JULY 2017 OCTOBER 2016 OCTOBER THE DEFINITIVE GUIDE TO THE REGION'S CONSTRUCTION PROFESSIONALS We design.. we construct.. we build.. Kingdom of Saudi Arabia, PO Box 65697 Riyadh 11566 Tel: +966 11 293 1193 Fax: +966 11 293 1170 www.albawani.net POWER AND PRECISION // POWER 60 B-SERIES MOTOR GRADERS 1. THE RIGHT 2. EFFORTLESS 3. ALIGNED WITH POWER FOR PRODUCTIVITY PERFORMANCES EVERY JOB A multiradius blade for a The rear mounted cab grants perfect mixing effect and best in class comfort as the Variable Horse Power: the a lowered traction effort. operator is always aligned with right amount of torque for travel direction when working any application, optimizing with offset frame. fuel consumption. www.casece.com EXPERTS FOR THE REAL WORLD SINCE 1842 CONSTRUCTION BUSINESS NEWS ME // JULY 2017 // 35 885B_200x265_GB.indd 1 01/08/16 14:46 // POWER 60 S E RTI PE , CHAIRPERSON LABBAR A ED M 1 EMAAR PRO MOHA PROJECTS: • Dubai Creek Harbour • Dubai South • Dubai Hills Estate • Downtown Dubai • Dubai Marina maar Properties topped off Revenue for 2016 rose by 14 percent new residential launches in Downtown another busy 12 months with year-on-year to AED 15.540bn. Net profit Dubai, Dubai Marina, Dubai Creek Harbour the big news that it will seek for the first quarter of 2017 also saw a big and Emaar South. a stock listing for up to 30 rise of 15 percent to AED 1.384bn ($377mn) The company hospitality division is percent of its UAE real estate compared to the first leg of 2016. also thriving thanks to a number of new Edevelopment business. Emaar has a number of major develop- launches in the past year in the UAE, The IPO will allow investors who value ments ongoing in Dubai, most notably The Turkey, Egypt, Saudi Arabia and Bahrain. the proven track record of one of the Tower at Dubai Creek Harbour, which will Perhaps the most high profile launch UAE’s biggest and most prestigious overtake its own Burj Khalifa as the tallest was the spectacular 290 metre Ad- developers to invest directly in the com- building in the world. Emaar accomplished dress hotel and residences at Jumeirah pany and benefit from the strong growth a key milestone recently with the comple- Beach Residence (JBR) with a shimmer- outlook of its UAE business. tion of the pile foundations for what is ing façade and a distinctive ‘hole’ in the The Mohamed Alabbar-led company re- certain to become a new global icon. middle. Emaar Hospitality has a pipeline corded net profit of AED 5.233bn ($1.425bn) Significant progress has also been made of 27 upcoming projects to add to the for the full year 2016, a huge 28 percent on Dubai Hills Estate, developed as a joint 10 operational hotels and three serviced higher than the previous 12-month period. venture with Meraas Holding, as well as residences already in service. 36 // CONSTRUCTION BUSINESS NEWS ME // JULY 2017 WASL ASSET MANAGEMENT 2 HE HESHAM AL QASSIM, CEO ne of the top property Wasl also revealed this year plans to bring developers in Dubai, wasl a second luxury Mandarin Oriental hotel is probably best known for to Dubai by the end of 2020. The hotel will being the company behind be the main feature of a 300 metre tower some of the most pres- being built on Sheikh Zayed by Dubai-based Otigious hotels in the emirate. That trend Arabtec, which was awarded a AED 1.46bn continued this year with the announcement ($397mn) construction contract earlier this PROJECTS: of a number of major projects that should year. wasl’s first Mandarin Oriental hotel is be- keep Dubai near the top of the list of lead- ing built on the waterfront at Jumeirah Beach • Port Views ing hotel destinations in the world. and will open in the fourth quarter of 2018. Chief among those was arguably the And finally wasl also said this year that • Mandarin Orientel news that wasl is bringing the first MGM it would build the Hyatt Centric on Palm hotels, Dubai hotel to the Middle East. The famous Las Jumeirah, a hotel with 217 rooms and 116 • MGM Hotels, Dubai Vegas-based hotel group will bring its serviced apartments. • Hyatt Centric, Palm iconic brands - including a Bellagio hotel Subsidiary wasl Properties manages – to a new beach front mega resort to be an extensive real estate portfolio of over Jumeirah built on an artificial peninsula off Jumeirah 35,000 residential and commercial proper- not far from the Burj Al Arab. ties in Dubai. LEC is one of the largest construction companies in the Middle East employing around 12,000 people, the bulk of whom are based in the UAE. The scope of projects undertaken by the company includes resort hotels, themed developments, high rise Atowers, airports and large scale shopping centers. Over the past year the company has completed or is working on UAE projects including Bvlgari Resort & Residences Dubai, Phase 2 of Dubai Festival City, Al Maktoum International Airport's Passenger Terminal Building (PTB) expansion and Select Group's three-tower Marina Gate development. ALEC also overseas a number of subsidiary units which include 3 MEP (ALEMCO), fit out (ALEC FITOUT) and energy (ALEC ENERGY). PROJECTS: The group had revenue in its most recent financial year of $1.06bn C CEO (AED 3.9bn), and projected income of $1.09bn (AED 4bn) for 2017/18. • Bvlgari Resort & E “The construction sector at the moment is very positive and there Residences Dubai L are plenty of opportunities in the next 5+ years,” Kez Taylor, CEO of ALEC told CBN earlier this year. “We will be focusing on operational • Dubai Festival City A efficiency in 2017 and ensuring that we create an environment on phase 2 projects where all our stakeholders and subcontractors are able to • Al Maktoum succeed. Having effective relationships, alignment and trust in the sup- ply chain is our key priority. International Airport “There will be more emphasis on design and build projects as well expansion KEZ TAYLOR, as diversifying the core business. Renewable energy has become a • Marina Gate priority and businesses need to respond and adapt to the changing requirements which have been set to make the UAE a smart city. • Bluewaters Island ALEC’s continuing growth is to offer complementary services which (retail component) add value to our core business as a contractor.” CONSTRUCTION BUSINESS NEWS ME // JULY 2017 // 37 // POWER 60 EGYPTIAN STEEL GROUP 4 AHMED ABOU HASHIMA, CHAIRMAN AND CEO hen you are able to an annual production capacity of 2.3 outstanding CSR programmes, donat- call on the services million tons of rebar, wire rods and billets ing steel and funding the development of one of the world’s by 2018 – once its new Al Sokhna plant of poor areas of the country. Abou biggest sport stars in comes fully online. His company will soon Hashima signed of a deal with char- Cristiano Ronaldo to reach a 20 percent share in the steel- ity Orman which will see the company Wrally a generation of young Egyptians then hungry Egyptian market making it one of invest $6.5mn to help the construction you know that your company has arrived the leading makers of reinforced steel in of 40 villages in the country. on the global stage. the region. Rather than competing with the huge Archetypal business man and entre- Abou Hashima describes Egyptian volumes of giant steel-makers like Tata preneur, CEO Ahmed Abou Hashima is Steel as representing Egypt’s 90 million- Steel, his company is wisely focused on determined to continue Egyptian Steel’s strong population as his company making high quality steel rebars using development into a world-class steel pushes forwards. As such the company environmentally-friendly technology and producer and is driving the group towards has developed one of the region’s sustainable production. 38 // CONSTRUCTION BUSINESS NEWS ME // JULY 2017 AH, L ARABIAN T CONSTRUCTION OO L COMPANY (ACC) EE 5 GHASSAN MEREHBI, CHAIRMAN ASHID R rabian Construction Company (ACC) is best AKH known for building some of the tallest buildings LI CHAIRPERSON N A in the Middle East. Its roster of completed projects includes well known landmarks such he past 12 months 6apartment and hotel complex, as Princess Tower and Almas Tower in Dubai have played out like is currently being designed. Aand Etihad Towers and Gate Towers in Abu Dhabi. one long highlight Another twin tower residential Lebanon-based ACC is building on that track record with reel for Nakheel. In project is earmarked to be built a couple of high rise projects in Downtown Dubai for Emaar. August last year the next to Ibn Battuta Mall. The contractor is currently entering the final stages of build- Tdeveloper of Palm Jumeirah de- Nakheel’s retail and ing the Address Sky View, a project designed by Burj Khalifa clared itself debt-free, completing hospitality divisions are also architect Skidmore, Owings & Merrill that includes a sky a five year financial restructuring experiencing a boom. In April bridge joining a pair of towers 250 metres above ground level. undertaken following the financial the company awarded United The bridge was built separately and hoisted recently into crash. That was followed by the Engineering Construction a AED place during a complex operation. announcement of the highest an- 4.2bn ($1.14bn) construction On the other side of Downtown Dubai is Fountain Views, nual net profit in the company’s contract to build the biggest consisting of three high-rise towers: two 59 storey towers history thanks to the expansion mall in Dubai, Deira Mall.