Ventures Onsite Information Replace 31-01-21

Onsite Live is always striving to keep you informed with the latest industry news.

In the news this week:

Saudi Arabia, the GCC’s largest economy is expected to record 2.6 per cent GDP growth in 2021 – compared to an estimated 3.9 per cent contraction in 2020.
The Saudi GDP growth is forecasted to witness a faster growth of 4 per cent in 2022, as per the latest by the International Monetary Fund (IMF). The 2021 growth projected previously in October 2020 was 3.1 percent while the 2020 contraction was estimated at 5.4%. The latest IMF update has not included forecasts on the UAE and other GCC countries.

Saudi Arabia’s Public Investment Fund (PIF) last week unveiled its five-year strategy, including its Vision Realisation Programme (VRP) 2021-2025, as part of the core domestic strategy the fund will focus on construction among 13 sectors. The 13 sectors include healthcare; utilities & renewables; telecoms, media & and technology; food and agriculture; automotive; transport & logistics; real estate; aerospace & defence; construction & building components and services; entertainment, leisure & sports; financial services; metals & mining; and consumer goods & retail. PIF will invest a minimum of $40bn annually in domestic projects and investments, contribute $320bn to non-oil GDP through its portfolio companies, grow assets under management to over $1.07 trillion, and create 1.8 million direct and indirect jobs by the end of 2025.

Doosan Heavy has signed a deal worth US$707.8 Mn to build the Yanbu 4 Independent Water Plant Project (IWPP) facility with a consortium including French energy company Engie SA and Saudi Arabian firms Mowah and Nesma, the company said in a statement. The facility will be built with a capacity of producing 408,233 tonnes of freshwater per day.

The Emirates Water and Electricity Company (EWEC) and the Abu Dhabi Waste Management Centre (Tadweer) announced the commencement of a competitive tender process for the development of a greenfield Waste-to-Energy (WtE) Independent Power Project (IPP). For the first stage of the tender process, EWEC and Tadweer invite developers to submit an Expression of Interest (EOI) to EWEC by the deadline of 11 February2021.The Waste to Energy plant is to be located near the existing Al Dhafra landfill in Abu Dhabi and will have an expected processing capacity between 600,000 and 900,000 tonnes of waste per year The plant will generate enough electricity to power up to 22,500 UAE households, making it one of the largest Waste to energy facilities in the region. The plant is expected to reduce CO2 emissions by up to 1.5 million tonnes per year.

In Oman the Public Establishment for Industrial Estates – Madayn has signed a deal to establish the Motcar Project, an integrated city specialised in car trading, car spare parts, accessories, and services – to be constructed in Suhar Industrial City. Motcar will be a regional hub for the import and re-export of cars, machinery, and related services to and from various countries, with a focus on the Middle East and North Africa region.
Madayn also unveiled the Nafith Oman Project, which is an integrated system that aims at managing and facilitating the entry and exit of vehicles to and from the existing and future industrial cities of Madayn.

Parsons Global Services Limited secured the supervision of post contract engineering consultancy services contract of Al Fateh Highway upgrade in Bahrain. The project was awarded by Ministry of Works, Municipalities Affairs and Urban Planning (Works Affairs). Al Fateh Highway upgrade project comprises of construction of 600m length underpass at Gulf hotel junction, left turn bridge at Shaikh Daij junction, U-turn bridge between Shaikh Daij junction and Manama causeway including 4km length widening and reconstruction of AlFateh Highway.

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