the release of hostages, and the unimpeded…
The European Commission has announced €10 million in additional humanitarian aid to support the people of Lebanon affected by the escalating hostilities between Hezbollah and Israel. The emergency funding will address urgent needs such as protection, food assistance, shelter, and healthcare. The EU stands ready to mobilize further resources through the Civil Protection Mechanism to provide additional support. In 2024, the EU has already allocated €74 million in humanitarian aid to Lebanon, including this latest allocation. The ongoing conflict has triggered significant population displacement, with over 90,000 people forced to flee their homes. The conflict has exacerbated the humanitarian crisis in Lebanon, where many people, including refugees, were already facing high levels of poverty and food insecurity. The number of food-insecure individuals is expected to increase further due to the current situation. Since 2011, the EU has provided over €941 million in humanitarian aid to Lebanon, supporting both Lebanese and Syrian refugees. The EU has also organized the Brussels Syria Conferences to address the needs of Syrian refugees and host communities in Lebanon. Through its humanitarian funding, the EU supports vulnerable populations in Lebanon by providing essential services such as healthcare, education, protection, and legal services. The EU’s continued support…
The UK government has announced a £5 million contribution to UNICEF to support humanitarian response efforts in Lebanon. This funding comes in the wake of recent air strikes that have resulted in further civilian casualties and displacement. The essential humanitarian support will provide medical supplies, hygiene kits, and fuel for water stations to assist thousands of displaced civilians across Lebanon. It will also enable emergency teams to address urgent health and nutrition needs and provide training to frontline workers. Minister for the Middle East and North Africa, Hamish Falconer, expressed deep concern over the rising number of civilian casualties and displacement in Lebanon. He emphasized the urgent need for an immediate ceasefire. Development Director and Deputy Head of Mission at the British Embassy Beirut Victoria Dunne said: “We are profoundly saddened by the civilian deaths in Lebanon. The number of casualties and the scale of displacement is deeply distressing.” “Alongside our tireless diplomatic efforts, the UK is providing £5m to UNICEF Lebanon, to deliver vital supplies to support thousands of displaced civilians facing a humanitarian emergency in Lebanon. The UK has been and will remain a strong supporter of Lebanon.” The UK’s £5 million contribution to UNICEF will play a…
ROSHN, a leading real estate developer in Saudi Arabia, has officially inaugurated its Green Initiative Center (RGIC). This center will serve as a hub for promoting vegetation growth, restoring the country’s natural environment, and fostering a sustainable lifestyle. Located in SEDRA, one of ROSHN’s flagship developments, the RGIC will offer schools, organizations, and the public a platform to explore and contribute to sustainability initiatives. Through various programs and activities, the center aims to educate and inspire individuals to adopt environmentally friendly practices. During the RGIC opening, ROSHN signed four collaborations to strengthen its efforts toward promoting a circular economy, reducing carbon emissions, and supporting ecological regeneration. These partnerships will contribute to the overall goals of the Green Initiative Center. By establishing the Green Initiative Center, ROSHN is demonstrating its commitment to sustainability and its role in creating a greener and more sustainable future for Saudi Arabia. The center will play a vital role in promoting environmental awareness, fostering community engagement, and driving positive change.
Blockchain Sports Ecosystem, a worldwide tech company, and Saudi Alpha Jossor Investments have signed a Memorandum of Understanding (MoU) to develop a groundbreaking sports complex in Saudi Arabia. The project, valued at $3.3 billion, aims to create one of the largest and most innovative sports complexes in the MENA region. The complex will feature an advanced football academy equipped with cutting-edge training solutions and real estate development aligned with the concept of a smart sports city. This project will contribute to the development of tourism and attract foreign investment in the region. Renowned football stars Kevin Kuranyi, Jay-Jay Okocha, Mikael Silvestre, and Jens Lehmann were present at the signing ceremony to endorse the strategic partnership. Blockchain Sports Ecosystem, with its team of 1200+ tech and sports experts and offices in 8 countries, is a pioneer in building the future of sports using advanced technologies like AI, XR, and blockchain. The company partners with over 30 football academies worldwide, training thousands of young players. Dmitry Saksonov, Founder of Blockchain Sports Ecosystem, said: “I believe the partnership marks a significant milestone and is beneficial for the whole MENA region. The Middle East has proved its ability to bring innovative projects of enormous…
Oil Park Development Company (OPDC), the entity behind the ambitious THE RIG. project, has announced the appointment of three industry veterans to its executive leadership team. These strategic hires mark a significant milestone as OPDC continues to develop the world’s first adventure tourism destination inspired by offshore oil platforms. Adel Alshabeeb joins OPDC as Chief Commercial Officer, bringing a wealth of experience in business development and leadership. Maurits Stichter takes on the role of Chief Financial Officer, leveraging his expertise in finance and risk management within the construction sector. Mirko Gaudiosi joins as Chief Development Officer, bringing over two decades of project management experience in the oil and gas industry. Raed Bakhrji, CEO of OPDC, expressed: “We are thrilled to have Adel, Maurits, and Mirko, join our executive team at this crucial juncture for THE RIG. Their wealth of experience and leadership in their respective fields will be instrumental as we progress toward our ambitious vision for this unique project. With their expertise, we are confident in our capacity to redefine adventure tourism and contribute to Saudi Arabia’s Vision 2030.” THE RIG. is a groundbreaking project that aims to transform an offshore oil platform into a unique destination for adventure…
Dar Al-Handasah Consultants (Shair and Partners), a Sidara Company, has been awarded an extended contract by Saudi Aramco to provide engineering, design, project management, and multidisciplinary services for existing and new infrastructure projects. This five-year agreement, with an option for a further three-year extension, builds upon a longstanding partnership spanning over six decades. The contract solidifies Dar’s position as a trusted advisor to Aramco, enabling the company to continue supporting the energy giant’s strategic objectives. Dar’s comprehensive range of services and deep understanding of the Kingdom’s infrastructure landscape will be instrumental in delivering innovative and sustainable solutions. Commenting on the new framework agreement, Dar and Sidara’s Chairman and CEO Talal Shair said, “We are privileged to continue supporting Aramco in achieving its strategic objectives. We believe the new agreement validates and spotlights our contributions and provides us with an opportunity to continue to bring exceptional value to Aramco, leveraging the best of our expertise and capabilities, and that of all Sidara Companies.” With a strong presence in Saudi Arabia and a team of over 3,000 professionals, including more than 1,000 Saudi nationals, Dar has been instrumental in the successful delivery of numerous high-profile projects across the country. The company’s expertise…
