Construction Nakheel’s 3D concrete printing project seen as catalyst Dubai’s first licence for 3D concrete printing in a building project is a catalyst for the technology to become the norm in the construction sector by the end of the decade, experts believe. The licence was issued in December by Dubai’s planning and development department, Trakees, the regulatory body of the Ports, Customs and Free […] February 21, 2024
Real Estate Lottoland founder bets on Dubai’s ultra-luxury property market The founder of a global lottery gambling platform has bet $136 million on the launch of his latest venture, an ultra-luxury property development company initially focused on Dubai’s Palm Jumeirah. David von Rosen, who set up Lottoland in 2013, said he has now invested heavily in 25 Degrees, named after Dubai’s latitude, alongside a Dubai-based […] February 19, 2024
Logistics Expansion of Jeddah Islamic Port complete The Saudi ports authority said this week it had completed a SAR1 billion ($270 million) expansion of Jeddah Islamic Port as tensions in the Red Sea continue. The project to deepen and expand the northern container terminal in Jeddah, to be operated by the Red Sea Gateway Terminal (RSGT) company, more than doubles capacity from 700,000 […] February 16, 2024
Giga-projects Neom opens for business in US with New York office Saudi Arabian giga-project Neom has opened an office in New York in a move designed to attract investment from the US for its green industries. Neom said in a statement on February 6 that the Manhattan office would facilitate its business across the US, citing “industries, corporations, and investors” who could help in the development […] February 16, 2024
Real Estate UP to invest $1bn in real estate projects as profits rise Union Properties (UP), a previously troubled Dubai real estate developer, has said it plans to spend AED5 billion ($1 billion) on new projects, after its financial results rebounded last year. Net profit for 2023 increased by 2,600 percent year on year to hit AED811 million, according to a bourse filing on Thursday. UP, best known […] February 16, 2024
Analysis Infrastructure Digital economy central to UAE-Greece partnership The UAE’s Ministry of Investment and Greece’s Ministry of Digital Governance have signed an agreement to create a framework for investments in digital infrastructure. The UAE government is keen to invest in data centres and become a technological leader in south-east Europe. Data centres to be developed under the deal will reach a total capacity […] February 15, 2024
Finance Union Properties issues final notice to former chairman Dubai developer Union Properties has issued a final notice to former chairman Khalifa Al Hammadi, his family members and another unnamed person. It accuses them of defaulting on a multi-million dollar settlement agreement. The settlement deal was announced at the company’s annual general meeting last year and involved payments totalling AED620 million ($163 million). Under […] February 14, 2024
EXCLUSIVE Real Estate Trump still has ‘big pull’ for $2m branded villas in Oman Donald Trump may be facing criminal investigations in the US, but the 45th president’s brand continues to wield substantial influence in the Gulf. Last week there were more than 100 expressions of interest in a launch of 20 Trump-branded villas in Oman, within 24 hours, according to the project’s developer. “Trump as a brand still […] February 14, 2024
Trade Hundreds of companies consider Saudi Arabia A survey of 660 companies described as high-growth and from more than 50 countries around the world found more than two thirds were considering expanding into Saudi Arabia. Of the 450 across 37 sectors looking to move into the kingdom, half of them plan on doing so within the next six months. Ease of doing […] February 14, 2024
Giga-projects Neom announces exclusive beach club Xaynor Saudi Arabia’s mega-city Neom has launched its latest development – Xaynor, an exclusive private beach club on the Gulf of Aqaba for “the most fascinating people in the world”. Xaynor will be a “discreet destination where club members can unwind on the Gulf of Aqaba’s beautiful unspoiled coastline”, Neom said in an announcement. Neom has […] February 13, 2024
Construction Empower’s profit falls 5% despite record revenue Empower, Dubai’s, and the world’s, largest district cooling company, reported a net profit of AED960 million ($261.37 million) for 2023, down five percent from AED1 billion in 2022. Revenue was at a record high of AED3 billion, rising 8.7 percent year on year, the company said in a statement to the Dubai bourse on Monday. […] February 13, 2024
Markets Investcorp lines up diverse strategies for east and west Multibillion-dollar asset manager Investcorp Capital is planning listing activity from its companies in the east in the next six months, but sees more profit in mergers and acquisitions in the west. The Bahrain-based company, which was listed on the Abu Dhabi Stock Exchange in November, on Monday reported income of $34 million for the first […] February 12, 2024
Giga-projects Red Sea Global secures $522m for Four Seasons Resort Saudi giga-project developer Red Sea Global (RSG) has secured SAR2 billion ($522 million) from Riyad Bank for its latest tourism project in the Red Sea development. The financing will be used to develop Four Seasons Resort, part of a joint venture between RSG and Kingdom Holding Company, which was incorporated in December 2023. The Four […] February 12, 2024
Analysis Construction Turkey’s construction sector struggles to build Turkey’s construction sector is labouring under the weight of rising material and borrowing costs, fuelled by demand following last year’s devastating earthquakes, but medium-term plans for urban renewal could help to build momentum. January’s sectoral confidence index from the Turkish Statistical Institute – Turkstat – showed the industry as the only major sector to remain […] February 12, 2024
Real Estate Abu Dhabi’s Aldar has big plans for projects in Dubai Aldar Properties, Abu Dhabi’s largest developer, plans to launch more projects in neighbouring Dubai this year. Speaking at a press conference on Friday, Aldar’s chief finance and sustainability officer Faisal Falaknaz said the Abu Dhabi-listed developer is on track to launch its second master plan in Dubai in the second quarter of this year. The […] February 9, 2024
Construction Aldar profit climbs 40% as sales hit $7.6bn in 2023 Aldar Properties, Abu Dhabi’s largest developer, said net profit rose 40 percent year on year to AED4.4 billion ($1.2 billion) in 2023 as annual revenue jumped 26 percent to AED14.2 billion. Full-year property sales hit a record AED27.9 billion ($7.60 billion), with Q4 2023 reaching an all-time of AED8.5 billion, the developer said in a […] February 9, 2024
Real Estate Hope at last for Dubai expats seeking a shared rental home Shared rental accommodation for expats in Dubai, something previously difficult to offer because of rules against subletting, is being developed by a company called Co-Living Legends, working with developers and landlords. Co-Living Legends was set up in 2021 to help female expats find house-share rental options in Dubai. House sharing is well established in markets […] February 9, 2024
Infrastructure EU grants $431m to Turkey for post-quake recovery The European Union (EU) has signed an agreement with Turkey to provide a €400 million ($431 million) grant to support development following the devastating earthquakes in early 2023. “In the history of this post-disaster relief instrument, this is the largest sum ever awarded to a candidate country. This is also the first time that Turkey […] February 9, 2024
Giga-projects Abu Dhabi close to $22bn development project in Egypt Abu Dhabi is in advanced talks with the Egyptian government to buy and develop premium land on Egypt’s Mediterranean coast in a potential multi-billion-dollar deal, according to a media report. A UAE consortium has been selected to work with local partners to develop Ras El-Hekma, an area 350 km northwest of Cairo, Bloomberg reported, citing […] February 9, 2024
Real Estate Emaar Development profit rises 74% to $1.8bn in 2023 Emaar Development, a wholly owned subsidiary of Dubai’s Emaar Properties, reported that net profit surged 74 percent year on year to AED6.6 billion ($1.8 billion) last year, propelled by 27 new project launches across Dubai. Property sales increased 22 percent year on year to AED37.4 billion. The developer’s sales backlog stands at AED57.1 billion, which […] February 9, 2024
Construction Aldar awards $6bn contracts for Abu Dhabi projects Abu Dhabi’s largest-listed property developer Aldar awarded 49 contracts worth AED22 billion ($5.99 billion) across various projects in 2023. The contracts comprise infrastructure, residential, commercial, and mixed-use developments, the UAE state-run Wam news agency reported, citing a statement from Aldar Properties. The contracts were awarded to 36 UAE-based companies. Nearly 50 percent or AED10.5 billion […] February 8, 2024
Real Estate Dubai real estate deals rise to $173bn in 2023 Dubai recorded 166,400 real estate transactions valued at AED634 billion ($172.61 billion) in 2023, according to official Dubai Land Department (DLD) data. Real estate investments grew 55 percent year on year to AED412 billion, propelled by 113,655 investors, including 71,002 new entrants, marking a 20 percent rise year on year, the UAE state-run Wam news […] February 8, 2024
