Transport Kuwait City and Riyadh take first steps towards rail link Kuwait and Saudi Arabia have approved a feasibility study to investigate building a rail link between Kuwait City and Riyadh. The study was approved during the sixth meeting of the Kuwait-Saudi higher steering committee, Kuwait’s minister of public works and minister of state for municipal affairs Noura Al-Meshaan told the Kuwait News Agency on Thursday. […] May 31, 2024
Giga-projects Saudi review says 87% of Vision 2030 projects ‘on right track’ Saudi Arabia’s top economic body discussed the progress of the kingdom’s Vision 2030 plan this week, citing a recent government report that 87 percent of its projects are “on the right track”. The Council of Economic and Development Affairs, which is headed by Crown Prince Mohammed bin Salman, convened on May 28 in a meeting […] May 30, 2024
Infrastructure Dubai’s Sidara submits ‘final’ $2bn bid for John Wood Group Dubai engineering and consulting company Dar Al-Handasah – known as Sidara – has made a fourth and “final” bid to buy London-listed contractor John Wood Group. The latest proposal of 230 pence sterling per share gives Wood a valuation of £1.58 billion ($2 billion) and is significantly higher than the first of three bids, which […] May 30, 2024
Markets Drake & Scull International shares up by 24% as trading resumes Shares in Drake & Scull International rose by 24 percent on Wednesday as the troubled contractor resumed trading on Dubai Financial Market following a six-year suspension. DSI stock ended Wednesday at AED0.31, having started the day at AED0.25 – the price at which it sold AED450 million ($123 million) of shares earlier this month as […] May 29, 2024
Construction Egypt and UAE still in talks over $35bn Ras El Hekma deal Egypt and the UAE are holding talks on issuing contracts for the $35 billion Ras El Hekma development project, according to a news report. “It’s still extremely premature. We are now in the stage of finalising contracts,” Nader El Biblawi, chairman of the Egyptian Travel Agents Association, told Reuters. While no details were given on […] May 29, 2024
Video length: 06:12 Analysis Real Estate Dubai fractional ownership is promising, but untested Fractional ownership of property in Dubai promises to widen access to real estate investment in the emirate’s surging market. But the lack of a proven secondary market raises questions about just how much liquidity this asset class can count on in a potential crisis, experts say. Buying even small portions of one or more units […] May 29, 2024
Industry PIF launches space unit, despite Saudi funding constraints Saudi Arabia’s Public Investment Fund has launched a space unit to develop off-planet commercial activities, despite challenges the sovereign wealth fund faces funding Saudi Arabia’s giga-projects. The PIF-owned Neo Space Group will invest in satellite navigation and communications, Earth observation and remote sensing. It will also include a venture capital fund to help Saudi startups […] May 28, 2024
Construction DSI claims bumper revenues to come before it resumes trading Dubai’s Drake & Scull International is forecasting a more than tenfold increase in revenues between this year and the end of 2029 as the troubled contractor prepares to return to trading on Dubai Financial Market. Trading in the utilities and infrastructure engineering company’s shares came to a halt in November 2018 when DSI disclosed losses […] May 28, 2024
Giga-projects Saudi Arabia races to find technologies for futuristic cities Saudi Arabia is urgently seeking new technologies for its construction and real estate sectors as it races to make good on its pledge to build futuristic multi-billion-dollar cities. Tonomus, a subsidiary of crown prince Mohammed bin Salman’s $500 billion signature Neom development, has joined forces with the Public Investment Fund to launch a competition offering […] May 27, 2024
Logistics $250m logistics park breaks ground in Jeddah Dubai logistics company DP World has commenced work on a SAR900 million ($250 million) logistics park in Saudi Arabia’s Jeddah Islamic Port. The new storage and distribution facilities, being developed along with state-backed Saudi Ports Authority (Mawani), will boost trade in the kingdom and the wider region. The 415,000 sq m “greenfield” facility will provide […] May 27, 2024
Analysis Real Estate Flexibility and amenities key to UAE office sector’s future As workers globally grow resistant to spending all week at their desks, even the UAE’s strong-performing office sector must rethink its offering to meet shifting demand, industry professionals have told AGBI. “Since the pandemic, people have realised that the workplace has changed for ever. We are not going back to working in the office 80 […] May 27, 2024
Real Estate Infrastructure work to start on relaunched Palm Jebel Ali Work has commenced on Dubai’s Palm Jebel Ali mega project with the award of new infrastructure contracts. Among the contracts is one to build a 6km-long public access road from Sheikh Zayed Road to the palm-shaped master development, Nakheel, the developer of the man-made palm-shaped island, said in a statement. DBB Contracting, a local contractor, […] May 27, 2024
Real Estate What billionaires want in their luxury Dubai homes Never mind saunas and double garages, the new must-haves are underwater sound systems and cryogenic rooms May 24, 2024
Analysis Real Estate UAE offices in demand – in contrast to the West Offices in the UAE are outperforming Western equivalents, with a steady influx of foreign businesses and local developers’ preference for residential projects. “The need for more Grade A office space is becoming increasingly urgent,” Behnam Bargh, managing director at real estate agency CRC, told AGBI. “Addressing this issue will be crucial for maintaining the country’s […] May 24, 2024
Real Estate Abu Dhabi developer spots opportunity in Latvia Abu Dhabi developer Eagle Hills Properties announced a €3 billion ($3.25 billion) investment in the Latvian capital city of Riga, as the UAE continues its investment drive into Europe. Eagle Hills’ Riga Waterfront, which was unveiled on Thursday, will ultimately encompass 8,000 luxury homes for 30,000 residents on a redeveloped site along 5 kilometres at […] May 23, 2024
Real Estate Dubai’s rich switch from home buyers to investors Wealthy foreigners are increasingly eyeing luxury Dubai homes as investments, driven by a dearth of available real estate at the high end of the market. This is a shift from last year, when affluent buyers primarily saw purchases of homes in the emirate as main residences, or vacation or retirement homes, Knight Frank said in […] May 22, 2024
Construction Retal wins $770m contract to build in Dhahran The Saudi builder Retal has signed a SAR2.9 billion ($770 million) contract to design and build nearly 2,000 residential units in Dhahran, Eastern Province, for the giga-project developer Roshn. Retal “will develop and design the detailed master plan, design and execute the infrastructure, landscape, construct 1,962 residential units and public amenities building in Aldanah project,” […] May 21, 2024
Analysis Real Estate From buyers to sellers: Russians cool on Dubai real estate Russian property owners in Dubai are cashing in and moving to alternative foreign enclaves, pushed out by currency issues and the rising cost of living in the emirate. Emigrants from Russia flocked to Dubai in 2022 at the start of the country’s war with Ukraine. The UAE, although condemning the invasion, proved a safe haven […] May 21, 2024
Construction Work on ADQ-backed resort in Egypt ‘to start this year’ ADQ will begin building the infrastructure for its Ras El Hekma development on Egypt’s north coast before the end of this year, according to housing minister Assem El Gazzar. The Abu Dhabi sovereign wealth fund had said it would break ground in early 2025, but it has yet to announce the names of contractors or […] May 20, 2024
Real Estate Foreign companies push up cost of Riyadh’s scarce office space Rental rates in Riyadh’s office sector rose by up to 36 percent in the first quarter of this year as a result of increased demand from foreign companies and occupancy rates approaching 100 percent. Three quarters of all enquiries for office space directed to the real estate company Savills in the first three months of […] May 20, 2024
Real Estate Dar Al Arkan Q1 profit rises 31% on higher property sales The net profit of Saudi Arabian real estate company Dar Al Arkan rose 31 percent in the first quarter of 2024 to SAR154 million ($41 million). The earnings increase was driven by higher property sales, a fall in operating expenses, and higher non-operating income from Islamic deposits. Property sales increase drove revenue higher by 13 […] May 20, 2024
Finance PIF slashes Starbucks stake as it cuts US stocks by $15bn Saudi Arabia’s Public Investment Fund (PIF) has slashed its US equity holdings by 42 percent to $20.6 billion, including its stake in Starbucks, the global coffee chain that has suffered calls for a boycott as a result of the Gaza conflict. The latest US government data highlights funding challenges facing the Saudi giga-projects. The filing […] May 17, 2024
