Construction Five Holdings plans ultra-luxury Pacha Ibiza residences Dubai developer Five Holdings plans to build ultra-luxury residences in Ibiza following the completion of a $57 million hotel and land deal. The UAE real estate and hospitality group has acquired El Hotel Pacha and an adjacent land plot where it plans to build Pacha Residences, using the branding of the Balearic island’s most famous […] January 31, 2024
Opinion Real Estate Landlords must keep up with changing retail markets or fail Saudi Arabia's mall owners need to be aware of the needs of developers and tenants January 31, 2024
Real Estate Ajman real estate deals surge 43% to $4.6bn in 2023 The number of real estate deals in Ajman increased 43 percent year on year to 11,474 last year, with a total value of AED16.9 billion ($4.6 billion), the annual report of the Ajman Department of Land and Real Estate Regulation reveals. The highest sale recorded was AED136 million in the Al Nakheel 2 neighbourhood, the […] January 31, 2024
Real Estate Tecom profit rises 49% on growing customer demand Tecom Group saw net profit for 2023 rise 49 percent year on year to AED1.1 billion ($299.48 million) on robust demand from new and existing customers across all its six business clusters. The company registered broad-based growth across the business, owing to the group’s ongoing efforts to enhance operations and reduce costs. Revenue reached a […] January 31, 2024
Construction RAK commercial district aims for ‘new era’ of growth Ras Al Khaimah on Monday unveiled plans to build a new commercial district to spearhead a “new era” of economic growth in the emirate. Developer Marjan said RAK Central will feature grade A offices, more than 4,000 apartments, three hotels, retail and entertainment facilities, parks and more than 1,000 parking spaces. Construction work is scheduled […] January 29, 2024
Giga-projects Head of AlUla commission arrested over corruption Saudi Arabia has arrested the head of the Royal Commission for AlUla over corruption, one of the most notable arrests since the government launched a crackdown in 2017. The Oversight and Anti-Corruption Authority, known as Nazaha, said on X (formerly Twitter) that it had detained AlUla’s CEO Amr bin Saleh bin Abdelrahman Al-Madani for “abuse […] January 29, 2024
Construction Value of Saudi real estate deals fall 11% in 2023 The value of Saudi real estate transactions fell 11 percent during 2023 to about SAR193.45 billion ($51.59 billion), but the number of construction material licenses awarded in the kingdom rose 39 percent in the same period. Figures released by the Ministry of Justice this week showed transactions fell from SAR216.7 billion to SAR193.45 billion. The […] January 26, 2024
Real Estate Arada sets $2.7bn sales target on UAE market optimism UAE real estate developer Arada expects sales to hit AED10 billion ($2.72 billion) in 2024, a 42.5 percent increase from AED7.02 billion achieved last year. The higher sales will be driven by continued global interest in the UAE real estate sector. The developer sold 2,824 homes in 2023, a 25 percent gain year on year, […] January 26, 2024
Construction Neom reveals Zardun: a luxury eco-resort Neom, the smart city being developed in the north west of Saudi Arabia, has announced another luxury ecotourism resort on the Gulf of Aqaba, called Zardun. Neom has rolled out plans for a range of luxury resorts in recent months. These include Aquellum, with a floating marina; a tower complex called Epicon; the mountain hotel […] January 25, 2024
Aviation Saudi will top Gulf business travel chart, says Wego boss Business travel to and from Saudi Arabia is expected to surpass neighbouring UAE, according to the CEO and co-founder of online travel marketplace Wego. As of the start of this month, foreign companies hoping to gain access to billions of dollars worth of government contracts must have their regional headquarters in Riyadh. The regional HQ […] January 25, 2024
Construction Abu Dhabi property service charges cut by 6% in 2023 Service and community charges for property owners in Abu Dhabi fell six percent in 2023, resulting in savings of AED39.7 million ($10.81 million) year on year. The total approved budgets for jointly owned property development projects reached AED 685 million by the end of Q4 2023, state-run Abu Dhabi Media Office reported, citing Abu Dhabi […] January 25, 2024
Construction Seven plans entertainment sites in remote parts of Saudi Arabia Saudi giga-project developer Seven says it will open the first of 21 destinations next year as part of its mandate to build entertainment complexes in remote corners of the country. It plans to roll them out over the next six years. Damien Latham, chief attraction officer at the Public Investment Fund subsidiary, said Seven had […] January 25, 2024
EXCLUSIVE Giga-projects Saudi’s Qiddiya to open first sites next year as plans grow Saudi Arabia’s mega sports and entertainment city Qiddiya is adding more hotel space and attractions to its masterplan to accommodate Riyadh’s projected population growth, a senior official said this week. Riyadh’s population is forecast to grow to 15 million by 2030. The city was chosen last year as the location for Expo 2030. Qiddiya, southwest […] January 23, 2024
Video length: 06:59 EXCLUSIVE Real Estate UAE scraps minimum payment for property golden visa The UAE has removed the AED1 million ($272,294) minimum downpayment requirement to qualify for a golden visa through real estate investment, industry sources have told AGBI. Investors must acquire property valued at AED2 million or above to be eligible for the 10-year renewable residency scheme, introduced in 2019. Previously, for properties bought on mortgage or […] January 23, 2024
Real Estate Deyaar trebles profits to $120m in 2023 Deyaar Development, majority-owned by Dubai Islamic Bank (DIB), recorded preliminary unaudited net profit of AED440.7 million ($119.98 million) in 2023, an annual increase of 206 percent. Total revenue in 2023 increased 56 percent year on year to AED1.25 billion as income from the sale of properties reached AED412 million, mainly due to higher construction progress in its […] January 23, 2024
Food & Drink $203m Neom catering contract goes to Alhokair A contract worth SAR760 million ($203 million) to provide catering services at the futuristic city Neom in northwest Saudi Arabia has been awarded to the Saudi hotel operator Abdulmohsen Alhokair Group for Tourism and Development. Alhokair, which runs 92 entertainment centres and 35 hotels in Saudi Arabia and the UAE, said in a statement on […] January 22, 2024
Analysis Real Estate Dubai’s smaller homes more affordable than global rivals Dubai homes for sale today are about a quarter smaller than their equivalents four years ago, despite average prices growing by more than half, industry data shows. But experts claim this is a result of the rise in demand for smaller units, which are still substantially bigger and more affordable than those in rival global […] January 22, 2024
Real Estate Turkey home sales hit nine-year low on rising interest rates Sales of residential properties in Turkey fell to their lowest levels in nine years in 2023 due to rising interest rates and inflation. Home sales declined 17.5 percent year on year to 1.23 million in 2023, Daily Sabah newspaper reported, citing Turkish Statistical Institute (TurkStat). The central bank has raised its policy rate by 3,400 […] January 22, 2024
Infrastructure DP World to develop new projects in Pakistan Global ports operator DP World and Pakistan government entities have agreed to build a freight corridor and economic zone near Karachi. The freight corridor is planned to run from Karachi Port on the Arabian Sea, passing through Karachi, Pakistan’s most populous city, to the Pipri Marshalling Yard, nearly 45 km away, the UAE state-run Wam […] January 19, 2024
Giga-projects Red Sea crisis a threat to Saudi giga-project investment The Red Sea conflict between western powers and Houthi rebels in Yemen could put Saudi Arabia’s mammoth economic development projects at risk, the sovereign wealth fund advisory Global SWF said this week. The US and UK began airstrikes against targets in Houthi-controlled north Yemen on 12 January to stop them firing missiles at Red Sea […] January 18, 2024
Tourism Neom awards $5bn contract for Trojena dam project Saudi Arabia’s $500 billion Neom giga-project has awarded Italian contractor Webuild a $4.7 billion infrastructure development contract for the Trojena mountain destination. The Italian company will construct three dams to create the 2.8-km-long freshwater lake at Trojena, which will host the 2029 Asian Winter Games. The main dam will be made of roller-compacted concrete (RCC) and will be 145 […] January 18, 2024
Construction Dewa’s $300m power station set for completion in 2024 Dubai Electricity and Water Authority (Dewa) has commenced operational testing of the 829 megawatts (MW) 4th phase of its power plant in Al Aweer (H-Station). The project is due to be completed in the second quarter of 2024. Tests include the initial operation of turbines and power generators and connecting to the power grid, the […] January 17, 2024
