DUBAI: Abu Dhabi-based holding company Multiply Group has acquired 80 percent of International Energy Holding LLC, according to Emirates News Agency WAM.
International Energy Holding recently secured a 50 percent stake in Kalyon Enerji Yatrimlari A.Ş., one of Turkey’s leading clean and renewable energy companies.
As part of IEH, Multiply Group intends to continue expanding its global investments in utilities and energy.
Through Kalyon Enerji's portfolio, the company owns a PV power plant with a capacity of 1,347.734 megawatt peak/1,000 megawatt electric in Konya's Karapinar region.
This facility alone will meet the annual electrical needs of approximately 2 million people when it is completed in 2023, the statement added.
In addition, the company has a 1 gigawatt wind project in Ankara developed by Turkey’s Renewable Energy Resources Zone, a 100 MW solar project in Nide, a 50 MW solar project in Gaziantep; and other renewable energy projects in Turkey.
A 7.3 percent stake in Abu Dhabi National Energy Company was recently acquired by Multiply Group for 10 billion dirhams ($2.7 billion).
Additionally, the company owns 100 percent of the district cooling company PAL Cooling Holding, as well as 367 million dirhams in the initial public offering of Dubai Electricity and Water Authority, one of the largest fully integrated utility companies in the UAE.
The remaining 20 percent of International Energy Holding has been acquired by Alpha Dhabi Holding, an Abu Dhabi-based conglomerate and subsidiary of the International Holding Company.
Arada awards two contracts valued at $123m to build 740 homes in Sharjah’s Aljada
Two major contracts have been awarded to Arada for the construction of nine premium apartment blocks in Aljada, the 24 million square foot mixed-use megaproject in Muwaileh, according to Emirates News Agency WAM.
There are 740 homes in total and nine buildings include five Sokoon blocks, two apartment buildings located near the museum of Aljada, and two Gate buildings.
Sokoon is a newly launched family-friendly development concept by Arada of 1, 2 and 3 bedroom apartments
Airolink Building Contracting LLC won the contract to build the five Sokoon apartment buildings and the two apartment blocks adjacent to the museum for 377 million dirhams.
Building work on the Sokoon buildings, which consists of 482 homes, and the museum-facing buildings, which will include 138 homes, will begin immediately and be completed in 20 months. Aljada's cultural district, Naseej District, is home to both sets of buildings.
As part of the contract, Airolink Building Contracting LLC will also construct The Gate, which consists of two apartment buildings located at the entrance to Aljada, valued at 77 million dirhams. The Gate's 120 homes will also be constructed immediately and will be completed within 16 months.
Arada has completed almost 1,500 homes at Aljada, including all 14 apartment blocks, a garden villa community, and both phases of SABIS International School-Aljada.
A 16-building East Village complex, a 12-building Nest student housing community and a second Sarab villa community at Aljada are also expected to be completed by the end of the year.