Real Estate Plots from failed Dubai Lifestyle City project up for auction Plots of land from a never-completed AED2.4 billion ($650 million) development in Dubai, once endorsed by tennis star Maria Sharapova, have been put up for auction. The abandoned Dubai Lifestyle City project was announced in 2007 by developer ETA Star Projects, a division of the ETA-Ascon business group. It promised buyers “high style living” in […] May 10, 2024
Opinion Banking and Finance Catastrophic floods are a wake-up call for insurers Regional insurance penetration needs to be higher and policies must be overhauled May 10, 2024
Construction Drake & Scull losses narrow before return to trading Dubai contractor Drake & Scull International has trimmed its losses in the first quarter of this year as it nears the end of a drawn-out capital restructuring process. The Dubai-based utilities and infrastructure engineering company said in a press release accompanying disclosures to the Dubai Financial Market (DFM) that revenue jumped 55 percent year on […] May 9, 2024
Giga-projects Neom announces superyacht resort on Gulf of Aqaba Plans to build a high-end resort town on the Gulf of Aqaba aimed at the luxury yacht community have been announced by Neom, despite rising doubts about Saudi Arabia’s ability to maintain funding lines for the country’s giga-projects. The new project, Jaumur, was described by Neom as an “exclusive residential community set around an inspiring […] May 9, 2024
Transport Deal signed to build electric bus factory in Abu Dhabi Abu Dhabi is planning a factory to manufacture and build electric buses and trucks. The Abu Dhabi Department of Economic Development has signed an agreement with Emirates Global Industries, part of Alfahim Group, for the project. The agreement also includes plans to establish manufacturing facilities to meet the anticipated growth in demand for energy storage […] May 9, 2024
Opinion Finance Strong regional deal growth underpinned by wealth funds Middle Eastern markets have remained resilient, due to supportive government policies May 8, 2024
Analysis Tourism Pilgrims remain bedrock of Saudi tourism plans Saudi tourism is to undergo a massive expansion with religious travellers remaining its bedrock – but some hotel operators are wary of an overheated market. The kingdom is aiming to bring in 150 million visitors per year by 2030, with tourism accounting for 10 percent of non-oil GDP, playing a key role in its economic […] May 7, 2024
Giga-projects Largest water park in Middle East to open in Qiddiya next year The largest water theme park in the Middle East is on target to open in the city of Qiddiya next year, its developer has announced. Aquarabia, the first water park in Saudi Arabia, will have four record holders among its 22 rides, including the world’s tallest “water coaster” and tallest water slide. It will also […] May 7, 2024
Opinion Sustainability The Gulf superstorm is a climate change omen As GCC nations diversify their economies, it is critical that new policies are green by design May 6, 2024
Transport Work to start on $3bn Oman-UAE rail network Work will soon start on the $3 billion Hafeet Rail, a railway network between Oman and the UAE, local media has reported. The railway line will include two 2.5 km long tunnels and 36 bridges, Oman Daily Observer reported, citing Abdul Al Hatmi, CEO of Asyad Group. Oman Rail, part of Asyad Group, and the UAE’s Etihad […] May 6, 2024
Real Estate New $1bn Ras Al Khaimah project to have 140-foot arch A new AED4 billion ($1.1 billion) residential development on Ras Al Khaimah’s man-made archipelago will house a 140-foot-high arch, its developer has said. Sora Beach Residences on Al Marjan Island is slated to have one the “grandest atriums ever seen in the region”, Dubai-based Aark Developers said in a statement. The 18-floor high project will span […] May 6, 2024
Real Estate Demand for beach plots sells 80% of The World villas in days An ultra-luxe villa community planned for Dubai’s The World Islands is more than 80 percent sold only days after first being announced, thanks to the dearth of available beachfront plots in the city. The boutique developer Amali Properties, co-founded by siblings Ali and Amira Sajwani of Damac Properties, said last week that the community will […] May 5, 2024
Finance Flood insurance in Dubai under threat says expert Insurance companies could opt against covering areas of Dubai that were flooded during last month’s heavy rainfall, according to an expert from the S&P Global Ratings agency. Some areas remain badly affected since the torrential storm wreaked havoc across the emirate over two weeks ago, with record amounts of rain over a 24-hour period. It […] May 2, 2024
Energy Second nuclear power plant planned for UAE A second nuclear power plant is being planned by the UAE, which would double the current number of reactors in the country to eight. The plant will be tendered within a few months and construction could start later this year, to reach operational readiness in 2032, sources told Reuters. The UAE’s energy minister, Suhail Al […] May 2, 2024
Real Estate Ultra-luxe villas tipped to revive interest in Dubai’s The World Amali Properties plans to build 24 homes in the South American section of the island development May 2, 2024
Infrastructure Report links e& to acquisition of $8.6bn Dutch telco The UAE’s e&, formerly known as Etisalat, is planning to acquire Dutch telecom operator United Group BV as part of its overseas expansion strategy, according to a media report. The Abu Dhabi-listed company has been evaluating a possible purchase of United Group, Bloomberg reported, citing informed sources. Private equity firm BC Partners, the current owners […] May 1, 2024
Logistics Major logistics centre planned for Saudi’s third city A major logistics centre is planned for Dammam in Saudi Arabia’s Eastern Province that will be connected to an expanded Dammam port and a new city metro system. The regional logistics centre in Dammam, Saudi Arabia’s third largest city, will cover eight square kilometres and account for 55 percent of the Eastern Province’s targeted logistics […] May 1, 2024
Infrastructure Drake & Scull unit to oversee $210m Saudi water project A subsidiary of Dubai’s Drake & Scull International is to design and build an expanded wastewater treatment plant in Saudi Arabia’s eastern province. Passavant Energy and Environment Limited, which specialises in wastewater and water treatment technologies, was awarded the project in collaboration with a major contracting company in the kingdom. The name of the partner […] May 1, 2024
Opinion Aviation The grand plan for DWC finally gets the go-ahead After years of waiting, we have a timescale for delivery of what will be the world’s largest airport April 30, 2024
Real Estate Aldar’s Egyptian sales unhindered by war and economic risk Real estate developer Aldar says geopolitical and economic volatility is not affecting its expansion in Egypt. The Abu Dhabi-listed company acquired its Egyptian subsidiary Sodic in December 2021. Since then, sales have risen by more than 50 percent on a dollar-basis, Faisal Falaknaz, Aldar’s chief finance and sustainability officer, told reporters on Monday. “What has […] April 30, 2024
Video length: 07:03 VIDEO Giga-projects Neom secures $2.7bn as minister admits ‘adjustments’ Saudi Arabia’s $500 billion giga-project Neom has secured new funding as the kingdom’s officials admit some of its Vision 2030 projects may have to be scaled back. The SAR10 billion ($2.7 billion) revolving credit facility, obtained from nine Saudi-listed banks, will support short-term financing requirements for projects such as Trojena, The Line, and Oxagon, Neom said […] April 29, 2024
Real Estate Aldar Q1 profit surges 88% on strong property sales Aldar Properties, the largest developer in Abu Dhabi, said net profit surged 88 percent to AED1.6 billion ($435.6 million) in the first quarter of 2024, compared to AED836 million a year ago, due to strong property sales. Revenue rose 83 percent year on year to AED5.6 billion as development sales rose 39 percent annually to […] April 29, 2024
