AN ITP MEDIA GROUP PUBLICATION JULY 2024 • ISSUE 813 C&P’s visionary leaders Faisal Bouzo and Tarek Al Ajlani, on delivering excellence across a diverse portfolio of high-profi le projects in the kingdom SUCCESS REDEFINED JULY 2024 • ISSUE 8137UDQVIRUPLQJ&LWLHV 6KDSLQJWKH)XWXUH We design with purpose to create a better world For over seven decades, Meinhardt has been at the forefront of transforming cities through innovative planning, design, and engineering solutions. Today we are leading innovation and digital transformation to provide sustainable solutions. Meinhardt is acting as lead consultant for NEOM’S Sindalah Island Four Seasons Hotel and Resort info@meinhardtgroup.com | www.meinhardtgroup.com follow usCONTENTS JULY 2024 • ISSUE 813 8 14 8 QUOTE OF THE MONTH Gurminder Sagoo shares his thoughts on diversity and inclusion in the construction industry 14 PROJECT LAUNCH Unveiling the most anticipated, innovative, and creative projects launched last month 28 GIGAPROJECT REPORT With 25 gigaprojects underway, Saudi Arabia is advancing towards its 2030 deadline at a blistering speed 52 GREEN BUILDING SUMMIT Event highlights from the rst-ever Green Building Summit KSA 2024 JULY 2024 3 28 52 COVER Under the visionary leadership of Faisal Bouzo and Tarek Al Ajlani, C&P is crafting legacies and engineering the extraordinary in Saudi Arabia’s luxury landscape 244 JULY 2024 After wrapping up the 2023 event line-up, Construction Week Middle East is gearing up for more exciting events in 2024. As we step into the third quarter, we are excited to host industry leading events once again. These include the Leaders in Construction Conference series across the UAE and KSA, as well as Infrastructure Summits and Annual Awards. EVENTS CALENDAR For more information on conferences, contact Karishma Vithalani, Senior Events Manager (karishma.vithalani@itp.com). For all award-related inquiries, contact Dmitry Lazarenko, Marketing and Events Manager (dmitry.lazarenko@itp.com). If you would like to be one of our partners and take advantage of our sponsorship opportunities, contact Anup Nagpurkar, Group Commercial Director (anup.nagpurkar@itp.com) or Moutaz Gadelhak, Commercial Director (moutaz.gadelhak@itp.com). *Dates are subject to change at the editorial team’s discretion* CONFERENCEAWARDSAWARDS SEPTEMBERNOVEMBERNOVEMBER Leaders in Construction UAE Summit Construction Week Middle East Awards Construction Week KSA Awards EVENTS 2024 CALENDARJULY 2024 5 | EDITOR’S LETTER | ONWARD AND UPWARD Julianne Tolentino Digital Editor When Saudi Arabia introduced the concept of ‘gigaprojects’, the world was intrigued, perhaps even a little sceptical considering what the gravity of the word meant. It was an idea so far removed from what the industry was used to that it almost seemed foreign. Fast forward to where we are now and suddenly, gigaprojects are all the construction industry talks about. Designed to stimulate the kingdom’s economy and diversify away from oil, the gigaprojects are Crown Prince Mohammed bin Salman’s key to Vision 2030. Planned as a series of 14 giant developments, all funded by the Public Investment Fund, they now stand as one of the main drivers of Foreign Direct Investment in Saudi Arabia. That being said, every year at Construction Week Middle East, we put a spotlight on the gigaproject happenings, detailing construction updates, new innovations, and emerging opportunities within these endeavours. This year is no different, and we are excited to highlight the companies and stakeholders leading growth within the gigaprojects. Also in this issue are exclusive insights on the hospitality sector, where we are seeing a revolutionary transformation as new resorts, hotels, and entertainment complexes rise to meet the Middle East’s tourism goals. Furthermore, our cover star, C&P, a leading construction and project management rm, shares its journey and contributions to the kingdom’s monumental projects. On page 22, we dive into C&P’s innovative approaches and strategic vision that have positioned it as a key player in Saudi Arabia’s transformation. As you ip through the pages, you will also come across exclusive interviews with Hassam Allam, Compass Project Consulting, U+A, TBH, MARCO, and other industry leaders contributing to the future of construction in the region. We look forward to bringing you the latest stories, innovations, and people behind these groundbreaking developments. And as always, a big thank you goes out to you, our readers, for your continued support and engagement. Signing off! PO Box 500024, Dubai, United Arab Emirates TEL +971 4 444 3000 WEB: WWW.ITP.COM Offices in Abu Dhabi, Dubai, London, Mumbai, Riyadh & Geneva ITP MEDIA GROUP CEO Ali Akawi Managing Director Alex Reeve EDITORIAL Group Editor Kate-Lynne Wolmarans +971 4 444 3541; kate.wolmarans@itp.com Digital Editor Julianne Tolentino +971 4 444 3855; julianne.tolentino@itp.com Commercial Editor Angitha Pradeep +971 4 444 3278; angitha.pradeep@itp.com Digital Reporter Mahnoor Bari +971 4 444 3238; mahnoor.bari@itp.com ART Art Director Amjad Ayche amjad.ayche@itp.com Art Editor Tofiq Memon tofiq.memon@itp.com Contributing Designer Muhammed Nahas ADVERTISING Group Commercial Director Anup Nagpurkar +971 4 444 3573; anup.nagpurkar@itp.com Commercial Director Moutaz Gadelhak +971 4 444 3177; moutaz.gadelhak@itp.com Senior Sales Manager Ahmad Amer +966 11 512 2570; ahmad.amer@itp.com PHOTOGRAPHY Videographer Muhammad Kaleem Senior Video Editor Liju Cheruvathur Social Media & Production Manager Andy Ruedas PRODUCTION Production Coordinator Mahendra Pawar Senior Image Editor Emmalyn Robles DISTRIBUTION Circulation Executive Rajesh Pillai Distribution Coordinator Avinash Pereira ITP GROUP CEO Ali Akawi CFO Toby Jay Spencer-Davies Website www.constructionweekonline.com NOTICE: The publishers regret that they cannot accept liability for errors or omissions contained in this publication, however caused. 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With advanced smart technology integration, an increasing focus on improving safety, and a growing emphasis on sustainability, companies adapt to these changes to remain competitive and address broader economic and social challenges. The industry also faces a crucial challenge that could redefi ne its future landscape: diversity and inclusion. According to the Construction Industry Council (CIC), with less than 15% of construction professionals being female and less than 6% from minority groups, the sector stands at a critical junction to harness an untapped demographic of potential talent. This challenge is further amplifi ed by the sector’s struggle to attract new entrants who may not view it as a viable or stable career path. So why is it that women and minority groups do not view construction as a viable career option? What does it take for them to succeed? To initiate substantial change within the industry, it is imperative to begin by redefi ning the sector’s image among the younger generations. The industry must actively engage in changing its perceived identity from being traditionally exclusive to one that is universally inviting and vibrant. This involves crafting a narrative that resonates across diff erent demographics, emphasising that a career in construction is not only about physical labour but also about innovation, management, and global impact. Social media and digital platforms off er tremendous potential to broadcast this refreshed narrative. By showcasing diverse role models—from engineers who design eco-friendly buildings to project managers who lead multinational teams—these platforms can illustrate the dynamic and inclusive nature of modern construction work. Gurminder Sagoo, Managing Director for UAE & Oman at Egis Middle East shares his thoughts on diversity and inclusion in the construction industry www.euroblech.com Sheet metal, tube, sections (ferrous and non-ferrous) Finished products, components, assemblies Handling Separation, cutting Forming Flexible sheet metal working Tube / Section processing Processing of sheet metal / plastic hybrid structures Machine elements Joining, welding, fastening Additive manufacturing Surface treatment of sheet metal And many more 22 – 25 October 2024 | Hanover, Germany EuroBLECH 2024 covers the entire sheet metal working technology chain: About 1,500 Exhibitors 90,000+ sqm Exhibition Space Speaker Forum Guided Visitor Tours Industry Awards THE POWER OF PRODUCTIVITY Visit the world’s leading sheet metal working exhibition! www.glaze.ae/ MARBLE | ONYX | QUARTZ | PRECIOUS STONE | TRAVERTINE | SINTERED STONE | PORCELAIN Surface Solutions, Designed By Nature NatureANNUAL GROWTH RATE OF DUBAI APARTMENTS 21.3% PALM JUMEIRAH 40.1% 39.5% 17% ANNUAL GROWTH RATE OF OFF- PLAN REGISTRATIONS 76.4% 36.2% 31.4% TOP PERFORMING AREAS FOR APARTMENTS JUMEIRAH ISLANDS DUBAI HILLS ESTATE GREEN COMMUNITY WEST EMIRATES HILLS 31.1% 8 JULY 2024 | STAT OF THE MONTH | DUBAI’S VILLA CAPITAL GAINS REACHED A STAGGERING 31.2% INCREASE Dubai’s residential property market is forecasted to scale new heights in 2024, with analysts predicting record-breaking home prices. This growth is expected to be particularly pronounced in the villa segment, which is projected to witness signifi cant capital gains. According to ValuStrat’s April Price Index (VPI) for Dubai, apartment prices are steadily rising, although at a more moderate pace than villas. Villas were the standout performers, with the average valuation per square foot surpassing AED2,000 for the fi rst time in a decade. This milestone marks a doubling of villa prices since the pandemic, surpassing previous market peaks and even 2014 highs. Capital gains in the villa segment are also expected to continue. While not quite surpassing the record set in 2022, which saw a 34. 1% price increase—the highest in a decade—analysts predict gains exceeding that mark. The April VPI data bolsters this prediction, revealing a 2.4% month-on-month rise and a staggering 31.2% year-on-year increase in villa capital gains. The strong performance of the Dubai real estate market can be attributed to the increase in high-net-worth individuals moving to the city, supported by government initiatives and a growing business environment. This has led to a higher demand for luxury properties, which impacts the overall market trends. Additionally, low interest rates are expected to continue, making borrowing costs favourable and encouraging more investors to enter the real estate market. Dubai’s property market is thriving, in line with the emirate’s economic objectives. The government is working to strengthen Dubai’s status as a global business and tourism hub, and a successful real estate sector is essential for attracting foreign investment and skilled individuals. As Dubai advances, the focus remains on the residential property market, with experts forecasting continued growth until 2024. ValuStrat’s market analysts predict a banner year for Dubai’s residential property marketJoin the number one: difc.ae/business/make-an-enquiry Join the #1 financial centre to access more wealth When you join the number one global financial centre in the region, you can access the highest concentration of wealth in any Middle Eastern city. Nearly 80,000 millionaires live in Dubai. USD 3trn of private wealth is within an hour’s flight and USD 8trn available across the Middle East, Africa and South Asia. No wonder more than 370 hedge funds, private equity, venture capital, private banking and asset management firms have chosen DIFC as a catalyst for growth.Next >