Analysis Construction Saudi Arabia pushes to end construction payment issues The construction industry in Saudi Arabia is still plagued by payment delays but the kingdom has made significant efforts to improve workflow among developers, contractors and subcontractors to resolve what is a global problem. Cash flow and payment problems trigger claims or disputes in more than a third of all projects in the kingdom. This […] March 12, 2024
Infrastructure Infrastructure projects to lift UAE construction sector While the residential segment continues to dominate the $94 billion UAE construction sector, investments in transport and renewable energy infrastructure will help propel future growth, a new report says. Government transport projects such as rail and road infrastructure, energy ventures and sewerage and water infrastructure projects, will fuel the construction sector’s expansion, according to the […] March 12, 2024
Video length: 06:07 Analysis Giga-projects Big events take priority for stretched Saudi builders There will be delays in delivering Saudi Arabia’s massive construction pipeline in time for 2030, but projects directly linked to specific international events such as the Asian Winter Games in 2029 will take priority, industry players told AGBI at the Big5 conference in Riyadh last week. About $1 trillion in giga-projects are under way across […] March 7, 2024
Video length: 05:25 VIDEO Infrastructure Saudi data centre sector attracts global investment Saudi Arabia has emerged as one of the most attractive destinations for global players looking to build and operate data centre facilities in the region. This was one of the prominent trends evident at Leap, the technology event taking place this week in Riyadh, where numerous tech companies revealed plans to enter the market to […] March 7, 2024
Video length: 04:50 VIDEO Real Estate Dubai luxury real estate has stabilised, says Deyaar CEO Demand for mid-segment and affordable properties will increase in the coming months as luxury real estate prices start to stabilise, according to Saeed Al Qatami, CEO of the Dubai master developer Deyaar Development. “This is a segment that will see more demand and an increase in prices. Luxury has stabilised,” Al Qatami said. Last month […] March 7, 2024
Giga-projects Neom plans golf community on Gulf of Aqaba Saudi Arabia’s $500 billion giga-city Neom has revealed plans for Gidori, a residential golf community on the coastal hills of the Gulf of Aqaba. Gidori will house luxury hospitality, premium residences and a range of sports and leisure amenities designed using the area’s natural landscape. The centrepiece will be a cantilevered beachfront complex. The tower […] March 7, 2024
Markets Drake & Scull gains approval to resume trading on Dubai bourse Drake & Scull International has been given the green light to resume trading on the Dubai Financial Market, after an absence of more than five years. The decision from the Securities and Commodities Authority follows the Dubai contractor agreeing to increase its share capital by up to AED600 million ($163 million), as part of a […] March 6, 2024
Business of Sport Qiddiya’s new racetrack bids for world motorsports crown Saudi giga-project Qiddiya will host a new racetrack in an attempt to become one of the world’s top motorsport venues. Located in Qiddiya city, the speed park track is slated to host the world’s most prestigious racing events, Qiddiya Investment Company, the project developer, said in a statement. Designed by Austrian former Formula One driver […] March 6, 2024
Industry Emirates Global Aluminium profit falls with metal prices Emirates Global Aluminium (EGA), the UAE’s largest non-oil industrial company and one of the world’s largest aluminium producers, reported a decline in net profit last year, despite posting record production volumes of alumina, cast and hot metal for 2023. Net profit fell 54 percent year on year to AED3.4 billion ($937 million), against a backdrop […] March 5, 2024
Analysis Economy Volatility of crude markets masks Saudi non-oil momentum Volatility in global oil markets, which led to Saudi Arabia’s GDP shrinking last year, is masking the strength of the kingdom’s non-oil economy, analysts have said. Its non-oil revenue is forecast to rise by more than 5 percent in each of the next two years, according to Jadwa Investment. The 2023 contraction was driven by […] March 5, 2024
Infrastructure Sweden’s Abu Dhabi truck deal to drive bilateral trade The UAE’s deal for Swedish tech company Einride to help to build the Abu Dhabi portion of the Falcon Rise Grid electrified road freight system could portend more business between the two countries. Einride will deploy 1,000 electric heavy duty trucks and 100 autonomous vehicles across Abu Dhabi and Al Ain, and install charging infrastructure. […] March 5, 2024
Infrastructure Egypt plans extension to make Suez Canal a ‘dual carriageway’ Egypt is to extend the “dual carriageway” segment of the Suez Canal, to allow northbound ships and southbound ships to travel the full length of the canal simultaneously. The canal’s first double-channel stretch opened in 2015. This extension will add 50km in the north and 30km in the south, the chairman of the Suez Canal […] March 5, 2024
Real Estate Al Akaria profit falls 39% as Saudi home sales drop Saudi Real Estate Company (Al Akaria) said net profit fell 39 percent to SAR67.6 million ($18 million) in 2023. Revenue fell 12 percent year on year to SAR1.8 billion due to a decline in the sale of units and land plots by SAR531 million, the Saudi-listed developer said in a statement. In addition, financing charges […] March 4, 2024
Real Estate Dar Al Arkan unit aims for $700m revenue in two years Dar Global, the international real estate arm of Saudi-listed Dar Al Arkan, is targeting $700 million in combined revenues for 2024 and 2025 amid expansion beyond the GCC region. Following its London Stock Exchange listing, the company’s growth strategy in new markets and territories has seen the gross domestic value of its portfolio rise to […] March 4, 2024
Real Estate Omani developer reveals Muscat mixed-use project The Omani developer Al Fayha United Development company has launched a 13,000 square metre mixed-use project in Muscat. The Smart Home project in Al Ghala Heights, opposite Madinat Al Irfan, will include an apartment building comprising nine floors and a penthouse. Sheikh Saud bin Hamad al Ta’i, chairman of Al Faiha Development Company, said residential […] March 3, 2024
Real Estate Abu Dhabi residential sales buoyed by off-plan purchases Property sales in Abu Dhabi’s residential sector were up 83 percent year on year in 2023 as a raft of new launches enticed buyers to the off-plan market. There were more than 8,000 units introduced to meet growing demand in the UAE capital, with under-construction properties accounting for three quarters of the 11,200 transactions last […] February 29, 2024
Analysis Construction Foreign expertise vital for Saudi construction Saudi Arabia’s construction industry needs more foreign involvement if achieving its Vision 2030 goals is to become a reality, according to attendees of the Big 5 conference in Riyadh. In the first half of 2023 alone $44 billion worth of new projects were awarded in the kingdom’s $140 billion construction sector, according to real estate […] February 29, 2024
Construction Dubai’s Emaar unveils $26bn projects as market rebounds Dubai’s largest developer, Emaar Properties, has unveiled two new mega projects with a development cost of AED96 billion ($26.14 billion), driven by a rebound in the emirate’s real estate sector. The projects – The Heights Country Club and Grand Club Resort – will target the high-end residential and hospitality segments, the developer said in a […] February 29, 2024
Analysis Construction Localisation shields Saudi builders from Red Sea crisis Houthi attacks in the Red Sea may have been disrupting the construction supply chain into Saudi Arabia but companies, in particular larger ones, are adapting to the challenge. Since November, the Yemeni militia has launched dozens of attacks on commercial vessels on their way to or from the Suez Canal, forcing many global shippers to […] February 28, 2024
Construction Drake & Scull to issue sukuk for return to Dubai market The directors of Drake & Scull International are looking to recapitalise the troubled construction giant via a sukuk, with a view to resuming trading on the Dubai Financial Market. A general assembly meeting will be held “as soon as possible” to increase the company’s share capital, which will be done through a mandatory convertible sukuk, […] February 27, 2024
Infrastructure Ooredoo to spend $1bn upgrading overseas networks Qatari telecoms group Ooredoo is to spend $1.1 billion upgrading its mobile coverage and quality of servies in a number of key overseas markets. Over the period 2024-26, the company will allocate substantial sums to improve connectivity in Algeria, Tunisia, Gaza and the West Bank, Iraq and the Maldives. Ooredoo’s operations in Gaza have been […] February 27, 2024
Analysis Economy Abu Dhabi’s $35bn throws Egypt a liquidity lifeline A $35 billion investment by Abu Dhabi sovereign wealth fund ADQ to develop a resort on Egypt’s north coast could cover the country’s liquidity needs for the next three to four years, analysts have said. Mostafa Madbouly, the Egyptian prime minister, said on Saturday he had signed an agreement with ADQ to develop a site […] February 27, 2024
