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The UAE Climate-Responsible Companies Pledge has been unveiled by the Ministry of Climate Change and Environment (MOCCAE). The pledge aims to increase the engagement of the private sector in the country’s decarbonisation drive in line with the UAE Net Zero by 2050 initiative. The pledge is said to form the nucleus of future collaboration among the private sector, NGOs, and international organisations, including Emirates Nature in association with the World Wildlife Fund (WWF). The latter is said to be a strategic implementation partner to the pledge and will look to support private sector entities as they move towards implementing their…

In a pre-series ‘A funding’ round, Dubai-based start-up Stake has successfully raised $8mn. This is said to be the largest capital raised by a real estate investment platform in the Middle East and North Africa (MENA) region. The latest funding is backed by venture capital firms MEVP and By Ventures, as well as returning investors Vivium Holding and Combined Growth Real Estate. It follows a $4mn seed round that the company closed in June 2021, bringing the business’ total raised funds to more than $12mn – all achieved in little more than 14 months. The company operates a digital platform…

Aldar Properties has launched the $310mn Yas Park Gate residential development, which is designed to complement the existing communities and due to feature 508 new homes across 255,000sqm. The Mediterranean-style gated community, which will be located immediately adjacent to Yas Park, is said to be a natural progression in the development of the second phase of North Yas. Construction of Yas Park Gate is due to begin in Q1, 2023, with handovers expected to commence in Q1, 2026. Units at Yas Park Gate will be available for purchase by all nationalities from 1 September 2022, and is expected to offer…

Hannes Norrgren will take up the position of President of Volvo Penta’s Industrial Business Unit on 1 November, replacing Giorgio Paris who will retire after a 25-year career at the company. Norrgren has worked within the industry for more than 20 years and has a long track record at Volvo Penta, having previously held various positions including Vice President for Industrial Sales and Marketing in Europe. For the past three years, Hannes has served as CEO at Humphree, a fast-growing Swedish marine technology provider of which Volvo Penta is the major shareholder. Take the five minute Middle East Construction News…