Regional News

AXA Gulf, one of the largest international insurers in the GCC, is moving its activities to its new seven-storey Bahrain Bay headquarters. The new AXA building consists of over 6,000 sq m of commercial space, enabling a more comfortable work environment for AXA’s Bahrain-based employees while also providing a more customer-friendly location.

Qetaifan Projects, a Katara Hospitality-owned company, has signed a memorandum of understanding with Admares for the construction and operation of 16 floating hotels on the shores of Qetaifan Island North in Qatar. The hotels will provide accommodation for people within the fan villages during the 2022 World Cup.

Diyar Al Muharraq, one of the largest real estate development companies in Bahrain, has announced that work on phases one and two of its Jeewan residential project is ahead of schedule. Development of Phase One of Jeewan has reached 51 per cent and the second phase has reached 38 per cent completion, it said.

Virgin Hyperloop One (VHO), the world’s leading hyperloop company, has announced that its system can be powered completely off-grid in the Middle East. At speeds of over 1,000 km/h, hyperloop can connect all Gulf cities within an hour from each other.

Cities in the Middle East and Africa (MEA) are gaining momentum, with Dubai, Riyadh and Nairobi all ranked within the top 20, according to JLL’s City Momentum Index 2020 which identifies the world’s most dynamic cities from a real estate perspective.

The Saudi Development Fund (SDF) and the Arabian Gulf University (AGU) have signed a major agreement on financing the construction of the BD100-million ($264 million) King Abdulla Medical City in Bahrain, said a report.

UD Trucks, a Japanese truck manufacturer and part of Volvo Group, registered solid growth across the Middle East, East and North Africa (Meena) region last year.

One of the key changes taking place in the compact equipment sector in the Middle East is the significant growth in the compact track loader market in the region, according to Bobcat.  Since 2017, Bobcat has increased its share of the market, with sales of compact track loaders more than quadrupling in the same period.

Oman has officially opened the new Al Sharqiya Expressway for traffic. The 191-km engineering marvel starts from the Wilayat of Bidbid and ends in the Wilayat Al Kamil wa Al Wafi. In the intial trial period of three months, only light vehicles are allowed to use the expressway.

The UK government has agreed to support the financing of a trio of Oman hospital projects won by British firm International Hospitals Group (IHG), a report said.

Oman's Special Economic Zone Authority at Duqm (Sezad) and Maysan Properties have signed a usufruct agreement to establish a business park under the ‘Maysan Square Duqm’ brand in the SEZ, said a report. The project will be developed in five phases, starting from 2021, at a total cost of RO43 million ($111.6 million).