Construction Mena steel demand to rise over next two years Steel demand in the Middle East and North Africa (Mena) region is expected to accelerate in 2024 and 2025 after a significant slowdown in the past two years, the World Steel Association (WSA) said in a report. Demand is forecast to rise by just over 4 percent and 2.6 percent year on year to 57 […] April 11, 2024
Construction Prompt payments prop up Dubai’s construction sector Dubai’s construction industry is at the healthiest it has been in almost 20 years, according to an executive from one of the city’s most established industrial groups. This resurgence is notable for its relative lack of payment delays – a common issue in construction projects globally and in the Gulf region. “Delayed payments are not […] April 10, 2024
Construction Saudi cement prices under pressure as competition mounts Strong competition among Saudi Arabia’s cement companies is likely to continue and will exert pressure on prices in the short to medium term, according to a report from investment advisory company Ubhar Capital. There is ongoing optimism regarding the pipeline of mega and giga projects, as well as anticipated investments related to Expo 2030. However, […] April 10, 2024
Real Estate Oman real estate ‘in good health despite drop in deals’ Higher interest rates are hitting Oman’s real estate industry, but economists are confident that a drop in transactions in January does not signal the start of a downturn in the sector. The value of real estate deals in the sultanate fell by more than 20 percent to OR208 million ($540 million) in January, compared to […] April 10, 2024
Economy Housing benefit for Abu Dhabi citizens tops $500m Abu Dhabi has handed out over AED2 billion ($500 million) worth of housing benefits to citizens across the emirate. The first benefits package of the year, to coincide with the Eid Al Fitr celebrations, includes housing loans, ready-built houses and residential land grants. Thety will help 1,400 Emiratis. Additionally, senior citizens, retirees with low incomes, […] April 9, 2024
Real Estate Lunate and Olayan buy into Dubai’s ICD Brookfield Place Dubai’s sovereign wealth fund Investment Corporation of Dubai and Brookfield Corporation have sold a 49 percent stake in ICD Brookfield Place (ICDBP), the emirates’ largest office tower. Abu Dhabi alternative investment fund Lunate and Saudi Arabia-based Olayan will each own 24.5 percent equity interest in ICDBP. It is the largest institutional third-party single-asset real estate […] April 8, 2024
Construction Saudi Arabia scales down plans for 170km Line by 2030 Less than half of the first phase of The Line, Saudi Arabia’s futuristic city, is expected to be completed by 2030. Publicity materials available at a construction industry conference in Cannes in March showed that phase one would consist of modules 44 to 47 of the 170 km The Line, making the first phase about […] April 7, 2024
Analysis Real Estate Dubai developers tempt off-plan buyers with 1% payment Dubai developers are offering 1 percent payment plans in an attempt to maintain interest in an increasingly crowded off-plan sales market and to delay an anticipated slowdown after years of record growth. Yet experts warn that this tactic carries significant risks, drawing parallels to the precedents set before the 2008 housing crash. Ziad Hinnawi, sales […] April 6, 2024
Infrastructure PIF close to buying Pakistan copper mine stake Saudi Arabia’s Public Investment Fund is close to finalising a deal to buy a $1 billion stake in Pakistan’s Reko Diq copper-gold mine, in what would be a Saudi lifeline for the debt-ridden country, a Pakistani newspaper has reported. Barrick Gold, the Canadian-listed company that owns a 50 percent stake in the Reko Diq mine, […] April 5, 2024
Infrastructure Egypt chooses British Steel for Green Line rail track British Steel, the UK steel products producer, has secured a multi-million-pound deal to supply parts for a new rail route stretching across Egypt. In total 9,500 tonnes of track will be delivered for Egypt’s Green Line, its first fully electrified mainline and freight network from the Red Sea to the Mediterranean. The exact value of […] April 4, 2024
Infrastructure UAE to develop Iraq’s port and economic zone Iraq’s Al-Faw Grand Port and its economic zone will receive an investment boost with the backing of a UAE state-backed entity. Abu Dhabi Ports Group has signed a preliminary agreement with the General Company for Ports of Iraq, state-run Wam news agency said. The entities will establish a joint venture to develop the Al-Faw Grand […] April 4, 2024
Real Estate Abu Dhabi real estate deals hit $4bn during first quarter The value of real estate deals in Abu Dhabi reached almost AED16 billion ($4 billion) during the first quarter of the year as another beachfront community was launched in the emirate. There were over 5,000 sales and mortgage transactions in Abu Dhabi during the first three months of the year, according to data from the […] April 3, 2024
Oil & Gas Abu Dhabi’s Lunate buys stake in Adnoc’s pipelines US companies Blackrock and KKR have sold their 40 percent stake in Abu Dhabi National Oil Company’s (Adnoc) oil pipeline infrastructure assets to Abu Dhabi alternative investor Lunate. Lunate is backed by Abu Dhabi sovereign wealth fund ADQ and has $105 billion of assets under management. The acquisition was made by one of Lunate’s funds. […] April 3, 2024
Manufacturing Abu Dhabi’s non-oil growth spurred by manufacturing Abu Dhabi’s non-oil sector expanded by more than 9 percent last year with manufacturing and construction leading the way, according to new figures. The Statistics Centre Abu Dhabi issued preliminary GDP estimates for 2023, revealing non-oil growth of 9.1 percent – slightly down from 9.2 percent in 2022 – as the emirate’s overall economy improved […] April 3, 2024
Real Estate Union Properties to repay $263m debt in 2024 Union Properties plans to repay AED966 million ($263 million) to lenders in 2024 as part of its debt restructuring plan. The developer, which trades on the Dubai Financial Market, has repaid AED290 million ($78.96 million) worth of debts as a result of AED816 million generated from plot sales in the first quarter of 2024. The […] April 3, 2024
Tourism Turkey secures more funds for Antalya airport expansion An additional $463 million financing has been secured to help upgrade and expand Turkey’s second busiest airport, Antalya. Antalya served more than 35 million passengers in 2023 which went some way towards Turkey recording record tourism receipts. The first phase of development will include the expansion of Terminal 2 and the construction of new general […] April 3, 2024
Infrastructure DP World teams up with Rumo for new Brazilian port terminal DP World and the Brazilian railway operator Rumo are to build a new terminal at the port of Santos in São Paulo, to handle 12.5 million tonnes of grain and fertiliser a year. The project is intended to make the port Brazil’s primary gateway, and central to trade for South America. Rumo estimates the total […] April 2, 2024
Giga-projects Roshn to build its first residential district in Mecca The Saudi giga-project Roshn is building its first residential community in Mecca, which will cater to middle income Saudis. The Almanar project will sit on the western outskirts of the city, with easy access to Jeddah airport. It will house 17,000 people in its first phase, Roshn said this week. The development will include three […] April 2, 2024
Giga-projects Neom and Jeddah offer appeal to expat buyers Many expatriates in Saudi Arabia are interested in buying property in Neom and Jeddah Central and willing to spend over $1 million, a real estate survey showed this week. “When asked about which giga-project they would most like to buy a home to live in, Neom emerges as the clear favourite, followed by Jeddah Central […] April 2, 2024
Infrastructure Oman starts work on new economic zone A consortium of Omani and Saudi companies has won a consultancy services contract for the first phase of Al Dhahirah governorate’s integrated economic zone. The contract was awarded by the Public Authority for Special Economic Zones and Free Zones (OPAZ), state-run Oman News Agency reported. Names of the companies in the consortium were not disclosed. NewsletterGet […] April 2, 2024
Tourism Red Sea airport prepares for first international visitors Saudi Arabia’s Red Sea International Airport will record its first international visitors this month when a flight from Dubai arrives on April 18. Red Sea Global, the developer behind regenerative tourism destinations The Red Sea and Amaala, said the flight, operated by Flydubai, marks the start of a new twice-weekly route. Regular domestic flights operated […] April 1, 2024
Construction ADIA backs Indian developer in $240m deal Abu Dhabi Investment Authority, the UAE’s largest sovereign wealth fund, and India’s Kotak Alternative Investment Fund will support Indian developer Prestige Group in building residential projects across four Indian cities. The deal is valued at 20 billion rupees ($240 million), Prestige Group said in a statement to the Bombay Stock Exchange on Monday. The projects will be […] April 1, 2024
