Markets Dubai Holding’s REIT order book tops $15bn The order book for Dubai Holding’s first residential real estate investment trust (REIT) hit AED56 billion ($15 billion), with the initial public offering more than 26 times oversubscribed. The final offer price was set at the top end of the price range at AED1.10 per unit, enabling the company to raise just over AED2 billion. The […] May 21, 2025
Construction Oman to build two low-carbon smart cities Oman has announced two new smart cities as part of its drive to reduce carbon emissions. The first city will be built in the mountain region of Jebel Akhdar, which is about 2,400 metres above sea level. The 12,000-sq-m plot is designed to accommodate 10,000 residents. The second development is Thuraya City in Bawshar Heights, […] May 20, 2025
Infrastructure Taqa to invest in Morocco’s energy and water security The Casablanca-listed subsidiary of Abu Dhabi’s Taqa has agreed to develop multi-billion-dollar large-scale power and water projects in Morocco along with local partners, according to a statement. Taqa Morocco Group, Nareva, a wholly-owned subsidiary of Morocco’s Al Mada Group, and the sovereign Mohammed VI Investment Fund signed agreements with the Moroccan government and the Office National de […] May 20, 2025
Real Estate Lunate and Brookfield in $1bn residential property venture Abu Dhabi alternative investment manager Lunate is setting up a $1 billion Middle East residential real estate joint venture with Brookfield, according to a statement on Tuesday. The company will focus on “developing high-quality build-to-sell and opportunistic buy-to-sell residential assets” across the UAE, Saudi Arabia and other markets in the Middle East, the statement said. […] May 20, 2025
Economy Kuwait to borrow up to $20bn over next year Kuwait is on the verge of returning to the debt market after an eight-year absence with plans to borrow up to $20 billion during the 2025-2026 fiscal year, according to local media. The loans will be used mainly to fund infrastructure projects worth KD2.3 billion ($7.6 billion) included in the current fiscal year, which started […] May 20, 2025
Real Estate Egypt’s Talaat Moustafa to invest $4bn in Oman Talaat Moustafa Group, a leading Egyptian real estate developer, says it will invest OR1.5 billion ($3.9 billion) in Oman to expand in the GCC region after entering Saudi Arabia last year. Two projects will be developed in west Muscat, offering 13,000 residential and hotel units, the company said in a statement. The developer has signed […] May 20, 2025
Infrastructure Iraq to launch Baghdad metro project later this year Iraq has decided to launch a delayed multi-billion dollar Baghdad metro project at the end of this year, according to a senior official cited in local media. The project will be executed in stages and will take several years as it comprises more than 60 stations and covers 150 km of roads, said Mohammed Al-Najjar, […] May 19, 2025
EXCLUSIVE Giga-projects PIF plans $100bn ‘Project Paradise’ Saudi Arabia’s $925 billion Public Investment Fund is drawing up plans for a $100 billion development in Riyadh, even as it reins in spending across some of its flagship projects, according to sources. The mixed-use project, known internally as “Project Paradise”, is in the early planning stage and is expected to be located southwest of […] May 19, 2025
Markets Dubai Holding ups REIT offering on high demand Dubai Holding, an investment vehicle of the emirate’s government, has increased the offering size of its residential real estate investment trust (REIT) on the local market following high demand from local and global investors. The offering now stands at 1.95 billion units compared to the earlier 1.63 billion units, increasing the floating to 15 percent […] May 19, 2025
Construction Iraq opens steel plant project as post-conflict demand surges Iraq has commissioned a 600,000-tonne-per-year steel mill more than 10 years after the project was awarded to Italy’s Danieli Group. Industry and minerals minister Khaled Al-Najm opened the project in the southern port of Basra this week, hours after he laid the ground stone for the first steel industries park to be constructed by China’s […] May 16, 2025
Construction Emaar EC trims losses as revenue nearly triple Emaar EC, the master developer of King Abdullah Economic City, trimmed net losses by more than half in the first quarter of 2025 as revenues almost tripled. Net loss narrowed to SAR123 million ($32.8 million) in the quarter ended March 31, 2025, from SAR352 million a year earlier, the developer said in a statement published on […] May 16, 2025
Infrastructure China’s Tsingshan to build ‘steel city’ in Iraq A Chinese company has won a contract to build Iraq’s first industrial city that will be dedicated mainly to steel and construction materials. Tsingshan Holding Group will build the city on the state-owned General Steel Company site in Iraq’s southern oil centre of Basra, after it was destroyed during the US-led invasion in 2003. Industry […] May 15, 2025
Construction Saudi Arabia awarded deals worth $9bn in four months Saudi Arabia reportedly awarded public contracts with a combined value of around SAR34 billion ($9 billion) in the first four months of 2025. The government is also expected to award 10 other projects in May covering mainly construction and oil and gas, the Saudi Contractors’ Authority (SCA) said in its May bulletin. About 79 percent […] May 14, 2025
Infrastructure Qatar to spend $22bn on water infrastructure works Qatar is to spend billions of dollars as part of its five-year strategy to develop drainage, sewage and flood prevention infrastructure. The government-backed Public Works Authority (Ashghal) will invest more than QAR81 billion ($22.3 billion) to implement various infrastructure projects, the state-run Qatar News Agency reported. These projects include the development of citizens’ lands, government […] May 14, 2025
Real Estate Commercial oversupply may explain drop in Oman property sales Oversupply in commercial properties may underpin a decline in the value of real estate transactions in Oman in the first quarter, according to one real estate agent. The value of real estate transactions in the country declined by 2.5 percent to OR573 million ($1.5 billion) in the three months to March 31, compared with the […] May 13, 2025
Real Estate Emaar revenue doubles as property sales rise Emaar Properties, Dubai’s largest listed property company, doubled its revenue in the first quarter of 2025, supported by higher property sales. Top line reached AED10.1 billion ($2.8 billion) in the first quarter, compared to AED6.7 billion a year ago as cost-effective measures were implemented, the developer said in a statement. Net profit rose 27 percent to […] May 13, 2025
Infrastructure Qatar to build $4bn power and water facility Qatar is to build a new power and water facility to meet the needs of a growing population and economic expansion. Qatar General Electricity and Water Corporation (Kahramaa) has signed an agreement with the Luluah Sky Energy Holding consortium to build the 2,400 megawatt (MW) and 110 million gallons per day (MGD) Ras Abu Fontas […] May 13, 2025
Real Estate Sharjah real estate demand rises on population growth Real-estate transactions in Sharjah rose nearly a quarter in April 2025 following a strong start to the year, thanks to population growth and rising demand for residential units. The emirate registered 7,206 transactions, up 20 percent year on year, with a trading value reaching AED4 billion ($1 billion), the UAE state-run Wam news agency reported, […] May 12, 2025
Infrastructure Tenders launched for $35bn Al Maktoum International Dubai plans to award major infrastructure contracts at Al Maktoum International Airport this year as construction accelerates on what will become the world’s largest airport, a senior government official said. Tenders for an automated people mover system and baggage handling infrastructure have already been floated and are expected to be awarded before the end of […] May 9, 2025
Real Estate Emaar Development project backlog hits $27bn Emaar Development, the UAE-focused development arm of Emaar Properties, said backlog growth had crossed AED100 billion ($27 billion) by the end of the first quarter of 2025. The backlog, which refers to future revenue from property sales to be recognised in the coming years, surged 52 percent year on year, the developer said in a […] May 8, 2025
Real Estate China’s Shandong wins contract to build Baghdad housing China’s Shandong Construction Company has won a contract to build the first phase of a 60,000-home project in the Iraqi capital Baghdad. The development will be in an area formerly known as Saddam City after late leader Saddam Hussein, the state Iraq news agency reported, but which was renamed Al-Sadr City. Shandong will build 11,000 […] May 8, 2025
Infrastructure Morocco to break ground on Casablanca airport terminal in June Construction of a new terminal at Casablanca airport is to begin next month after local engineering company Stam won a $29 million earthworks contract. Morocco is investing $1.5 billion in the terminal at Mohammed V International Airport, part of a massive construction drive as the country prepares to co-host the Fifa World Cup in 2030. […] May 8, 2025
