Real Estate Riyadh leads Saudi Arabia’s hot property market Strong population and employment growth in Riyadh is driving a surge in real estate transactions as new properties cannot come on the market fast enough. A dramatic rise in the number of deals in the 12 months to the end of June was also visible in Jeddah and Dammam, according to a report this week […] October 11, 2024
Gaming Wynn Resorts says UAE site will earn $1bn in gaming revenue Wynn Resorts estimates that gaming revenue from its forthcoming resort in Ras Al Khaimah will be between $1 billion and $1.66 billion, it revealed at an investor presentation. The range assumes a UAE market size of $3 billion to $5 billion and Wynn’s 33 percent share of it, based on two more integrated resorts eventually […] October 9, 2024
Analysis Leisure & Hospitality Infrastructure needed to support Egypt’s tourism ambitions Regional and international hotel operators are keen to expand in Egypt, but the country needs to improve infrastructure such as airports to support its tourism ambitions, industry sources have said. Egypt aims to emulate the high-end hospitality and entertainment development that the UAE and other Gulf countries have pioneered, at the same time bringing in […] October 9, 2024
Analysis Construction Middle East crisis further hinders late project delivery The escalating Middle East conflict involving Israel, Lebanon and Iran is further hindering already stretched construction timelines in the Gulf. Safe passage through the Strait of Hormuz is threatened, with concerns that Iran will close the waterway. This route is critical to GCC oil and gas exports. Building projects in the Middle East suffered some […] October 9, 2024
Gaming Wynn scores UAE’s first commercial gaming licence Wynn Resorts, the US hospitality group, has won the first commercial gaming operator’s licence in the UAE. The company, which has its headquarters in Las Vegas, is building a $4 billion, 1,500-room resort on Al Marjan Island in Ras Al Khaimah, which is expected to open in 2027. The resort has now been licensed by […] October 7, 2024
Economy Kuwait’s economy holds up against challenges, says central bank Robust spending and “long-due” structural reforms expected to accelerate following “recent political developments” will help Kuwait’s economy overcome some challenges, according to the Central Bank of Kuwait (CBK). Kuwait faced multiple challenges in 2023 in the face of high inflation, rising global interest rates and bubbling geopolitical tensions in the region, according to CBK’s 12th […] October 4, 2024
Analysis Tourism Gulf hospitality industry shrugs off war concerns Middle East hospitality veterans downplayed concerns over wider regional tensions this week, saying the industry has survived crises before and is poised to do so again. Government officials and corporate executives spoke during the Future Hospitality Summit, which is taking place in Dubai this week, just as military action intensified in Israel, Lebanon and Iran, […] October 3, 2024
Analysis Real Estate Off-plan luxury projects drive real estate risk in Dubai The rapid growth in off-plan development, particularly luxury properties, is injecting vulnerability in Dubai’s otherwise solid real estate market. Developers launched 391 projects in Dubai between January and mid-September, a 43 percent year-on-year increase. Many of the apartment towers in the pipeline are designed as high-end, and often branded, residences. “I feel there’s an oversupply […] October 2, 2024
Analysis Oil & Gas North Field expansion to power Qatar’s economy Qatar’s economy is likely to record only modest growth this year, but analysts predict that revenues generated from a North Field gas expansion will make it among the fastest-growing globally in two years’ time. Gross domestic product is forecast to surge to nearly 13 percent in 2026, after sluggish growth of only 1.5 percent this […] October 1, 2024
Analysis Real Estate Lack of plots gives Palm Jumeirah added air of exclusivity Palm Jumeirah, Dubai’s world-famous man-made island, is running out of undeveloped land. Developer Nakheel’s announcement earlier this week that it will pay nearly $500 million to Alec Engineering & Contracting to build the new 75-storey Como residential tower on Palm Jumeirah is bound to be one of the last of its kind. Since it will […] September 29, 2024
Analysis Mining Maaden-Alba merger ‘a potential game changer’ The proposed merger between the Saudi Arabian mining company Maaden and Bahrain’s aluminium smelter Alba looks likely to shake up the global aluminium industry, with the new company challenging for sixth place in the world rankings. “It’s almost a game-changing event, particularly in the GCC region,” says Andy Farida, a senior analyst at Fastmarkets, a […] September 27, 2024
Construction ISG Middle East trading as usual despite fall of UK affiliate The collapse last week of ISG, the UK’s sixth largest construction company, will not impact the work of its affiliate in the Middle East, a company spokesperson told AGBI. “As ISG Middle East, we operate independently from the UK entity, and we continue to trade as usual without interruption,” the spokesperson said. “We remain committed […] September 25, 2024
Banking & Finance Santander is latest heavyweight to open in DIFC The private banking arm of Santander in Spain has become the latest global financial institution to open an office in the Dubai International Financial Centre. It will be followed into the UAE by the New York private equity firm General Atlantic, which received preliminary approval on Tuesday to set up shop at Abu Dhabi Global […] September 24, 2024
Business of Sport Egyptian developer invests $1bn in Saudi sports clubs Egyptian real estate developer Melee will spend SAR4.5 billion ($1.2 billion) to establish three new sports clubs in the Saudi cities of Riyadh, Jeddah and Al Khobar, according to a company executive. The club in Al Khobar is slated to be first in line for completion before the end of the year, Gasser Bahgat, Melee […] September 24, 2024
Real Estate Gulf investors put $100m into London property fund Gulf investors have given $100 million to a shariah-compliant fund run by the alternative asset manager Rasmala Investment Bank in Dubai to spend on the London residential property market. Adnan Adil, an investment director at the bank, told Citywire that he has seen interest from Gulf investors already well acquainted with real estate in London […] September 24, 2024
Analysis Aviation Dnata is 65, but its globetrotting is just getting started Dnata began life 65 years ago as a small travel agency in Dubai. Today it is the airport services arm of Emirates Group, operating in over 30 countries and planning to expand to even more. This month, it signed ground handling contracts with Royal Jordanian Airlines at John F Kennedy airport in New York and […] September 24, 2024
Real Estate Dubai’s Emaar pledges Egypt development worth $1 billion Property developer Emaar plans to invest $1 billion in Egypt in the next 12 months, according to a senior executive. Mohamed Alabbar, the Dubai-based company’s founder, shared the news in an interview with an Arabic-language news outlet, saying the new injection of funds by Egyptian affiliate Emaar Misr Development would build on about $20 billion […] September 23, 2024
Analysis Economy Oman edging closer to investment grade rating Oman has been putting its fiscal house in order over the past three years and, in the eyes of many analysts, has realistic hopes of regaining its investment grade rating. But the sultanate has significantly upped spending on energy and social subsidies, while a drop in gas prices has lowered revenues in the seven months […] September 19, 2024
Real Estate Mubadala and Aldar reveal $8bn property collaboration Abu Dhabi’s sovereign wealth fund Mubadala and its largest property developer, Aldar, have joined forces to develop and manage more than AED30 billion ($8.17 billion) worth of real estate across the emirate. The partnership, announced Wednesday, will be structured through four joint ventures. It will be owned 60 percent by Aldar and 40 percent by Mubadala, […] September 18, 2024
Analysis Real Estate Project stardust: why Dubai developers still want celeb tie-ins Lionel Messi, Rohit Sharma and Chris Hemsworth are just some of the famous faces who have promoted UAE real estate in recent years. Superstar sportsmen and Hollywood heroes do not come cheap, but are they really a good investment for developers or just an excuse for the CEO to get a selfie? Many industry observers […] September 18, 2024
Real Estate Saudi property market grows despite flurry of new units The delivery of thousands of new residential units in Riyadh and Jeddah in the first half of the year failed to dent continued growth in Saudi property values and rents. A combined 27,500 units came onto the market from January to June in Saudi Arabia’s two largest cities, bringing the total residential stock to about […] September 17, 2024
Analysis Real Estate Investors size up Gulf student housing after US success Gulf entities have invested billions of dollars in student housing in the United States over the past few years, and are now considering making the same play locally. Accommodation for university students has become a hot asset class amid demographic growth fueled by the millennial generation, which recently passed the baby boomers to become the […] September 16, 2024
