TotalEnergies opens UK offshore wind hub in North Sea oil, gas center

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Updated 18 October 2021
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TotalEnergies opens UK offshore wind hub in North Sea oil, gas center

  • The energy firm also announced a £140 million investment in a 2 gigawatt offshore wind project in the west of Orkney

Enregy company TotalEnergies has opened an offshore wind hub in Scotland that will allow the “transition of staff from oil and gas to offshore wind” as the green sector grows, the French energy major said in a statement.

The unit will sit inside the firm’s existing Aberdeen center for UK North Sea oil and gas, and will draw on operations that have been “built over the last 50 years” at the site.

TotalEnergies chairman and chief executive Patrick Pouyanné said in the statement: “With the energy transition gathering speed, we see Scotland as a great place to broaden our relationship by investing in offshore wind.

“As a global multi-energy company long engaged in UK energy supply, our decision to base our UK offshore wind hub here in Aberdeen is a mark of our confidence in the future of renewables in the UK and our continued commitment to Scotland and the North Sea.”

TotalEnergies, formerly Total, also announced a £140 million investment in a 2 gigawatt offshore wind project called West of Orkney Windfarm. Australian bank Macquarie’s Green Investment Group and Scottish developer Renewable Infrastructure Development Group are also partners in the wind farm.

TotalEnergies said the three firms will “develop the Scottish supply chain and harbour infrastructure specifically around this project”.

The energy major purchased a majority stake in another large wind farm off the coast of Scotland last year, with expectations that global oil demand will peak before 2030, due to the low-carbon energy shift, reported Bloomberg News.

The firm has upped its stakes in renewable energy assets across the UK recently.

The French firm also invested in a smaller floating-wind project in Wales, Bloomberg said.

Also, in February, TotalEnergies again partnered with Macquarie’s Green Investment Group to win the rights to develop a 1.5 gigawatt offshore wind farm off the coast of Lincolnshire, England.


Global investors commit more than $3bn to King Salman Park as Saudi giga-project secures new deals

Updated 10 March 2026
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Global investors commit more than $3bn to King Salman Park as Saudi giga-project secures new deals

RIYADH: The King Salman Park Foundation has secured more than $3.8 billion in new private-sector commitments at the MIPIM 2026 real estate conference, including a landmark $3 billion fund backed by international investors to develop a major mixed-use district in the heart of Riyadh.

According to a press release, the announcements bring total committed investment in the 17.2 sq. kilometers urban regeneration project to over $5.3 billion across five major packages.

Launched in 2019 under Saudi Vision 2030, the development is designed to be the world’s largest city park and aims to boost green space, improve quality of life, and feature over 1 million trees and extensive leisure facilities.

A $3 billion metro-connected district

The largest of the two packages, designated Package 5, will see a consortium led by Kolaghassi Development Co. deliver a residential-led district with a total built-up area exceeding 1 million sq. meters. 

It will provide approximately 3,700 residential units, a K–12 school, around 300 hospitality keys and more than 100,000 sq m of Grade A office space alongside a wide variety of retail and dining offerings.

The development is supported by a Saudi-domiciled, Capital Market Authority-regulated fund managed by Mulkia Investment Co. that has attracted leading investors from the Kingdom and across the world.

Kolaghassi Development Co. will lead the project alongside Al Othaim Investment, one of the Kingdom’s real estate players, and RXR, a New York-headquartered real estate investor and operator.

“Securing investment of this scale, supported by international capital and expertise, is an important milestone for King Salman Park,” said George Tanasijevich, CEO of King Salman Park Foundation. 

$850 million cultural district package

In a separate announcement, the Foundation confirmed the award of Package 4 to a consortium led by Retal Urban Development Co., with support from a fund managed by SAB Invest.

The project has a total value exceeding $850 million and will host more than 600 residential units, over 140 hotel keys, and almost 50,000 sq m of Grade A office space, alongside curated retail and food and beverage experiences.

“This opportunity reflects the maturity of Saudi Arabia’s real estate investment landscape and our confidence in culture-led, mixed-use urban destinations as a driver of sustainable returns,” said Abdullah Al-Braikan, CEO and founder of Retal Urban Development Co.

Ali Al-Mansour, CEO of SAB Invest, said the fund structure brings together “long-term capital, experienced development partners, and a shared commitment to place-making excellence” while contributing to Riyadh’s cultural vibrancy and the Kingdom’s quality-of-life ambitions under Vision 2030.