Real Estate Abu Dhabi real estate deals hit $4bn during first quarter By Gavin Gibbon April 3, 2024, 1:33 PM JIIC/Wam This week Jubail Island Investment Company announced the AED4 billion Bada Al Jubail project on Jubail Island, which is due for completion in 2027 New beachfront development announced More than 5,000 sales and mortgages Launch of Bada Al Jubail project The value of real estate deals in Abu Dhabi reached almost AED16 billion ($4 billion) during the first quarter of the year as another beachfront community was launched in the emirate. There were over 5,000 sales and mortgage transactions in Abu Dhabi during the first three months of the year, according to data from the Department of Municipalities and Transport. This included 1,000 ready-made real estate units and 1,700 off-plan properties. The 2,000-plus mortgage deals secured in Q1 were worth almost AED6.5 billion. NewsletterGet the Best of AGBI delivered straight to your inbox every week It comes as Jubail Island Investment Company (JIIC) announced the AED4 billion Bada Al Jubail project on Jubail Island. Abu Dhabi launches $953m housing project for citizens Nobu penthouse shatters Abu Dhabi sales record Abu Dhabi residential sales buoyed by off-plan purchases Over the past week the top transactions were completed in Saadiyat Island and Yas Island for Aldar Properties projects. The total value of transactions on Yas Island amounted to more than AED23 million, while the one on Saadiyat Island totalled AED14 million. In 2023 Abu Dhabi’s residential sector had one of the best years on record, where a total of 11,200 units were sold across the capital, up 83 percent year on year, according to Savills.
Artificial Intelligence Gulf has a strong hand in Trump’s $500bn AI project Two of the three tech giants that President Donald Trump said Tuesday will partner up to build 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 entity tasked […] 4 hours ago
Finance Pakistan agrees to $1bn loan from Middle Eastern banks Pakistan has agreed terms for a $1 billion loan with two Middle Eastern banks at a 6-7 percent interest rate, its finance minister Muhammad Aurangzeb told Reuters on Tuesday, as the South Asian country searches for more financing. “With two institutions we have now gone forward in signing up the term sheet – one bilateral […] 3 hours ago
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 […] 3 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 the blue ammonia, CEO Ahmed El-Hoshy told Bloomberg. The capacity building will take through […] 2 hours ago
