Real Estate Dar Global to build new Trump tower in Dubai The Trump real estate brand got another boost in the Gulf on Thursday as developer Dar Global announced it would build a Trump Tower in Dubai. The London-listed overseas arm of Saudi Arabia’s largest developer Dar Al Arkan said further details about the agreement with the Trump Organization, such as the exact location and construction […] July 18, 2024
Construction Earthquake rebuild fuels rise in Turkish construction hires A sharp increase in hirings and orders point to a rebound in Turkey’s construction sector, although rising costs, high interest rates and weak demand for new residential properties remain big challenges to continued growth. Employment levels in the construction sector reached 80-month highs in May and more than 1.8 million workers were on the books, […] July 18, 2024
Construction Eagle Hills gets claws into Indonesia Eagle Hills, the Abu Dhabi developer, looks set to add Indonesia to its burgeoning worldwide portfolio. A tentative agreement was signed on Wednesday with the Indonesian government to develop $3 billion worth of tourism assets in the Southeast Asian archipelago. The deal has a validity of one year only, with the possibility of renewal, and […] July 17, 2024
Opinion Renewable Energy Oman is on a steady path to a hydrogen-powered future The sultanate is off to a roaring start – now it needs to stay on course July 17, 2024
Aviation Iraq signs deals to advance new civil airport project Iraq has signed two contracts for the construction of Nasiriyah International Airport in Southern Iraq. The Iraqi transport ministry this week signed an addendum to the construction contract with China State Construction Engineering Corporation (CSCEC) and the consulting contract with Turkey’s Kiklop Design Hertz Insaat, the state-run Iraqi News Agency reported. The Turkish company will […] July 17, 2024
Logistics Aldar’s new Dubai logistics park to break ground in Q4 Aldar Properties, an Abu Dhabi-listed developer, will break ground on a new logistics park within DP World’s 21-sq km National Industries Park (NIP) in Dubai in the fourth quarter of 2024. The 1.55 million sq ft grade-A logistics park will cater to the emirate’s high demand for warehousing facilities. It will comprise three modular buildings […] July 16, 2024
Analysis Finance Middle East property tech draws venture capital interest Venture capital is pouring into the Middle Eastern property technology industry, buoyed by continued growth in regional real estate. Property tech offerings encompass listing websites, rental management services and investment products, among others. In the first half of 2024 startups in the sector became the number one target for early-stage funding, beating fintech, which has […] July 16, 2024
Opinion Finance American business weighs prospect of ‘Trump trade’ Some sectors, such as energy and real estate, stand to gain on an election win July 15, 2024
Logistics Expansion work begins at Egyptian Red Sea port Construction has commenced on expanding a container terminal at Egypt’s Ain Sokhna Port on the Red Sea. Red Sea Containers Terminals, jointly owned by Hong Kong’s Hutchison Ports, France’s CMA Terminals and China’s Cosco Shipping Ports, has appointed Cairo-headquartered Edecs as the main contractor to work on constructing the infrastructure, yards and buildings. The […] July 15, 2024
Analysis Business of Sport Saudi football spending tipped to tumble as economy falters Saudi Arabia’s domestic football ambitions may have to take a back seat this year as the kingdom focuses on funding its $1.25 trillion giga-projects programme, according to analysts. Last summer Saudi Pro League clubs spent close to $1 billion signing the likes of Neymar, Ruben Neves and N’Golo Kante. This year’s transfer window is expected […] July 14, 2024
Video length: 08:13 Analysis Real Estate Logistics deals keep Kuwaiti real estate ticking over A near doubling in the value of logistics deals drove an otherwise struggling real estate sector in Kuwait in the first six months of this year, as the Gulf state’s non-oil business activity keeps growing. The latest Ministry of Justice data, out this week, showed the value of transactions linked to warehouses totaled KD16.8 million […] July 12, 2024
Real Estate Investcorp buys US student housing assets for $160m Investcorp, Bahrain’s alternative asset manager, has acquired two student housing properties in the US for $160 million, as university enrolment numbers surge. The two properties, the University of Florida in Gainesville and the University of Texas at Austin, have a combined 914 beds. The two universities are ranked among the top 10 public universities in […] July 12, 2024
Construction Emaar restores 4,500 homes for free after April floods Emaar Properties, Dubai’s largest developer, has repaired more than 4,500 homes up to the end of June following the orders of the emirate’s Crown Prince to restore communities devastated by the April floods. The repairs were done free of cost to owners, the developer said in a statement. No other details were given on the […] July 12, 2024
Giga-projects AlUla plans Nabataean resort carved into Saudi mountains Saudi Arabia is spending around $15 billion on the ancient site of AlUla, including a resort for the super-rich chiselled into the face of its rock formations and mountains. AlUla is the site of the pre-Islamic Nabataean kingdom that was based in Jordan’s Petra. The resort, called Sharaan, will include 38 suites “carved into sandstone […] July 11, 2024
Logistics Dubai veg market to double despite warehouse shortage Dubai plans a massive expansion of its fruit and vegetable market to make it the world’s largest, despite the fact warehouse rents in the emirate keep increasing amid a lack of quality supply. On Wednesday Sheikh Mohammed bin Rashid Al Maktoum oversaw the signing of a deal between Dubai Municipality and ports operator DP World […] July 11, 2024
Real Estate Sports and entertainment to push up Riyadh retail rents The sports and entertainment sectors will be key drivers in Riyadh retail rents rising by 28 percent by 2026, according to new research, with rates already up 3 percent in the past year. “The total existing retail supply in Riyadh stands at 3.6 million square metres, with around 27,050 square metres of retail space entering […] July 11, 2024
Real Estate Omani fund targets commercial assets after IPO Jabal Real Estate Investment Fund has targeted a swathe of commercial assets in Oman after officially listing on the Muscat Stock Exchange. The company, which has a capital portfolio of OR17 million ($45 million), is considering an office building and a warehousing complex in the sultanate. No further details were given, although both properties boast […] July 11, 2024
Giga-projects Saudi-Chinese partnership wins $2bn Diriyah deal Work will begin on a new mixed district at the Saudi giga-project Diriyah in the third quarter of 2024 after a SAR7.8 billion ($2 billion) construction contract, the largest yet, was awarded to a Chinese-Saudi partnership. Saudi contractor El Seif Engineering and China State Construction Engineering will build the district, which will contain educational institutions, […] July 11, 2024
Analysis Construction French construction major chases growth in Middle East Saint-Gobain’s $1 billion takeover of Dubai’s Fosroc highlights the growing importance of the Middle East to the company and the construction industry, according to executives at the French conglomerate. The all-cash transaction for Fosroc, which makes construction chemicals, was agreed at the end of last month. Saint-Gobain expects the deal to close in the first […] July 10, 2024
Real Estate UAE developer to build $500m project in Egypt KSH Investment Company, a UAE-based real estate developer, is planning to build an EGP24 billion ($500 million) mixed-use project in Cairo. The deal, finalised with Egypt’s Safwat Kaliouby Group, involves the development of three residential and commercial towers along with a five-star hotel in an area overlooking the Nile’s Warraq Island, Egyptian state-owned Mena news […] July 10, 2024
Health Heat-health warning system planned for Abu Dhabi Abu Dhabi is to develop an official heat-stress index and a national heat-health warning system as rising temperatures threaten public health and businesses. The Abu Dhabi Public Health Centre has issued a tender for an index tailored to the UAE’s unique climate conditions, occupational settings, and the physiological differences among its diverse population. The UAE […] July 9, 2024
Analysis Giga-projects Chinese builders pitch modular tech for giga-projects Chinese contractors are leveraging their size and access to innovative construction techniques to lay claim to increasing numbers of projects in Saudi Arabia, as the kingdom’s massive development push puts pressure on resources. Some $1.25 trillion in giga-projects, spanning the residential, commercial and hospitality sectors, are in the pipeline across the vast and arid Saudi […] July 8, 2024
