Sidara given ‘put up or shut up deadline’ for John Wood takeover The deadline for Dubai engineering and consulting company Sidara’s long-running multi-billion-dollar plan to take over the UK’s John Wood Group has been extended for a third time. Sidara, which has had three previous bids for the Scottish company rejected, upped its original offer to 230 pence sterling per share in May. This gave Wood a […] August 1, 2024
Analysis Real Estate Supply shortage looms large in outlook for Dubai property The Dubai residential real estate market remains one of the world’s best performers, but a shortage of supply is having an increasingly big impact on rents and sale prices. This is the picture that emerges from three real estate consultancies’ reports on the emirate’s market in the first six months of 2024. Dubai had the […] August 1, 2024
Economy Saudi Arabia’s GDP falls as revenue tightens Saudi Arabia’s economy contracted in the second quarter of 2024 as non-oil activity slowed amid retail pricecutting. However, the end of oil output cuts next year could give the country’s coffers a much-needed boost. The General Authority for Statistics said in its latest report this week that real GDP fell 0.4 percent compared to the […] July 31, 2024
Opinion Business of Sport Hosting the Olympics is set to be a marathon for Gulf bidders If Qatar and Saudia Arabia bid for 2036 they face a race against time to train medal-winning talent July 29, 2024
Real Estate Aldar reports strong half-year performance Strong interest from international buyers, an increasingly tight office sector and a record development backlog at the end of June helped Aldar Properties to double-digit profit and revenue growth for the first half of 2024. Profit rose 57 percent year on year to AED3.3 billion, while revenue surged 73 percent to almost AED11 billion, the […] July 29, 2024
Construction Drake & Scull announces positive note after return to markets Construction company Drake & Scull International has reported mid-year net profit of AED 30 million ($8.17 million) two months after it resumed trading on the Dubai Financial Market following a scandal-plagued, six-year suspension. Engineer and chairman of the board of directors Shafiq Abdelhamid said in a statement that he was “pleased” with Drake & Scull […] July 29, 2024
Analysis Giga-projects Giga-project slowdown to hit Riyadh population growth Riyadh’s population is unlikely to meet a growth target by 2030, when it is due to host the World Expo, as giga-projects are scaled back. Crown Prince Mohammed bin Salman set an ambitious goal for the population to grow to between 15 and 20 million in 2021. However it is now absent from the website […] July 29, 2024
Analysis Construction Supply logjams force Gulf builders to get creative Shipping cost spikes resulting from the Red Sea crisis are hitting the Gulf’s construction industry especially hard. Mounting tensions between Israel and the Houthis in Yemen are exacerbating the already severe decline in commercial shipping traffic there. Builders are struggling to adjust their supply chains and pricing mechanisms to deliver materials and products to their […] July 29, 2024
Opinion Leisure & Hospitality Dubai restaurants struggle in the dog days of summer The summer expat exodus and rent increases are piling pressure on Dubai's hospitality industry July 26, 2024
Analysis Real Estate Canary Wharf’s evolution is a nod to QIA change of strategy The futuristic designs for the former HSBC Holdings headquarters in London’s Canary Wharf may provide a glimpse into the strategy in recent years of one of its major shareholders – the Qatar Investment Authority. Reportedly a casualty of the Covid pandemic and subsequent shift to remote working, 8 Canada Square is to be turned into […] July 26, 2024
Analysis Aviation Dubai and Jeddah dominate airport construction in Mena Just two giant projects, in Dubai and Jeddah, account for almost 80 percent of current spending on airport development in the Middle East and North Africa, a report has revealed. Some 19 different projects, ranging from expansions to additional runways and entire new airports, are under way in 11 countries across the region, according to […] July 25, 2024
Real Estate Interest in Saudi commercial space may be peaking Weakening demand in Saudi Arabia’s commercial sector suggests the market could be reaching a plateau, a new survey indicates. The Global Commercial Property Monitor report by the UK’s Royal Institution of Chartered Surveyors (Rics) found that demand for space rose by 20 percent in the second quarter of 2024, compared with a 53 percent rise […] July 25, 2024
Giga-projects Diriyah awards $2bn contract for Wadi Safar Diriyah Company has awarded its largest single contract to a Saudi-Qatari joint venture for the Wadi Safar project. The SAR8 billion ($2 billion) contract was awarded to the joint venture between Urbacon Saudi Company, the local unit of Qatar’s Urbacon International, and Saudi-headquartered Al Bawani Company, the state-backed Saudi Press Agency reported. The contract includes […] July 25, 2024
Opinion Giga-projects Vision 2030 is moving along just fine Despite a slowdown, the overall trajectory of Saudi Arabia’s Vision 2030 is positive July 24, 2024
Banking and Finance PIF appoints investment chief as it shifts focus to local projects Saudi Arabia’s Public Investment Fund has appointed a head of investments as it seeks to manage funding challenges for the giga-projects at the centre of the country’s economic transformation programme. Fahad AlSaif will be responsible for “guiding the development of PIF’s overarching investment strategy” and helping the fund’s leadership in its decisions, a statement said. […] July 24, 2024
Real Estate Large deals drive Qatar and Kuwait real estate in Q2 Large one-off transactions masked an otherwise sluggish performance in the Qatari and Kuwaiti real estate markets in the second quarter of this year. The number of mortgage transactions in Qatar from April to June increased by more than 42 percent over the same period last year. Some 376 deals were signed for a total value […] July 24, 2024
Giga-projects Neom to create ‘bridge’ hotel US hospitality company Equinox Hotels will open its first hotel in Magna, a lifestyle coastal destination within the Neom giga project. Equinox Resort Treyam will be designed as a 450m long bridge-like structure that will appear to float 40m above a lagoon. The hotel will feature guest rooms and suites, a 450m pool, new culinary […] July 23, 2024
Opinion Business of Sport Gulf countries vie to add Olympics to the trophy cabinet Qatar and Saudi Arabia are keen to bid despite sky high costs July 22, 2024
Construction Three Saudi companies acquire fund behind world’s tallest tower The Saudi Arabian fund behind what will be the tallest tower in the world has been acquired in a $1.8 billion (SAR6.8 billion) deal. Kingdom Holding Company, Sumuo Holding Company and Jeddah Economic Company (JEC) have signed an agreement to take ownership of the Al Inma Jeddah Economic Fund, which is currently wholly owned by […] July 22, 2024
Transport UAE company in joint venture to build Baghdad metro A Malaysian engineering company and its UAE affiliate have jointly won a $316 million contract to oversee the construction of the new Baghdad metro. The building of the planned 148-kilometre network and its 64 stations across the Iraqi capital was slated to begin this month and end in 2029. This timeline might be delayed, however, […] July 19, 2024
Real Estate Al Mazaya reports legal proceedings after alleged fraud The Omani subsidiary of Al Mazaya Holding has uncovered alleged fraudulent activity by employees of the company, estimated at OR242,000 ($628,000). A criminal complaint has been filed by the Kuwait-based real estate development giant against “some of the company’s employees” regarding collections of the sale and rent of some units, according to filings on Boursa […] July 19, 2024
Giga-projects Full steam ahead on ‘largest urban park in the world’ Saudi Arabia is forging ahead with construction of what it calls the “largest urban park in the world”, publishing videos of its first buildings under construction after a tunnel opened earlier this year. King Salman Park in Riyadh is owned by the Public Investment Fund and was recently valued by real estate consultancy Knight Frank […] July 19, 2024
