RIYADH: UAE’s Arada is awarding significant sums to advance the building of a residential district at Masaar project, while India’s Shapoorji Pallonji has secured enough funding to help complete the Imperial Avenue project in downtown Dubai.
In the petrochemicals industry, contractors have submitted bids for a major project to be led by QatarEnergy. Meanwhile, Adnoc LNG is evaluating proposals for a large-scale project in the UAE.
- UAE-based property development firm Arada has awarded two contracts. with an accumulated value of 460 million dirhams ($125 million), for the construction of the first residential district at its Masaar project located in Sharjah, Meed reported. Intermass Engineering & Contracting has been awarded 232 million dirhams to build 288 homes in the district, while Kuwaiti private company, Mohammed Abdulmohsen al-Kharafi & Sons has been awarded up to 228 million dirhams to construct the remaining 142 villas.
- Indian business Shapoorji Pallonji International Real Estate Development has secured enough funding from UK's capital market firm Hayfin Capital Management to help it complete the Imperial Avenue project in downtown Dubai, Meed reported. Construction of the project has been reported to be 55 percent, complete with the project set to be finished by the last quarter of 2023, Meed reported.
- Contractors have put forward bids for two packages for a major petrochemicals project that state-owned petroleum firm QatarEnergy is constructing, in collaboration with American chemicals company Chevron Phillips Chemical, Meed reported. To be located in Qatar’s Ras Laffan industrial city, the plant is projected to have a capacity to produce as much as 2.08 million tonnes of ethylene per year.
Liquified natural gas
- A division of The Abu Dhabi National Oil Co., Adnoc LNG has announced that it is assessing proposals from several contractors for its large-scale liquefied natural gas exports project located in UAE’s Fujairah, Meed reported.