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
Aviation First phase of Dubai’s $35bn airport to be ready in 10 years Dubai has launched the world’s largest passenger terminal at Al Maktoum International at a cost of AED128 billion ($34.85 billion), capable of handling 260 million passengers annually upon completion. The initial phase of the project, slated to be completed within a decade, will be able to accommodate 150 million passengers annually, the UAE state-run Wam […] April 29, 2024
Video length: 07:03 VIDEO Giga-projects Third of Vision 2030 projects ‘completed’ government says One third of 1,064 planned projects have been completed so far under the Vision 2030 economic transformation plan, the Saudi government said in its annual progress report on the reform programme. The report also said 561 initiatives were on track, according to the state-owned Saudi Press Agency, publishing its major findings. It was not […] April 26, 2024
Analysis Infrastructure Flooding puts spotlight on Dubai’s population growth Extensive flooding caused by the historic April 16 storm highlights the challenges the Dubai authorities face as they work on increasing the population by 2.5 million people by 2040. With an increasingly erratic climate, the key for local authorities will be managing that growth closely, industry professionals told AGBI. “The growth in itself is not […] April 26, 2024
EXCLUSIVE Tech Batelco in talks to trial 6G technology in Bahrain Bahrain telecommunications giant Batelco is in talks to trial 6th generation (6G) connectivity as the kingdom attempts to cement its position as a technological leader in the region. The island kingdom is among the first countries to have a comprehensive 5G network coverage in most urban areas, with more than 95 percent coverage courtesy of […] April 26, 2024
Renewable Energy Tunisia-Italy power project gets $285m investment The Tunisian Electricity and Gas Company (STEG) has revealed plans to invest about €266 million ($285 million) to complete the Tunisian-Italian Elmed Interconnector Project, a 220km power line connecting the two countries. The investment will fund the Tunisian side of the project, which includes laying a 100km submarine power cable worth €125 million and the […] April 26, 2024
ANALYSIS Infrastructure Rain harvesting could help Dubai offset a stormy future If last week’s floods made improving drainage a necessity for Dubai, the reward might come in the form of more natural water resources, provided the emirate can boost rain harvesting efforts, industry observers tell AGBI. “The main idea for countries, especially in drier areas, is to try to reuse water as much as possible,” says […] April 26, 2024
Infrastructure STC and PIF to bid for Austrian telco tower operator Saudi Arabia’s STC Group and the Public Investment Fund (PIF), the kingdom’s sovereign fund, are likely to jointly bid for the Austrian unit of Cellnex, Spain’s mobile phone tower operator, El Economista newspaper reported. The Austrian unit, owning 4,500 towers, is estimated to be valued at €800 million ($857 million), the newspaper said, quoting unnamed sources. Cellnex’s […] April 26, 2024
Opinion Infrastructure The Gulf must act now to protect against future floods Storm crates can offer fast, effective relief and are cost-efficient April 25, 2024
Retail Saudi mall operator takes aim at Dubai’s retail crown Saudi Arabia’s leading mall operator is looking to challenge Dubai for the title of the top retail location in the Gulf, with plans to add five more locations by 2027. Bruno Wehbe, chief operating officer of Cenomi Centers, said the Jawharat Riyadh would include new elements such as 3D holographic projections, food halls with live […] April 25, 2024
Giga-projects Saudi giga-project Diriyah Gate targets 2027 completion Diriyah Gate, one of the first Saudi giga-projects, said this week that it was on target for completion by late 2027. The opening of the project’s first hotel is now rescheduled for later this year. “We’re looking forward to the conclusion of our project, probably toward the end of 2027,” said Andrew Tonnor, Diriyah Gate’s […] April 25, 2024
