TOP HIGHLIGHTS
EGYPT Egypt has outlined plans to construct a man-made river stretching for 114 kilometres. The US$5.25 billion initiative, dubbed the ‘New Delta,’ will ensure access to sustainable water resources.
The project is located near the country’s airports and ports and is expected to generate employment opportunities in addition to achieving food security and reducing imports. Its primary aim, however, is to increase the agricultural land in Egypt since it is currently the world’s largest wheat importer. It is reported that it will be the largest project of this type in the history of the country.
AUSTRIA Austrian contractor Strabag has revealed plans to cut the stake of shareholder Rasperia, controlled by Russian oligarch Oleg Deripaska, to below 25%. Strabag has already taken measures to freeze the Rasperia shareholding in the wake of Russia’s invasion of Ukraine.
Now the contractor has proposed a move at its annual general meeting in June to reduce Rasperia’s stake from 27.8% down to below 25%.
GRECCE A joint venture between contractors Bouygues Batiment International and Intrakat is building Greece’s first skyscraper. The Riveria Tower is part of the €8 billion (US$8.7 billion) Ellinikon urban regeneration project in Athens and the 45-storey building is expected to top 198m in height.
It is reported that the Bouygyes/Intrakat consortium – awarded the build contract by Lamda Development – has already broken ground on the tower, with piling work said to be underway. The tower’s completion is slated for the first half of 2026.
GLOBAL Komatsu and its wholly owned subsidiary Komatsu Europe International has announced that the company is switching to hydrotreated vegetable oil (HVO) as factory-fill fuel for equipment produced in Europe. The move, which is in-line with Komatsu’s long-term goal of achieving carbon neutrality by 2050, is starting at plants in Germany and the UK.
Komatsu said the combustion engines in its machines – including those produced for the construction industry – can be operated with HVO, with no modifications required, which is a major step towards reducing its environmental impact.