AQARAT-IFA partnership awards $54mln infrastructure works contract for Al Tay Hills
Kuwait-listed Kuwait Real Estate Company (AQARAT) in partnership with IFA Hotels and Resorts has awarded infrastructure works contract worth 198 million UAE dirhams ($54 million) to UAE-based Darwish Engineering for its AED 3.5 billion ($953 million) 'Al Tay Hills' residential project in the emirate of Sharjah.
The contract was signed by Nakheel Village Real Estate Company, the project's executive arm and a subsidiary of Kuwait Real Estate, AQARAT said in a press statement.
The scope of work includes the design and construction of basic infrastructure, including sewage networks, a wastewater treatment plant, two water pumping stations, road and stormwater drainage, electricity, telecommunication, and water networks.
The three-phase Al Tay Hills project, located in the Al Tay area on the Sharjah-Dubai border, is spread over an area of six million square feet (sq ft) and includes 1,100 villas and townhouses, 3 community malls, and 2.5-kilometre-long green spine, dubbed the Green River, and walking and cycling paths totaling 11km.
The first phase of the project is scheduled for delivery in the first quarter of 2028.
(Writing by Deva Palanisamy; Editing by Anoop Menon)
(anoop.menon@lseg.com)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
41 minutes ago
- Zawya
SRTI Park teams up With Doctory to launch smart medical bag 'Masand' to support Hajj pilgrims
Sharjah, United Arab Emirates – In a step that reflects Sharjah's commitment to transforming innovative ideas into real-world solutions, the Sharjah Research, Technology and Innovation Park (SRTI Park) has announced the successful design and production of the smart medical bag 'Masand' for Doctory, a leading health-tech company, within the state-of-the-art Sharjah Open Innovation Lab (SoiLAB). This project highlights how SRTI Park's laboratories have become an advanced platform for testing innovative medical products in partnership with the private sector, especially during the Hajj season, which presents an ideal opportunity to apply these practical solutions to meet pilgrims' needs. The 'Masand' medical bag is a portable unit that integrates advanced medical devices for fast and effective health diagnostics. It was developed through close collaboration between Doctory's team and SoiLAB's expert engineers, leveraging the latest technologies in additive manufacturing, 3D printing, laser cutting, and electronic circuit design—reinforcing SRTI Park's position as a leading hub for developing advanced medical devices through collaboration between government, academia, and industry. Hussain Al Mahmoudi, CEO of SRTI Park, said: "Doctory's innovative products, designed within SoiLAB, are a model of health innovation. This project reflects our commitment to empowering creative and innovative companies to turn their ideas into tangible solutions that improve lives. The Hajj season provides a unique opportunity to test these solutions in real-world conditions, showcasing SRTI Park's ability to turn research and innovation into practical outcomes." He added: "We are dedicated to enabling innovators by providing world-class research and development facilities, advanced industrial expertise, and supportive investment networks. Our goal is to create an environment where pioneering ideas in health technology can thrive, transforming how medical solutions are developed and implemented." The 'Masand' medical bag can directly connect patients with a network of specialized doctors, enabling remote diagnosis and treatment—even in areas with limited access to healthcare facilities. The bag has attracted significant attention from medical authorities and regulatory bodies during the current Hajj season, where it has proven effective in managing emergency health cases at the holy sites—affirming Sharjah's role in supporting Hajj efforts through advanced technology. Osama Shamsi Pasha, Co-Founder and Chief Operating Officer of Doctory, expressed his pride in this collaboration, saying: "The 'Masand' medical bag represents a significant leap in mobile healthcare, made possible by the advanced innovation environment and world-class team at SoiLAB. We have had previous successful collaborations with SoiLAB, such as developing the 'Doctory Chair,' which reinforces our confidence that SRTI Park is the ideal environment for testing ambitious ideas and turning them into practical products." This project extends SRTI Park's legacy of successful innovation, which includes developing protective masks during the COVID-19 pandemic using advanced lab techniques, as well as the production of smart prosthetic limbs in collaboration with specialized researchers—affirming its leadership today in testing and developing health devices that serve communities both locally and regionally. SoiLAB: The Future of Prototyping and Innovation The Sharjah Open Innovation Lab (SoiLAB) is a cornerstone of SRTI Park's vision in the health technology sector. It is a cutting-edge facility for prototyping and manufacturing, empowering startups, researchers, and industry leaders to develop, test, and refine advanced technological solutions. With its expanding capabilities—including 3D printing of metals, polymers, and concrete; electronics manufacturing; textiles; robotics; and advanced digital manufacturing—SoiLAB is strengthening Sharjah's position as a distinguished hub for healthcare innovation, medical device development, and AI-powered health solutions. SRTI Park continues to play a pivotal role in the innovation ecosystem by attracting leading and emerging companies in the healthcare and medical diagnostics sector, providing a flexible and supportive environment for advanced manufacturing and innovation—positioning Sharjah as a gateway for exporting cutting-edge technology to the region and beyond. Yacoub Al Tahtamouni Public Relations Specialist Email: yaltahtamouni@ PO Box: 66636 Sharjah UAE SRTI Park Office Location
Zawya
an hour ago
- Zawya
AFC says Africa has $4trln local capital available to fund infrastructure
African governments should turn to an estimated $4 trillion in capital held by domestic institutions like pension funds to develop much-needed local infrastructure as external funding sources wane, the Africa Finance Corporation said on Thursday. Building railways and expanding power generation are major priorities for the continent as its population and economies grow, but traditional sources of funding such as foreign direct investment and official development assistance are proving "increasingly insufficient", the AFC said. Higher interest rates globally, declining donor budgets and protectionist policies in advanced economies are further tightening the availability of funds, it said in the report. "These developments underscore Africa's need for a more resilient and internally anchored financing strategy," the financier, which is owned by African governments, multilateral lenders and private funds, said. African governments are also struggling to find space within national budgets to pay for development projects as interest payments gobble up an ever-rising share, the report said. They can however turn to the potentially trillions of dollars in domestic capital held by sovereign wealth funds, pension funds, and central and commercial banks, it added. These are currently held by institutions or invested in short-term liquid instruments like money markets due to legal restrictions on where assets such as pension funds can be invested, it added in the report. To unlock these funds, African governments will have to modernise huge swathes of their economies that are not taxed and regulated, and reform the rules around pension funds to allow them to invest in long-term infrastructure projects, AFC said. They will also need to boost national savings rates, which on average stand at half those of Asian nations, it added. The African Development Bank, a shareholder in AFC, has pegged Africa's annual financing gap for structural transformation at more than $400 billion, or nearly 14% of the continent's projected GDP by 2030. (Reporting by Duncan Miriri; Editing by Jan Harvey)
Arabian Business
an hour ago
- Arabian Business
UAE to ban single-use plastics by 2026
The UAE will ban single-use plastics by 2026 said Dr. Amna bint Abdullah Al Dahak, Minister of Climate Change and Environment. In a statement marking World Environment Day (June 5), Dr. Amna bint Abdullah Al Dahak reaffirmed the country's unwavering commitment to reducing plastic pollution and protecting the environment—both nationally and globally. Speaking in line with this year's theme, 'Beat Plastic Pollution,' Dr. Al Dahak announced that starting January 1, 2026, the UAE will implement a nationwide ban on the import, production, and trade of single-use plastic products. UAE plastics ban This sweeping reform builds on earlier steps, including the 2024 ban on plastic bags, as part of a phased approach toward eliminating unnecessary plastic from daily life. Dr. Al Dahak said: 'The policy prioritises reducing plastic waste and promoting innovative solutions for sustainable packaging and recycling. Furthermore, we are resolutely committed to managing hazardous waste and aggressively reducing plastic waste at every level. 'Each of us, as responsible members of our community, can play a leading role in realising our nation's vision by joining the mission to eliminate unnecessary plastic from our daily lives. 'Let us become active agents of change, leading a powerful movement towards thriving communities, and a vibrant, resilient environment. Let us protect the land and the sea that are so integral to our lives, for ourselves, our loved ones, and for generations to come.' Dr. Al Dahak noted that the UAE's actions are aligned with international efforts and are bolstered by programs like Clean Rivers, an initiative by Erth Zayed Philanthropies. This project tackles plastic pollution in waterways by empowering local communities and supporting innovation to achieve plastic-free rivers. In parallel, the UAE's Circular Economy Policy plays a critical role by promoting sustainable resource use across sectors such as: Green infrastructure Transportation Manufacturing Food systems
