ITP MEDIA GROUP / BUSINESS JANUARY 2023 • ISSUE 795 How the Women in Construction Conference brought together influential voices to drive sustainable change in the industry BUILDING BRIDGESYour construction site, fully captured. Just tap record & go. OpenSpace provides next-generation reality capture software, powerful integrations, and the smartest analytics tools in the industry. Capture your site with unmatched speed and simplicity. Turn the 360° camera on, tap go, and just walk your site. The OpenSpace Vision Engine maps photos to your plans automatically. And it’s lightning fast, with average 15-minute processing times–not hours, not days. From 1-month TIs to multiyear megaprojects and from the trades to GCs, CMs to lenders, and owners to insurers–we’ve got you covered. openspace.ai Visit openspace.ai to learn more or request a demo. CONTENTS JANUARY 2023 • ISSUE 795 11 24 12 11 PROJECT LAUNCH We run down the most innovative, and creative project launches in December, ranging from luxury residentials to agritourism destinations 12 A DAY IN THE LIFE OF A day in the life of Sachin Kerur, managing partner at Reed Smith Middle East, where client development and family time are important 13 COMMENT Construction is part of the solution towards a greener, more inclusive society, but governments and industries will all need to create a step-change 14 PARTNER CONTENT Terraco discusses how its wide range of products and solutions help stadiums across the world overcome challenges related to development and renovation JANUARY 2023 3 13 14 COVER STORY Construction Week Middle East highlights key takeaways from the Women in Construction Conference 2022 that addressed issues pertaining to gender balance, digital construction, and sustainable development4 JANUARY 2023 After successfully wrapping up the 2022 event line-up, Construction Week Middle East is gearing up for more exciting events in 2023. As we step into the new year, we are excited to host once again industry leading events: from Leaders in Construction conference series across the UAE, KSA, Qatar, and Egypt to annual awards as well as the third edition of Women in Construction. EVENTS For information on conferences in 2023, contact Daniel Fewtrell, Director of Awards & Marketing (daniel.fewtrell@itp.com). For all award-related inquiries, please contact Anthony Chandran, Marketing and Events Manager (anthony.chandran@itp.com). If you want to be one of our partners and take advantage of our sponsorship opportunities, please contact Anup Nagpurkar, Commercial Director (anup.nagpurkar@itp.com) or Moutaz Gadelhak, Senior Sales Manager (moutaz.gadelhak@itp.com). EVENTS 2023JANUARY 2023 5 | EDITOR’S LETTER | Another promising year in the making Ranju Warrier Editor in Chief As I write my rst editor’s letter of January 2023, I can’t help but wonder where 2022 went. The year seemed to have own by. At the beginning of 2022, I recall telling my team that the year will be one of the busiest years ever, and it most de nitely was! The last year was stronger than ever, and stakeholders enjoyed a sustained era of growth, with construction activity once again in full swing throughout the region. I’m thankful that the past year was one of the most successful ever for Construction Week Middle East in all aspects, from re ning and redesigning our Power 100 ranking to launching the brand’s Saudi-focused sister title, Construction Week Saudi, and doubling our reader engagement while also hitting the 200,000-follower milestone on LinkedIn. The stories of success also came from all corners of the construction sector, which provided new and ample opportunities for local and international contractors, consultants, and suppliers, among other stakeholders. Activity focused largely on Saudi Arabia and the UAE, and the kingdom witnessed the highest value of project awards in 2022, demonstrating its commitment to driving economic diversi cation and transforming the country in line with its Vision 2030. In fact, the fast-growing nature of Saudi Arabia’s construction sector is also thanks to its enormous wealth as the world’s largest crude oil exporter, colossal amount of mega and gigaprojects and long-term development strategies. Industry leaders and experts at The Big 5 2022 told me that while the outlook for the region’s construction sector is positive in 2023, there are important, primarily external concerns that might have a detrimental impact on the sector’s growth potential. The repercussions of geopolitical tensions, global monetary tightening, and economic slowdown are all weighing on the world economy and creating signi cant headwinds for the region’s key sectors and stakeholders. As the industry becomes more competitive in 2023, all eyes will be on developers and contractors as they bring some of the most complex projects to life. For what we know, companies will have to differentiate themselves in the market, as 2023 promises to be another rewarding — but challenging — year. On that note, I wish you a happy and prosperous new year! Signing off! PO Box 500024, Dubai, United Arab Emirates TEL +971 4 444 3000 WEB: WWW.ITP.COM Offices in Abu Dhabi, Dubai, London, Riyadh & Mumbai ITP MEDIA GROUP CEO Ali Akawi CFO Toby Jay Spencer-Davies Managing Director Alex Reeve Deputy Managing Director Nicky Dawson EDITORIAL Group Editor Carla Sertin carla.sertin@itp.com Editor in Chief Ranju Warrier +971 4 444 3385; ranju.warrier@itp.com Multimedia Reporter Mina Vucic mina.vucic@itp.com Reporter Julianne Tolentino julianne.tolentino@itp.com Commercial Reporter Angitha Pradeep angitha.pradeep@itp.com ART Art Director Amjad Ayche amjad.ayche@itp.com Designer Tofiq Memon tofiq.memon@itp.com ADVERTISING Commercial Director Anup Nagpurkar +971 4 444 3573; anup.nagpurkar@itp.com Senior Sales Manager Moutaz Gadelhak +971 4 444 3177; moutaz.gadelhak@itp.com Commercial Manager Robert Cole +971 4 444 3417; robert.cole@itp.com PHOTOGRAPHY Videographers: Muhammad Kaleem, Julius Garcia Photographer: Marwan Elsayed Video Editor: Liju Cheruvathur ITP LIVE General Manager Ahmad Bashour +971 4 444 3549; ahmad.bashour@itp.com PRODUCTION & DISTRIBUTION Production Manager Denny Kollannoor Production Coordinator Mahendra Pawar Senior Image Editor Emmalyn Robles CIRCULATION Distribution Coordinator Avinash Pereira Circulation Executive Rajesh Pillai MARKETING Director of Awards & Marketing Daniel Fewtrell Website www.constructionweekonline.com Subscribe online at www.itp.com/subscriptions NOTICE: The publishers regret that they cannot accept liability for errors or omissions contained in this publication, however caused. 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PUBLISHED BY AND © 2023 ITP MEDIA GROUP FZ-LLC. “WE [EAGLE HILLS] HAVE DONE A LOT OF SPECIAL PROJECTS OVER THE YEARS ACROSS THE WORLD, BUT I HAVE NO DOUBT THIS IS RIGHT UP THERE WITH THE VERY BEST OF THEM.” MOHAMED ALABBAR, CHAIRMAN, EAGLE HILLS 6 JANUARY 2023 | QUOTE OF THE MONTH | “WE ARE CREATING THE MONACO OF THE ADRIATIC” E agle Hills, a UAE-based property developer, launched the largest-ever super yachts marina in the Mediterranean: Durrës Yachts & Marina. Located in the ancient city of Durrës, 34km from Albania’s capital of Tirana, the Durrës Yachts & Marina is poised to redefine luxury lifestyle living while also accommodating super yachts and cruise liners. Durrës is the oldest city in the world and home to the largest port in Albania. The “eternal city” on the Adriatic has a 3,000-year history, dating back to 627 B.C., and is filled with ancient archaeological sites and findings, such as the famous amphitheatre of the Roman Emperor Hadrian, whose 15,000 seats make it the second largest amphitheatre in the Balkans. Mohamed Alabbar, chairman of Eagle Hills, said: “This development is the pinnacle of luxury living, whilst at the same time bringing immense new investment, infrastructure and long- term growth opportunities to Albania. “We are proud of our partnership with the citizens and government officials of this nation on a groundbreaking transformational project that took two years of planning and design by international architects, engineers, public realm consultants and artists.” Through careful urban planning and management, Durrës Yachts & Marina will be designed as one of the most sustainable new cities in the world, incorporating eco-friendly practices, green spaces and smart technology to reduce air pollution and CO2 emissions, enhance air quality, and protect natural resources. Alabbar added: “We are not just opening up the destination for high-end visitors, but we are also creating the Monaco of the Adriatic. You have this incredible history in the background, and we’ve done a lot of special projects over the years across the world, but I have no doubt this is right up there with the very best of them.” Eagle Hills on developing Durrës Yachts & Marina in the ancient city of Durrës as the “the pinnacle of luxury living” in Albania Durrës Yachts & Marina will be designed as one of the most sustainable new cities. [Images: Supplied]TOTAL NUMBER OF SALES IN NOVEMBER % INCREASE IN VOLUME OF OFF-PLAN PROPERTIES 70.8% % INCREASE IN TRANSACTIONS 63% 10,941 $8.3BN NOVEMBER SALES TRANSACTIONS’ VALUE NOVEMBER OFF-PLAN MARKET TRANSACTIONS $3.5BN Total sales transactions in November 10,941 8 JANUARY 2023 | STAT OF THE MONTH | DUBAI REAL ESTATE TRANSACTIONS REACH $8.3 BILLION IN NOVEMBER According to Property Finder, MENAT’s leading PropTech company, the real estate market continues to flourish. In November, sales transactions recorded a remarkable performance, crossing 10,000 transactions, the highest recorded since 2011. November 2022 attained 10,941 total sales transactions and witnessed a 58.5% year-on-year increase compared to the same month last year, with 6,905 transactions. In terms of value, there was a significant increase of 70.8% in transactions worth $8.3 billion (AED30.5 billion) compared to $4.9 billion (AED17.9 billion) in November 2021. In terms of volume, existing properties recorded 5,825 transactions, with a remarkable increase of 54.8% year- on-year, showcasing an outstanding sales transaction for November 2022. Similarly, in terms of value, the transactions for existing properties witnessed an increase of 60.8% year- on-year, reaching $4.8 billion (AED17.8 billion) compared to $3 billion (AED11.1 billion) in November 2021. In terms of value, off-plan properties witnessed transactions worth more than $3.5 billion (AED12.7 billion) for the first time in a decade, with an increase of 87.1% compared to $1.9 billion (AED6.8 billion) in November 2021. November 2022 also recorded the highest off-plan volume and value of transactions in a decade, maintaining a remarkable performance last month. The volume of off-plan properties recorded a significant increase of 63% year-on-year, attaining 5,116 transactions compared to the same period last year, with a total of 3,143 transactions. Commercial contracts acquired around 30% of the total registered rental contracts, witnessing an increase of 11.2% in November. Annual contracts represent 89% of the total registered rental contracts, witnessing an increase of 7.5% compared to the same period last year November 2022 recorded the highest off-plan volume and value of transactions.TUESDAY 7TH MARCH 2023 JEDDAH Find out more: www.constructionweeklive.com CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC OOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO M I NNNNNN GGGGG SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS OOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO OOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC OOOO MMMM IIII NNNN GGGG SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS OOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO OOOOOOO NNNNNN Over the past decade, Saudi Arabia has witnessed some of the highest scales of investments in transport and related infrastructure. This has been aligned with the Kingdom’s economic reforms as a part of its Vision 2030, which is aimed at strengthening its non-oil revenues. The Construction Week KSA Infrastructure Jeddah Summit will highlight several aspects of the growth of infrastructure across transport and social projects. For event related enquiries: PARUL RANA Conference Producer T: +971 4 444 3226 E: Parul.Rana@itp.com For sponsorship enquiries: MOUTAZ GADELHAK Senior Sales Manager T: +971 4 444 3177 E: Moutaz.Gadelhak@itp.com For speaking enquiries: RANJU WARRIER Editor in Chief T: +971 4 444 3385 E: Ranju.Warrier@itp.comNext >