Construction New Dammam project to house 50,000 residents By Pramod Kumar January 9, 2024, 4:30 AM Adel Real Estate Saudi developer Adel Real Estate says plots in the Adel District will be up for sale in the first quarter of 2024 Saudi developer Adel Real Estate has completed the blueprint for Adel District, which will accommodate 50,000 people in Dammam. Plots will be put for sale in the project, spanning 5.6 million sq m, in the first quarter of 2024, the developer said in a statement. The urban development will comprise five neighbourhoods, which include residential buildings, office spaces, mosques, shopping malls and retail centres, health centres, educational and recreational facilities, creativity and innovation incubators and Adel Park. Saudi mortgage lending rises despite GDP slowdown Kingdom Holding, Red Sea Global to develop $533m resort Work starts on new $40m logistics park at Dammam port Key infrastructure and public works are 100 percent complete, the statement said. Water, electricity, lighting, roads, telephone, rainwater drainage and sewage networks are already in place. One of the key features will be the West Boulevard, which will support the growth of its markets, shopping centres, restaurants and cafes. No financial details on the project were disclosed. In September 2022, Saudi Arabia was described as the biggest construction site on the planet with projects valued at over $1.1 trillion underway in the kingdom, according to global real estate consultancy Knight Frank. “With over 555,000 residential units, more than 275,000 hotel keys, in excess of 4.3 million sq m of retail space and over 6.1 million sq m of new office space expected by 2030, the planned construction in the kingdom will easily make Saudi Arabia the largest construction site the world has ever known,” said Faisal Durrani, head of Middle East research for Knight Frank.
Finance Investcorp chairman weighs IPO or deal with strategic investor Investcorp is considering a tie-up with a strategic investor or an initial public offering in the next few years, its executive chairman has said. Mohammed Alardhi said the Bahrain-based alternative asset manager had streamlined its strategy and reshuffled its leadership and management teams. For its next period of growth, Investcorp may look to outside investment, […] 5 hours ago
Artificial Intelligence Mubadala seeks to balance AI risks and rewards Artificial intelligence “presents a significant amount of risk” but also “a lot of opportunity”, the head of one of Abu Dhabi’s largest sovereign wealth funds said this week. On Tuesday the emirate launched a new digital strategy that aims to invest AED13 billion ($3.54 billion) over the next two years. “In terms of the risks […] 5 hours ago
Oil & Gas Iraq makes huge oil discovery but faces Opec restrictions Iraq has announced the discovery of a massive oil field expected to significantly increase the country’s hydrocarbon reserves, but Baghdad will face a number of challenges in its attempt to exploit the new resource. The field, located in the central part of the country, contains more than 2 billion barrels of medium and light crude […] 5 hours ago
Banking & Finance Dubai’s Mashreq enters Oman’s growing banking sector Mashreq, the UAE’s fifth largest bank by assets, has launched operations in Oman in what it says is a strategic move to support the sultanate’s economic diversification plans. Oman’s banking industry has more than doubled in size since 2013 but may lack the scale to meet state financing needs, experts told AGBI last October, with […] 7 hours ago
