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
Analysis Construction GCC stadium projects have multifaceted impact on real estate Entertainment and sports-focused construction across the Gulf is most likely to push property prices up despite bringing more traffic and noise, according to industry observers. A few of the region’s many projects include the 47,000-spectator Aramco stadium in Saudi Arabia’s Al Khobar, large amusement parks in Qatar and Kuwait, and the region’s inaugural ballpark on […] September 13, 2024
Analysis Gaming Wynn’s update on RAK casino has analysts abuzz Wynn Resorts is to update investors next month on its plans for the UAE’s first casino, heightening analysts’ speculation about the company. The Las Vegas-based hospitality group is building a $4 billion, 1,500-room resort on Al Marjan Island in Ras Al Khaimah. The complex is expected to open in early 2027 and Wynn’s CEO Craig […] September 12, 2024
Analysis Real Estate Saudi Arabia woos US investors to bolster housing sector As growth in mortgage lending in Saudi Arabia runs up against local liquidity constraints, several US investment giants are looking to step in. After a visit by Saudi officials to the US at the end of August, household names such as BlackRock and King Street Capital signed preliminary agreements with the Saudi Real Estate Refinance […] September 9, 2024
Tourism Saudi Arabia scraps hotel licence fees to draw investment Saudi Arabia has removed licensing fees for hotels and resorts in a further effort to increase tourism and improve the kingdom’s investment environment. The Ministry of Tourism and Ministry of Municipalities and Housing said they would ask hotel establishments to reapply for operating licences online. The decision applies to hotels, hotel apartments and residential resorts. […] September 6, 2024
Analysis Employment Oman’s fine line between labour localisation and growth Oman this week tightened restrictions on foreign workers’ ability to take on certain jobs in industries including real estate, construction and hospitality. In another labour law revision of this kind in the past two years authorities banned expatriates from serving in some oil and gas engineering roles, the real estate maintenance space, and as travel […] September 5, 2024
Analysis Real Estate Developers race to secure more land in Dubai Land sales in Dubai have been on a steep incline since the start of the year, signalling more development activity to come. According to figures shared with AGBI by real estate brokerage fäm Properties, 1,396 plots changed hands in August, for a total value of AED15 billion ($4 billion). In January, 473 plots were sold […] September 5, 2024
Business of Sport Construction starts on Aramco football stadium in Al Khobar Construction has started on the Aramco football stadium in Al Khobar, one of the venues for the 2027 Asian Cup in Saudi Arabia. Belgian construction group BESIX made the announcement on its website over the weekend, saying the goal of delivering the 47,000-seat stadium by 2026 would be “challenging”. BESIX is working with Riyadh-based contractor […] September 2, 2024
Real Estate ADQ’s Egypt project lights fire under region’s real estate The $35 billion investment by the Abu Dhabi sovereign wealth fund ADQ in Egypt’s tourism sector appears to have spurred a jump in real estate transactions on the country’s Mediterranean coast. In February ADQ unveiled its plan to build Egypt’s “largest new city” in Ras El-Hekma, and develop the coastal region into a Mediterranean vacation […] September 2, 2024
Analysis Real Estate Only two bright spots for real estate transparency in Mena Dubai, Abu Dhabi and Saudi Arabia have climbed higher in a biennial ranking of the most transparent real estate markets in the world, as local authorities push to open up their markets in a bid to appeal to foreign investors. But the UAE and Saudi Arabia are the only bright spots for transparency in the […] August 30, 2024
Construction Orascom Construction’s US revenue softens Mena decline Egypt’s Orascom Construction has reported a decline in its second-quarter revenues after a 25 percent drop in Mena revenue was softened by growth in its US business. Volatility in the value of the Egyptian currency also drove a decline in net profit for the Cairo-based company, from $92.8 million in the same period last year […] August 28, 2024
Real Estate Sales surge but rents fall in Qatar property market Lively mortgage activity helped sales surge in Qatar’s property market in the second quarter of this year, according to research by real estate research company ValuStrat. However, rents fell across the residential, commercial and industrial sectors. Some 1,300 apartments and 120 villas were built from April to June. An estimated 9,000 units are expected this […] August 28, 2024
