Infrastructure Saudi telco STC ends talks to buy Altice Portugal Saudi telecom group STC has ended talks with French-Israeli tycoon Patrick Drahi to buy Altice Portugal after a disagreement over the price. The Public Investment Fund-owned company, which is listed on the Saudi stock market, had offered 8 billion euros ($8.67 billion) for Altice Portugal, the European country’s largest telecommunications player, Portuguese online business site […] July 8, 2024
Sustainability Forests in the desert: more than just a pipe dream Planting trees in the sand has been done before and can be done again, but when water is so scarce it is a remarkable challenge, says Valentina Pasquali July 8, 2024
Giga-projects Saudi university working to improve ‘green concrete’ Saudi Arabia’s King Abdullah University of Science and Technology (Kaust) is developing direct carbon capture for buildings with the “green concrete” construction company Partanna. The Bahamas-based startup has already begun supplying a number of Saudi giga-projects with its concrete that absorbs carbon dioxide. These include housing company Roshn, tourist resort operator Red Sea Global and […] July 5, 2024
Infrastructure Japan to increase investment in Iraq Japanese companies are set to expand their investments in Iraq, launching critical infrastructure projects to aid the country’s economic recovery and development. Futoshi Matsumoto, the Japanese ambassador, told Iraq state news agency that companies like Komatsu, a construction equipment supplier, are “eager” to enter the Iraqi market. A delegation from the company recently visited Basra, […] July 5, 2024
Construction Turkish contractors bag $7.6bn worth of overseas projects Turkish contractors have started work on overseas projects valued at $7.6 billion in the first half of 2024, according to official data. The number of projects reached 82 in the January-June period, state-run Anadolu Agency said, quoting trade ministry data. The average project value increased to $92 million in the first half of 2024, up […] July 5, 2024
Real Estate Development plans push up RAK property prices Residential real estate prices in Ras Al Khaimah have grown by as much as 25 percent in the past eight months as developers vie to secure prime waterfront lots. The allure of the UAE’s first casino, which is under construction, is also contributing to the hike, according to Dubai-based brokerage firm Metropolitan Premium Properties. Studios […] July 4, 2024
Analysis Retail Does Dubai need more malls? The people say yes In a city that already has more than 60 million square feet of leasable retail space, one of the highest per capita in the shopping-crazy Gulf, it is perhaps surprising to see more malls being built or added to the pipeline. Yet that is exactly what is happening in Dubai, where this week Sobha Realty […] July 4, 2024
Finance Dubai’s Sidara wins extension in John Wood Group bid Dubai engineering and consulting company Dar Al-Handasah – known as Sidara – has been granted an extension in its quest to buy London-listed contractor John Wood Group. Sidara had proposed an offer of 230 pence sterling per share, giving Wood a valuation of £1.58 billion ($2 billion), significantly higher than the first of three bids, […] July 4, 2024
Giga-projects Consolidating giga-projects pushes PIF into profit Saudi Arabia’s Public Investment Fund (PIF) swung into profit in 2023, with revenues doubling to $88.3 billion. According to an audited financial statement the sovereign wealth fund has consolidated five schemes as it manages giga-project costs. PIF owns the development projects at the heart of Saudi Arabia’s economic reform plan but is now facing funding […] July 3, 2024
Economy UAE businesses increase prices to protect margins Companies in the UAE were forced to hike prices for a second month in succession in June, according to the latest business sentiment survey from ratings agency S&P Global. S&P attributed the sharp rise in input prices to material costs, shipping fees and overheads. Wages also grew marginally throughout the month, leading to the fastest […] July 3, 2024
Construction DIFC Square launched to meet Dubai’s growing office demand More than 500,000 sq ft of office space is to be added to the heart of Dubai International Financial Centre with the launch of three new towers. DIFC Square will be built over 1 million square feet, 60 percent of which will be dedicated to grade A office space. At a cost of around $270 […] July 3, 2024
Banking and Finance Saudi forex reserves at 18-month high in boost to giga-projects Saudi Arabia’s foreign exchange reserves have shot up by nearly 7 percent this year to $445 billion in May, or SAR167 trillion, the highest since November 2022. The rise gives the government more scope to pump money into cash-constrained giga-projects. Saudi Arabia has raised $17 billion in debt markets this year. The Public Investment Fund […] July 2, 2024
Real Estate Dar Global to launch luxury Trump Tower in Jeddah London-listed real estate developer Dar Global and The Trump Organization have announced a new luxury real estate project in Saudi Arabia. The company partnered with the Trump Organisation in 2022 to use the former president’s name for its $4 billion master development in Muscat, a joint venture with Oman Tourism Development Company. Ziad El Chaar, […] July 1, 2024
Video length: 03:27 VIDEO Real Estate CEO calls for regulation to raise Dubai real estate standards Loai Al Fakir, founder and CEO of Provident Real Estate, says a lack of regulation and a culture of kickbacks, in which agents are asked to forgo commission, is damaging the real estate industry in Dubai. “When the agent’s not compensated for his efforts at work, it devalues the whole industry,” he says. “If we’re […] July 1, 2024
Leisure & Hospitality Eight sites to open at Amaala Red Sea resort in 2025 Saudi Arabia’s Red Sea giga-project Amaala is to open its first phase in 2025 with seven resorts and a yacht club, the company said this week. Red Sea Global – the Public Investment Fund project that owns Amaala – said the resorts to open would be Clinique La Prairie Health Resort, Jayasom Wellness Resort, Rosewood […] July 1, 2024
Analysis Infrastructure Morocco struggles to solve its water crisis A seawater desalination plant that opened last month at Sidi Rahal near Casablanca is a major part of Morocco’s plans to tackle the country’s frightening decrease in water supplies. The plant will be built in two phases and is designed to produce 300 million cubic metres of water a year to supply 7.5 million people, […] July 1, 2024
Transport Dubai begins work on ‘20-minute city’ concept Dubai has approved a plan to support the “20-minute city” concept by developing land close to metro stations. The emirate’s executive council gave the green light to a plan to develop areas around metro stations by incentivising developers, UAE state-owned Wam news agency reported. The move will provide additional services, support the 20-minute city concept, […] July 1, 2024
Construction $65m credit boost for Kuwait developer Mabanee The Kuwait real estate developer Mabanee has signed a deal to increase its credit facility by 80 percent, from KD25 million ($81.5 million) to KD45 million. The agreement was reached with “a local bank”, according to a filing on the Boursa Kuwait. Details of the bank were not disclosed. The facility, which has been extended for […] June 28, 2024
Finance Kuwait opens wealth fund office in Saudi Arabia Kuwait’s sovereign wealth fund is to open an office in Saudi Arabia, as the kingdom turns to its Gulf neighbours to shore up flagging foreign investment in its giga-projects. Anwar al-Mudhaf, chairman of the Kuwait Investment Authority and Kuwait’s finance minister, praised Saudi Arabia as an investment location and as a key player in the […] June 28, 2024
Giga-projects Neom offers financial guarantees to lure private investors Neom is adopting stabilisation guarantees and varied financial arrangements to encourage private sector investments, according to a senior executive. The $1.5 trillion giga-project, owned by the Public Investment Fund (PIF), is a linchpin in Saudi Arabia’s move away from oil dependency. Dr Manar Al Moneef, chief investment officer at Neom, said it plans to offer […] June 28, 2024
Finance Drake & Scull opens nominations for new board Dubai contractor Drake & Scull International (DSI) has opened nominations for new board members, after the completion of a lengthy restructuring process. DSI is looking to fill seven positions, according to a filing to Dubai Financial Market (DFM), with nominations open until July 11. Earlier this week the board of directors tendered their resignations in […] June 27, 2024
Giga-projects Futuristic architect lands arts centre in Saudi’s Qiddiya Saudi sports and entertainment city Qiddiya is to build a performing arts centre designed by leading architect Tom Wiscombe, whose futuristic building will straddle rugged mountains outside Riyadh. The centre will include 3,000 seats spread across three theatres including an amphitheatre with views of the capital. Qiddiya, one of the Public Investment Fund’s giga-projects, said […] June 27, 2024
