World islands Dubai developer to start handover of units in December

World islands Dubai developer to start handover of units in December
The $5bn Heart of Europe project, on the manmade island archipelago off the coast of Dubai, will deliver 2,000 villas and palaces as part of phase one of the European-themed development. (Kleindienst Group)
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Updated 30 November 2020

World islands Dubai developer to start handover of units in December

World islands Dubai developer to start handover of units in December
  • $5bn Heart of Europe project will deliver 2,000 villas, palaces in phase one
  • St. Tropez island, a recreation of the famous French Riviera town, will have 4,000 units spread across 15 hotels

DUBAI: The developer behind one of the biggest projects on The World islands development off the coast of Dubai is set to start handing over units to investors in December, it was announced on Monday.

Kleindienst Group, which is behind the $5 billion The Heart of Europe project on the manmade island archipelago, will deliver 2,000 villas and palaces as part of phase one of the European-themed development.

Construction on the St. Tropez island, which will be a recreation of the famous French Riviera town, will have 4,000 units spread across 15 hotels, with the first half of units delivered to buyers next month.

In a statement on Monday, group chairman, Josef Kleindienst, said: “At the beginning of the year, we made a commitment to deliver part of the phase one of The Heart of Europe to the owners by the end of 2020.

“Despite the challenges posed by the (coronavirus disease) COVID-19 pandemic, we were determined to go ahead with our planned development and as the lockdown was announced in March, we shifted our entire team to The Heart of Europe islands and continued to construct.

“During the lockdown, we were isolated from the mainland and confined to the island and focused on construction.”

Kleindienst added that construction had started on phase two of the project which was planned to be completed by 2022.


UAE’s Mubadala Petroleum signs Red Sea oil exploration deal with Egypt

The agreement, signed by Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla, allows the company to explore in a 3,084 square kilometer area of the Red Sea. (Shutterstock/File Photo)
The agreement, signed by Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla, allows the company to explore in a 3,084 square kilometer area of the Red Sea. (Shutterstock/File Photo)
Updated 23 January 2021

UAE’s Mubadala Petroleum signs Red Sea oil exploration deal with Egypt

The agreement, signed by Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla, allows the company to explore in a 3,084 square kilometer area of the Red Sea. (Shutterstock/File Photo)
  • It will own 27 percent of the stake as part of the agreement, while Shell will own 63 percent

CAIRO: The UAE’s Mubadala Petroleum Company has signed an agreement with Egypt to explore for oil and gas in the Red Sea.

The agreement, signed by Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla, allows the company to explore in a 3,084 square kilometer area of the Red Sea and was a result of a bidding round in 2019.

It will own 27 percent of the stake as part of the agreement, while Shell will own 63 percent. Egypt’s Tharwa Petroleum Company owns the remaining 10 percent.

The agreement refers to an area known as Sector 4, located in the north of the Red Sea in an area adjacent to the Gulf of Suez Basin, which is rich in natural resources. 

Parties will commit to conducting exploration studies in this sector and collecting seismic data for the area, using three-dimensional techniques, during the first three years of the exploration phase.

“The addition of Sector 4 in the Red Sea represents a new extension of our operations in Egypt, while providing a valuable opportunity to expand our activities, and by working with a strategic partner such as Shell,” said Mubadala Petroleum CEO Bakheet Al Katheeri. “The search and exploration operations in this sector, if successful, will support our strategy of extracting and manufacturing hydrocarbons, in order to contribute to supporting the stability and expansion of the Egyptian market, while providing growth opportunities for our operations in the country.”

Mubadala Petroleum owns a 10 percent stake in the offshore Shurooq gas field concession that includes the Zohr natural gas field, in addition to 20 percent in the concession area of Noor Gas Company. Both are located in the Mediterranean Sea off the coast of Egypt.