Real Estate Saudi Arabia embraces mortgage-backed securities Saudi officials have signed a preliminary deal this week to issue residential mortgage-backed securities, a first for the Gulf. The Saudi Real Estate Refinance Company (SRC), which is owned by the Public Investment Fund (PIF), and the Hassana Investment Company, which manages the assets of the national social security and pension fund, signed the memorandum […] January 3, 2025
Real Estate New rental index for Dubai to curb rises and disputes A new residential rental index to help tame a property market strained by soaring rents and landlord-tenant disputes has been unveiled in Dubai. The Dubai Land Department (DLD) launched the Smart Rental Index on Thursday. The tool regulates rent increases by tying adjustments to individual property and building ratings, replacing a district-based model that grouped […] January 2, 2025
Construction Emaar EC cuts accumulated losses by nearly 54% Emaar the Economic City (Emaar EC) has cut accumulated losses without disrupting business operations after shareholders approved a capital decrease. Abdulaziz Ibrahim Alnowaiser, CEO of the master developer of King Abdullah Economic City (KAEC) in Saudi Arabia, said: “The capital decrease is a critical enabler of our capital optimisation plan.” The approved capital cuts will reduce the company’s […] January 2, 2025
Real Estate Burj Khalifa at 15: Ups and downs of the world’s tallest skyscraper It may have a few aches and pains but demand in Dubai's supertower remains strong January 2, 2025
Economy Poorest parts of Turkey to get $14bn investment The Turkish government has revealed plans to invest more than $14 billion into the country’s underdeveloped southeast. Spending will be ramped up in the nine of Turkey’s 81 provinces that constitute the area close to the borders of Syria and Iraq, traditionally the poorest in the country, with funding to be provided for 200 projects. […] December 31, 2024
Giga-projects Neom’s air taxi partner Volocopter files for insolvency Volocopter, the German air taxi developer backed by Saudi Arabia’s Neom giga-project, has filed for insolvency, blaming difficulties in securing fresh funding. The company, whose high-profile backers include Mercedes-Benz, Honeywell, Daimler, Intel and Mitsui Sumitomo Insurance Group, said its operations would continue during the insolvency proceedings as it seeks new investors. The insolvency raises concerns […] December 31, 2024
Business of Sport World Cup contractors may have to register in Saudi Foreign companies hoping to capitalise on Saudi Arabia’s SAR100 billion ($26.6 billion) World Cup preparations must be registered in the kingdom, according to the chief executive of a leading Saudi-based investment company. “Don’t waste time offering services from abroad,” said Mohammed AlQahtani, CEO at Saudi Arabia Holding Company, a private equity firm in Riyadh, in […] December 31, 2024
Real Estate Saudi mortgage issuance reached two-year high in November The number of residential mortgages in Saudi Arabia reached its highest level since August 2022 in November, according to the latest figures from the Saudi Arabian Monetary Agency (Sama). A total of 13,142 new residential mortgages were given by banks to individuals during the month with the value up by 51 percent year on year […] December 30, 2024
Analysis Real Estate Pricey homes and packed hotels: the year in GCC real estate The story of the Gulf property market this year was about decreased housing affordability and a growing gap between top-quality properties and second-tier ones. Meanwhile, surging numbers of international visitors in the UAE, Saudi Arabia and Qatar brought thriving hospitality and retail sectors in the main tourist hotspots. Industry observers expect 2025 to bring more […] December 27, 2024
Real Estate Abu Dhabi & Qatar to help fund Indonesian housing Abu Dhabi and Qatar have committed to support Indonesia’s plan to build 15 million houses, according to the head of the housing task force Hashim Djojohadikusumo. Djojohadikusumo said the Qatari government will finance the construction of five million houses, while an unnamed philanthropist from Qatar will contribute towards a further one million houses. He added […] December 27, 2024
EXCLUSIVE Real Estate Expo City races to cope with Dubai’s population surge Expo City Dubai, the legacy site of the World Expo 2020, is gearing up for a big construction drive in 2025, with plans to issue tenders for residential, commercial and infrastructure projects to meet rapid population growth, a senior official has said. Ahmed Al Khatib, chief development and delivery officer at Expo City Dubai, told […] December 26, 2024
Real Estate Dubai targets broader real-estate access with tokens Dubai plans to widen access to the real-estate sector by allowing tokenisation, which converts real-estate assets into digital tokens on a blockchain. This will enable the fractional ownership of properties, which in theory will attract more retail and institutional investors, a senior official in the emirate’s real estate regulator has said. Fractional ownership allows investors […] December 25, 2024
Development Qatar reveals commitment to help rebuild Syria Qatar says it will play a central role in the reconstruction of Syria,and has plans to invest in sectors including energy and port infrastructure. Qatar’s state minister for foreign affairs, Mohamed Al-Khulaifi, made the commitment this week in what was the Gulf country’s first official visit to Syria in more than 13 years. In a […] December 24, 2024
Construction UAE’s Modon enters Europe with Spanish developer deal Abu Dhabi’s Modon Holding has acquired 100 percent of La Zagaleta, the owner of the La Zagaleta residential estate in Costa del Sol, Spain, marking its entry into Europe’s luxury real estate market. La Zagaleta, located in the hills of Benahavís and 20 minutes from Marbella, is an ultra-luxury gated residential development. It is spread over 900 hectares of […] December 24, 2024
Construction Dewa rolls out $1.9bn smart grid to boost efficiency Dubai Electricity and Water Authority (Dewa) is implementing a smart grid that will cost AED7 billion ($1.91 billion) up to 2035, focusing on efficient and reliable operations. It says the smart grid will ensure integrated services, offering advanced features such as automated decision-making and interoperability across the electricity and water network. “The smart grid will […] December 24, 2024
Real Estate Real estate fund behind billion-riyal Medina development A billion-riyal mixed-use project has been launched in Medina as the inaugural development of a new Saudi real estate fund. The development fund is a collaboration between the Knowledge Economic City Company (KEC), Sidra Capital and Ravel Properties. The fund will develop a 33,2300sq m plot of land along King Abdulaziz Road, which is located […] December 23, 2024
EXCLUSIVE Real Estate Damac secures rights to build Trump Tower Abu Dhabi The Dubai luxury developer Damac Properties has secured the rights to build a Trump Tower in Abu Dhabi, sources familiar with the matter have told AGBI, as the Trump Organisation expands its footprint in the Gulf. Damac has an established relationship with the Trump Organisation, the family business of US President-elect Donald Trump, with a […] December 21, 2024
Infrastructure Dubai awards $5.6bn metro contract to Turkish-Chinese consortium Dubai Roads and Transport Authority (RTA) has awarded the AED20.5 billion ($5.6 billion) contract for the Dubai Metro Blue Line project to a consortium of three Turkish and Chinese companies. Three consortia advanced to the final stage before the contract was awarded to Mapa Group from Turkey, in partnership with Limak (Turkey), which will oversee […] December 19, 2024
Logistics DP World starts work on $1.2bn port in Senegal Dubai-based DP World has commenced work on the $1.2 billion Port of Ndayane, with the aim of transforming Senegal into a major centre for global trade. The Willem Van Rubroeck vessel is set to dredge a five km-long shipping channel to build a high-capacity port. The project’s first phase also includes an 840m quay to […] December 19, 2024
Real Estate Two UAE banks fund London property buyout Emirates NBD and Abu Dhabi Islamic Bank (ADIB) have funded the acquisition of a student accommodation property in London for £140 million ($176.23 million). The property, Paddington Citi View, has 353 premium bedrooms in a high-demand location, 100 metres from London’s Paddington Station. It is ideally situated for top academic institutions across the city, the Emirati […] December 19, 2024
Construction Underwater marine museum bids sought by Abu Dhabi The Environment Agency Abu Dhabi (EAD) has launched a public tender for the construction of an underwater marine museum. The project scope includes construction, production, transportation, installation and handover of the museum elements, according to the pre-specified design. It will also require the fabrication and transportation of museum components, along with site preparation of the […] December 18, 2024
Real Estate Seven awards $346m contract for new entertainment venue Saudi Arabian developer Seven is investing SAR1.3 billion ($346 million) to develop a new entertainment destination in the Jazan region. The development has been awarded to Riyadh-based Alfanar Projects. Located adjacent to the North Corniche Park along Jazan’s waterfront, it will span more than 60,000 sq m, with 73,000 sq m of built-up space. Designed […] December 18, 2024
