Real Estate Abu Dhabi developer Aldar reports $520m first quarter profit Aldar Properties, Abu Dhabi’s largest real estate developer, has reported a rise in first-quarter profits driven by sales to international buyers. Net profit after tax increased 22 percent year on year to AED1.9 billion ($520 million). Revenue was up 39 percent to AED7.8 billion. Overseas investors and expatriates living in the UAE accounted for AED7.4 […] April 29, 2025
Construction Emaar EC reschedules loan with consortium of Saudi banks Emaar the Economic City (Emaar EC), the developer of King Abdullah Economic City, has signed an agreement with four Saudi banks to reschedule a total of SAR3.4 billion ($904 million) in existing financing. The agreement also includes securing a new credit facility of SAR287 million from Alinma Bank, Saudi Awwal Bank, Banque Saudi Fransi and […] April 29, 2025
Real Estate Kuwait wealth fund sues over London tower project Kuwait Investment Authority, the world’s fifth-biggest sovereign wealth fund, is suing global investment company Axa Investment Managers in connection with a planned tower in London’s financial district that risks blocking light to a KIA building. St Martins Property, the investment authority’s property development unit, is suing Hygie, a special purpose vehicle controlled by Axa Investment […] April 29, 2025
Real Estate New Kuwait laws will stimulate banks, says Fitch Kuwait’s approval of a debt law and the easing of housing curbs on foreigners is likely to stimulate banks after a period of subdued activity, according to a US rating agency. Fitch said it expects 8-9 percent growth in 2025 if planned large government projects are awarded, following last month’s approval of the debt law. […] April 29, 2025
Real Estate Owner plans to cut up and remove five-star hotel from Beirut UAE billionaire Khalaf Al-Habtoor is considering hiring a Chinese company to deconstruct his five-star hotel in Beirut and move it to another country, following a decision in January to end all investment in Lebanon. Al-Habtoor is considering dividing the 185-room Metropolitan Palace Hotel into pieces and shipping the parts by sea out of Lebanon, possibly […] April 29, 2025
Video length: 04:24 VIDEO Construction First phase of Oman’s Sultan Haitham City on track for 2030 Work on Oman’s $2.6 billion Sultan Haitham City housing project is in full swing. Spread over 14.8 million square metres, Sultan Haitham City will have 20,000 residential units distributed across 19 integrated residential neighbourhoods. The project, initiated a couple of years ago, is being developed in four phases. The first phase, featuring close to 7,000 […] April 28, 2025
