Ventures Onsite Newsletter | 18 November

Alesayi Holding Launches Abraj Omar Hotel & Residences by MGallery Luxurious Hospitality Development

Location: Makkah, Saudi Arabia | Developer: Alesayi Holding

Alesayi Holding has announced the launch of "Abraj Omar Hotel & Residences by MGallery," a luxury project redefining upscale hospitality near the Holy Kaaba.

With an investment of US$533Mn, the development spans 60,000 square meters and includes 200 luxury residential units and 280 hotel rooms, offering a sophisticated blend of comfort and convenience for visitors and residents.

Diriyah Company Unveils New Ritz-Carlton Residences in Signature Collection Luxury Branded Residences

Location: Diriyah, Saudi Arabia | Developer: Diriyah Company

Diriyah Company has launched 59 new luxury apartments and villas as part of the Signature Collection of The Ritz-Carlton Residences, Diriyah. This release follows the successful sell-out of the initial 106 residences and highlights Diriyah’s commitment to setting new standards in luxury living within this iconic development.

MODON Signs Agreements for Two Industrial Complexes in Saudi Arabia

Location: Makkah and Al Kharj, Saudi Arabia | Developer: MODON in partnership with Albaddad Saudi Holding

The Saudi Authority for Industrial Cities and Technology Zones (MODON) has signed agreements with Albaddad Saudi Holding to establish two industrial complexes with investments exceeding US$533 Mn.

The Makkah complex spans over 1.3 million square meters and focuses on specialized industries, including prefabricated building production. The Al Kharj complex, covering 307,000 square meters, will support construction projects as well as sports, cultural, and entertainment industries.

Aseer Development Authority Awards a Contract for The Point in Abha Mixed-Use Urban Development

Location: Abha, Saudi Arabia | Developer: Aseer Development Authority in collaboration with Saudi Tourism Development Fund, Red Sea Markets, and Banque Saudi Fransi

Aseer Development Authority has awarded the main contract for 'The Point' to Built Industrial Company, marking an investment of over US$266 Mn. The 75,000 square meter project will feature shops, restaurants, cafes, a cinema, luxury Hilton hotel apartments, and a Canopy Hotel by Hilton, creating a vibrant mixed-use destination in Abha city.

Samsung E&A and CTCI Win US$418 Mn Contract for Qatar RLP Ethylene Storage Plant Petrochemical Infrastructure Expansion

Location: Ras Laffan Industrial Complex, Qatar | Developer: Ras Laffan Petrochemicals

Samsung E&A of South Korea and CTCI of Taiwan have been awarded a US$418 Mn contract by Ras Laffan Petrochemicals (RLP) to build ethylene storage facilities and utility infrastructure at the Ras Laffan Industrial Complex. The project, which will take 34 months to complete, is set to bolster Qatar’s petrochemical storage capacity significantly.

WakeCap Partners with National Housing Company in Saudi Arabia | Innovative Construction Technology Collaboration

Location: Saudi Arabia | Developer: National Housing Company (NHC) in partnership with WakeCap

WakeCap has signed a Memorandum of Understanding (MoU) with the National Housing Company (NHC) at Cityscape Global in Saudi Arabia. This strategic partnership aims to enhance safety and efficiency in Saudi Arabia’s housing sector by integrating WakeCap’s cutting-edge technologies.

The collaboration will focus on real-time data usage, innovative construction practices, and technology transfer. Both parties plan to organize workshops, field visits, and meetings to explore further synergies.

OCTA Properties and Elie Saab Unveil La Mer by Elie Saab in Ras Al Khaimah Luxury Residential and Lifestyle Development

Location: Al Marjan Island, Ras Al Khaimah, UAE | Developer: ARTE Developments in collaboration with OCTA Properties and Elie Saab

OCTA Properties, in partnership with renowned fashion designer Elie Saab, has launched La Mer by Elie Saab, a signature beachfront development on Al Marjan Island. The project comprises three interconnected towers featuring 355 residences, including one-bedroom apartments, villas, chalets, and nine penthouses, with sizes ranging from 874 to 14,484 square feet.

Designed with Elie Saab’s distinctive style, the development offers premium amenities such as male and female spas, a gym, expansive pools, a kids’ club, and landscaped parks. Construction commenced in Q3 2024, with completion expected in Q1 2028.