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Construction

Construction news, real estate, property, and infrastructure news from the Middle East. All the important stories, exclusive interviews, plus authoritative opinion and analysis on the construction market.

Construction overview

Construction news

A water taxi in Dubai's Business Bay, where off-plan real estate prices surged in 2023

Prices stabilise in Dubai’s off-plan market as supply grows

Prices for off-plan real estate in Dubai are stabilising following a spike in 2023 as developers bring more projects to the market. Property prices for off-plan purchases in areas such as Dubai Hills, Business Bay and Jumeirah Village Circle increased by as much as 30 percent in 2023 compared to the previous year. In August, […]

Students in shared accommodation. According to one expert, international investors have put more money into student housing than any other US real estate asset

Investors size up Gulf student housing after US success

Gulf entities have invested billions of dollars in student housing in the United States over the past few years, and are now considering making the same play locally. Accommodation for university students has become a hot asset class amid demographic growth fueled by the millennial generation, which recently passed the baby boomers to become the […]

Rents in the area surrounding Abu Dhabi's Hazza Bin Zayed Stadium are around 20 to 30% higher than in nearby neighbourhoods

GCC stadium projects have multifaceted impact on real estate

Entertainment and sports-focused construction across the Gulf is most likely to push property prices up despite bringing more traffic and noise, according to industry observers. A few of the region’s many projects include the 47,000-spectator Aramco stadium in Saudi Arabia’s Al Khobar, large amusement parks in Qatar and Kuwait, and the region’s inaugural ballpark on […]

The Akkuyu nuclear power plant in Turkey. The first reactor is expected to be commissioned next year

Turkey to commission first nuclear plant by 2028

Turkey is set to commission its first nuclear power plant by 2028, which is expected to meet 10 percent of its power needs. All four reactors will be fully commissioned simultaneously at the Akkuyu nuclear power plant, Daily Sabah newspaper reported, citing energy and natural resources minister Alparslan Bayraktar. “We are at the largest nuclear […]

A view of King Abdullah Economic City. Developer Emaar EC says it "stands at a vital inflection point"

Emaar EC’s new strategy to steer financial recovery

Emaar the Economic City (Emaar EC), the master developer of King Abdullah Economic City (KAEC) in Saudi Arabia, has initiated a SAR8.7 billion ($2.3 billion) turnaround plan a month after its first-half 2024 losses showed an almost five-fold increase from 2023. A capital optimisation plan will allow the Saudi-listed company to restructure its SAR3.8 billion in bank facilities. […]

ADQ said its management and operation of Abu Dhabi's toll and parking systems "will help generate sustainable financial returns"

ADQ takes control of Abu Dhabi’s toll and parking systems

The Abu Dhabi sovereign wealth fund ADQ has taken over the management, operation and development of the emirate’s toll and parking systems. The move intends to provide high-quality services to customers and generate sustainable financial returns, the Abu Dhabi Media Office said in a statement. The Darb and Mawaqif – the toll and parking systems, respectively […]

Visitors at the real estate exhibition Seredo 2024 held in Jeddah in May. Saudi Arabia is targeting 70% homeownership by 2030

Saudi Arabia woos US investors to bolster housing sector

As growth in mortgage lending in Saudi Arabia runs up against local liquidity constraints, several US investment giants are looking to step in. After a visit by Saudi officials to the US at the end of August, household names such as BlackRock and King Street Capital signed preliminary agreements with the Saudi Real Estate Refinance […]

Workers are working on the construction of a bridge over the Brahmaputra River in Guwahati, India, on July 23, 2024. Indian Finance Minister Nirmala Sitharaman is presenting her seventh consecutive Budget today. (Photo by Anuwar Hazarika/NurPhoto)NO USE FRANCE

Adia part of fund aiming to raise $4bn for India upgrade

The National Investment & Infrastructure Fund (NIIF) in India, which is backed by Abu Dhabi, is aiming to raise $4 billion, according to reports. The fund, which counts the Abu Dhabi Investment Authority (Adia), the Indian government, AustralianSuper and Singapore’s Temasek Holdings among its investors, is raising the money in the early part of next […]

Construction work in Dubai Marina. With central locations filling up, developers are having to look for plots away from the city’s core

Developers race to secure more land in Dubai

Land sales in Dubai have been on a steep incline since the start of the year, signalling more development activity to come. According to figures shared with AGBI by real estate brokerage fäm Properties, 1,396 plots changed hands in August, for a total value of AED15 billion ($4 billion). In January, 473 plots were sold […]

Construction tenders for Jordan's new railway project are expected to be issued in early 2026

UAE backs Jordan’s $2.3bn rail line for mining exports

A new $2.3 billion railway project in Jordan, supported by the UAE, will help increase its mineral export capabilities. Construction tenders are slated to be issued in early 2026. Etihad Rail, the developer and operator of the UAE national railway network, and Jordan’s transport ministry have signed four agreements for the railway, which will connect […]

A view of the Sharjah corniche. The new water desalination plant has an operational target of 2028

Sharjah confirms $693m water desalination project

Saudi renewable major Acwa Power will build a new water desalination plant in Sharjah. The new independent water plant (IWP), which will be constructed at Hamriyah, Sharjah, will need an investment of SAR2.6 billion ($693 million). It will have a capacity of 410,000 cubic metres per day. The project scope includes development, design, financing, engineering, […]

A train arrives at the Cairo subway. Line 1, which spans 44 km and connects 35 stations, transports more than 1.5 million passengers daily

Egypt awards $885m contract to upgrade Cairo metro

A consortium led by Orascom Construction, listed on Dubai, Egypt and Nasdaq stock exchanges, will commence the modernisation of the Cairo metro line 1 next month. The €800 million ($885 million) project will be completed in 64 months without disturbing commercial operations. The consortium has signed a contract with Egypt’s National Authority for Tunnels to […]

A shot from a UN Habitat animation showing the Ras El-Hekma development. Property in the region is being snapped up before any building has started

ADQ’s Egypt project lights fire under region’s real estate

The $35 billion investment by the Abu Dhabi sovereign wealth fund ADQ in Egypt’s tourism sector appears to have spurred a jump in real estate transactions on the country’s Mediterranean coast. In February ADQ unveiled its plan to build Egypt’s “largest new city” in Ras El-Hekma, and develop the coastal region into a Mediterranean vacation […]

real estate transparency Reem Island Abu Dhabi

Only two bright spots for real estate transparency in Mena

Dubai, Abu Dhabi and Saudi Arabia have climbed higher in a biennial ranking of the most transparent real estate markets in the world, as local authorities push to open up their markets in a bid to appeal to foreign investors. But the UAE and Saudi Arabia are the only bright spots for transparency in the […]

Ministers from the UAE, Qatar, Iraq and Turkey attend the first meeting in Istanbul on the Development Road project

Ministers meet in Istanbul for Development Road talks

Transportation ministers from Turkey, the UAE, Iraq and Qatar met in Istanbul on Thursday to advance talks on the proposed Development Road project, which aims to establish uninterrupted transportation from Grand Faw Port in Iraq to London. The project is expected to save 15 days in transportation of goods to Europe through Turkey and Iraq, […]

Boulevard business park Riyadh

Saudi Arabia sets up new business park in Riyadh

Saudi Arabia launched a new business park in Riyadh this week, backed by more than SAR1 billion ($270,000) in funding, in an effort to stimulate foreign investment and local job creation.   The Boulevard Business Park is located in Riyadh’s Boulevard district which was recently host to the first e-sports ‘World Cup’, adding 60,000 square metres […]

NMDC Energy has executed more than 1,200 projects and has a backlog of AED53.9 billion as of June 2024

NMDC Energy to raise $877m from Abu Dhabi listing

NMDC Group expects to raise AED3.22 billion ($877 million) when its wholly-owned energy subsidiary lists next month on the Abu Dhabi Securities Exchange (ADX). The initial public offering of NMDC Energy, an engineering, procurement, and construction contractor for energy projects, will consist of 1.15 billion shares at AED2.8 per share. The shares are expected to begin […]

Cairo-based Orascom Construction reported a $7.7 billion order backlog, of which a record $1.9 billion are US orders

Orascom Construction’s US revenue softens Mena decline

Egypt’s Orascom Construction has reported a decline in its second-quarter revenues after a 25 percent drop in Mena revenue was softened by growth in its US business. Volatility in the value of the Egyptian currency also drove a decline in net profit for the Cairo-based company, from $92.8 million in the same period last year […]