Saudi Arabia and the UAE take the front stage this week, with new contracts, strategic partnerships, and religious temples in the pipeline.
Meanwhile, the UAE government officially announces a three-day weekend for Prophet Muhammad’s (PBUH) birthday.
It has been a busy week for the construction industry and we’ve rounded up the top-performing stories that you might’ve missed out below:
Abu Dhabi Hindu temple: Construction update, location, opening date, and more
The inaugural opening of the Middle East’s inaugural traditional Hindu stone temple is scheduled for February 2023. Key members of the BAPS Hindu Mandir revealed that the accompanying festivities are anticipated to be the grandest “festival of harmony.”
“The BAPS Hindu Mandir is poised to become a sanctuary of spirituality and global unity. This celebration aims to showcase India’s culture, values, and art to the UAE.”
Rising across an expansive 27-acre expanse in Abu Mureikhah, the majestic temple is set to be unveiled on 14 February 2024.
UAE Holidays: Long weekend announced for public and private sectors
UAE inhabitants can anticipate a forthcoming three-day weekend in observance of the birthday of Prophet Muhammad (PBUH), projected to occur on September 27.
Nonetheless, the public holiday designated to honor this event is projected to occur on Friday, September 29, contingent upon the sighting of the Moon.
When the holiday falls on Friday, residents can expect to enjoy a three-day weekend, combining Saturday and Sunday.
In addition, inhabitants can anticipate another noteworthy public holiday in observance of the UAE National Day on December 2-3.
Saudi Arabia’s largest solar project attracts $1.63bn financing
The Saudi National Development Fund (NDF) has announced its involvement in funding one of the world’s largest renewable energy projects, also marking the largest of its kind within the country.
The National Development Fund will provide a substantial loan amounting to $1.63 billion (SAR 6.1 billion), while the Saudi National Infrastructure Fund has committed to financing the project with $453.3 million (SAR 1.7 billion). This ambitious solar project is situated in Shuaiba within the Makkah Al-Mukarramah region.
Moreover, a consortium of local and international banks has joined in this financing arrangement, resulting in a combined loan value of SAR 6.1 billion.
Emaar Misr launches $161mn beach resort in Egypt
Emaar Misr, one of Egypt’s leading real estate companies, has announced the opening of its new Address Beach Resort Marassi, on the country’s north coast, developed at an investment of $161 million.
This marks Egypt’s second hotel and resort under the Address Hotels and Resorts brand which is located in Dubai, Turkey, Saudi Arabia, and Bahrain.
Located on an 86,100m2 area in Marassi, Sidi Abdelrahman, the resort has been constructed along the breathtaking beach of Marassi, where the guests are offered a private experience through a 160 metre – long private beach.
UAE salary guide: How much should you be earning as a construction professional?
The UAE’s dynamic construction sector continues to draw professionals from around the world seeking rewarding careers in the industry. As construction projects soar to new heights across the country, the question arises: How much should you be earning as a construction professional in the UAE?
To shed light on this crucial aspect, we researched the average salaries of construction professionals according to their skills and expertise.
“On a broader level, the UAE’s jobs market has enjoyed its strongest year in a decade, with higher-than-anticipated demand across the public and private sectors,” said Trefor Murphy, Founder and Chief Executive of Cooper Fitch in the recruitment consultancy’s 2023 UAE salary guide.
Saudi Arabia, China ink deals worth over $1.33bn
Saudi Arabia has inked 12 deals with Chinese corporations and financial institutions, valuing over $1.33 billion (SAR 5 billion) for infrastructure enhancement and funding. The deals were finalised at the Saudi-Chinese Business Forum in Beijing on 16 August and encompass five agreements related to housing projects, as disclosed by the Saudi Press Agency.
At the forum, HE Majed bin Abdullah Al-Hogail, Saudi Arabia’s Minister of Municipality and Rural Affairs and Housing, highlighted the substantial investment prospects in Saudi Arabia’s housing sector.
He further noted that the nation intends to build more than 300,000 housing units across 17 cities, with an estimated value of 26.6 billion (SAR 100 billion).