Real Estate Aldar garners $272m from sale of phase one of sustainable city By Pramod Kumar January 23, 2023, 5:47 AM Wam The highest volume of transactions last year – AED4.2 billion – were in Yas Island, where a sustainable city is planned Abu Dhabi-listed Aldar Properties (Aldar) and Diamond Developers, the developers of The Sustainable City – Yas Island, sold out the project’s first phase in a day, generating sales of over AED 1 billion ($272.25 million). A total of 512 homes were sold in the first phase, with 76 percent of the units purchased by expatriates, of which 24 percent were overseas investors, reflecting a growing international customer base, the developers said in a joint statement. Nearly 87 percent of customers purchased their first property with Aldar, while almost two-thirds of buyers were under 45. Jonathan Emery, CEO at Aldar Development, said: “From formulating its green agenda to declaring 2023 as the Year of Sustainability, the UAE continues to prioritise sustainable development. The success we have seen with The Sustainable City – Yas Island is an endorsement of the government’s forward-thinking policies and is a clear indication that buyers are looking for more sustainable ways of living.” The statement said the construction will commence in Q2 2023, with first handovers expected in Q4 2025.
Artificial Intelligence Gulf has a strong hand in Trump’s $500bn AI project Two of the three tech giants that President Donald Trump said on Tuesday will be partners in building billions of dollars worth of artificial intelligence (AI) infrastructure in the US have been recipients of significant Gulf investments. Japan’s Softbank and US companies OpenAI and Oracle committed $500 billion over four years to Stargate, a new […] 3 hours ago
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Economy Egypt targets €4bn EU funding by June Egypt is aiming to strike a deal with the European Union (EU) to secure €4 billion ($4.2 billion) in financing to back its current reform agenda, according to a media report. Cairo has started negotiations with the EU, with the funds directed towards budget support and not specific projects, Asharq Business reported, quoting minister of […] 2 hours ago
Energy Fertiglobe’s $1bn blue ammonia bet hinges on Asia Abu Dhabi-listed Fertiglobe will invest $1 billion in expanding its blue ammonia plant capacity if Asian countries commit to buying. The final decision on the investment depends on securing contracts from Japan and South Korea, who have plans to subsidise imports of blue ammonia, CEO Ahmed El-Hoshy told Bloomberg. The increased production will come through the […] 57 mins ago
