Tourism Saudi Red Sea resorts aim for 19m tourists by 2030 Saudi Arabia hopes to attract 19 million tourists a year to its Red Sea giga-projects and other resorts being built along the country’s west coast. Mohammed Al Nasser, CEO of the Saudi Red Sea Authority, said it intends to issue licences for up to 60 marinas over the next two years. It recently licensed six […] June 27, 2024
Analysis Infrastructure Engineers measure up Dubai’s $8bn flood defence plan After April’s once-in-a-century storm that put swaths of Dubai under water, Sheikh Mohammed bin Rashid Al Maktoum has cleared the way for a AED30 billion ($8 billion) stormwater management upgrade. The ambitious expansion of the emirate’s drainage system will provide a sevenfold increase in its capacity to handle rainwater, to more than 20 million cubic […] June 27, 2024
Real Estate Turkey announces plans to drop cap on rent increases Turkey is set to remove a two-year-old cap on residential rental increases, but some analysts warn that the lifting of restrictions may spark a further rise in rents and feed into already high inflation. On May 20 treasury minister Mehmet Şimşek announced restrictions on rental increases would be abandoned at the beginning of July, saying […] June 25, 2024
Construction Riyadh dominates Saudi Arabia’s construction market Riyadh and its surroundings account for nearly 40 percent of the value of existing construction contracts in Saudi Arabia, at US$54 billion, according to new research. The provinces of Mecca – which includes Jeddah – and Tabuk in the north of the kingdom follow the capital region, with $28.7 billion and $28.5 billion in awarded […] June 25, 2024
Real Estate Oman’s real estate sector continues to slide Apartment prices in Oman dropped more than 17 percent in the first quarter of 2024, while villa prices rose a meagre 0.8 percent, according to the latest government figures. Residential real estate prices were down across the board quarter on quarter, including those for land. The Musandam region recorded the largest overall decline at 15.7 […] June 25, 2024
Transport UAE to build a new airport in Uganda The Sharjah Chamber of Commerce and Industry will build a new international airport in Uganda. The Kidepo International Airport in Karamoj will be located near Uganda’s border with Kenya, president Yoweri Museveni said in a post on messaging app X. The cost of the airport was not given. NewsletterGet the Best of AGBI delivered straight […] June 24, 2024
EXCLUSIVE Tech Aramco adopts heat-sensing construction helmets Saudi Aramco is deploying advanced safety helmets equipped with heat stress sensors to protect workers on some of its construction sites, a critical concern in the Gulf region’s scorching climate. The helmets, developed by Dubai and Saudi Arabia-based construction tech startup WakeCap, utilise internet-of-things (IoT) technology that monitors worker attendance, location, and safety incidents in […] June 23, 2024
Infrastructure US firm wins $46m contract to boost Iraq infrastructure US engineering giant KBR has won a five-year $46 million contract to support Iraq’s infrastructure development and future energy projects, including mega-projects. The company is expanding its presence in Iraq, establishing a new office in Baghdad and said it is also considering the creation of a design centre to enhance local engineering skills. NewsletterGet the […] June 21, 2024
Analysis Construction Construction is ‘cheaper in Dubai than Riyadh or Doha’ Dubai is only the third most expensive construction market in the Middle East after Riyadh and Doha, research has found. A real estate boom led by the leisure, hospitality and sports sectors, combined with a “distinct shortage of skilled labour”, have driven up construction costs in the Saudi capital to an average of $2,593 per […] June 21, 2024
Real Estate Expats scramble for housing in Riyadh Saudi Arabia’s historic development push – and an influx of foreign professionals looking to play a part in it – is putting the spotlight on a dearth of prime residential properties in the capital Riyadh. High-quality homes are snapped up, often finding tenants before or within days of getting listed, said Sujith Chandar, Saudi-based Emea […] June 21, 2024
Real Estate Extra supply casts big shadow over Bahrain’s real estate sector The completion of a raft of developments in Bahrain has dampened hopes for strong growth in its real estate sector this year. A flurry of activity at the end of 2023 led some analysts to predict stronger growth this year, after a period of low-single-digit increases or dips in prices, rents and deals. In 2023, […] June 20, 2024
Infrastructure Floods prompt Abu Dhabi to issue urban planning tender Abu Dhabi’s Department of Municipalities and Transport has issued a tender for studies to aid the city’s urban planning efforts, including infrastructure resilience during storms. The tender for consultancy services opened last month and closes on July 4. It emerges after UAE president Sheikh Mohamed bin Zayed Al Nahyan ordered an urgent review of the […] June 19, 2024
Infrastructure Qatar company buys Kazakh mobile network for $1bn Qatar Power International Holding has bought Kazakhstan’s largest mobile phone network. The Qatari company, a private conglomerate based in Lusail, has bought Kazakhtelecom subsidiary Mobile Telecom-Service LLP, Reuters reported, citing a statement from the Kazakh government on Tuesday. NewsletterGet the Best of AGBI delivered straight to your inbox every week NewsletterGet the Best of AGBI […] June 19, 2024
Analysis Construction 3D printing fails to live up to hype for Mena contractors The Mena construction industry has been slow to adopt new technologies such as modular building, blockchain and 3D printing. The latter might be used more as a specialised tool with particular “sweet spots” than in a mass deployment, according to industry experts who spoke at the Construction Technology ConFex event in Dubai earlier this month. […] June 18, 2024
Real Estate Construction begins at Expo City Dubai site Construction has begun on the first residential properties at Expo City Dubai, part of a mixed-use master plan to repurpose the legacy site after the world fair came to a close two years ago. Master developer Expo City Dubai announced last week that it has awarded four key contracts for its Mangrove Residences. UAE-based USF […] June 17, 2024
Economy Saudi housing costs rise but inflation remains steady Housing costs in Saudi Arabia rose nearly 9 percent year on year in May, but it was not enough to push overall inflation in the kingdom over 2 percent. The latest data from the General Authority for Statistics showed the annual inflation rate in Saudi Arabia was 1.6 percent in May, having remained at this […] June 17, 2024
Analysis Economy Egypt shows signs of recovery after landmark IMF deal Last Friday marked 100 days since Egypt, the International Monetary Fund’s (IMF) second-biggest debtor after Argentina, agreed its latest loan. Eased by a $35 billion development deal with the UAE and increased international concern for Egypt’s economic stability following the outbreak of the war in Gaza, the deal drew a line under more than two […] June 17, 2024
Real Estate Foreigners turning back on Turkish real estate Foreign buyers are increasingly shunning the Turkish property market, wary of high prices, the expensive cost of living and a less welcoming environment for overseas real estate investors. There were only 2,064 residential units sold to foreign buyers in May, 35 percent down on the same month last year, data issued by the state statistics […] June 16, 2024
Analysis Infrastructure The future of DXB: airport could be turned into a city The $35 billion plan to turn Al Maktoum International into the busiest airport in the world has everyone talking about the remaking of Dubai South. Perhaps a bigger challenge is the redevelopment of the city’s main airport – Dubai International, or DXB. DXB is near some of the city’s most densely populated neighbourhoods and the […] June 16, 2024
Banking and Finance Qatar’s mortgage market buoyed by law reforms Qatar’s mortgage market has been given a lift by a package of regulatory reforms, industry experts told AGBI after transactions rose sharply despite high interest rates. In the first quarter of 2024, the value of Qatari mortgage transactions was nearly 90 percent higher than in the previous three months, according to ValuStrat research. It was […] June 13, 2024
Giga-projects Adventure giga-project The Rig ‘definitely happening’ One of Saudi Arabia’s most headline-grabbing giga-projects is moving ahead with plans for two floating entertainment centres on offshore platforms off the kingdom’s east coast. Many thought the exotic adventure tourism project known as The Rig would be canned as the Public Investment Fund (PIF) reviews its $1.25 trillion portfolio of giga-projects. Insiders remain confident […] June 12, 2024
Construction Arada to part-fund projects from $400m sukuk The real estate developer Arada has raised $400 million through sukuk (Islamic bonds) to part fund its projects across the UAE. The sukuk order book reached $1.45 billion, 3.5 times oversubscribed, after strong demand from both regional and international investors. The fundraising is the first issuance under Arada’s newly established $1 billion sukuk programme, the […] June 12, 2024
