Employment Morocco job market hit by rise in rural unemployment Morocco’s unemployment rate increased by 13 percent to nearly 1.6 million last year as the country’s rural areas haemorrhaged jobs. Between 2022 and 2023, the national economy lost 157,000 jobs, according to the latest figures from the Higher Commission of Planning. Although urban areas recorded an increase of 41,000 jobs, employment in rural parts of […] February 7, 2024
Analysis Industry Gulf steel has a keen edge on Chinese and Indian rivals While the Gulf is currently a minor player on the global steel-making stage, economic diversification and the energy transition may be about to change all that. As the world seeks to decarbonise, Gulf steel makers have a head start, already producing lower-carbon steel than global sector leaders China and India. The region’s ample supplies of […] February 7, 2024
Giga-projects Jeddah Central signs contracts for major landmarks Jeddah Central, the developer of one of Saudi Arabia’s giga-projects, signed four construction contracts this week for a set of major landmarks. According to the state-run Saudi Press Agency, Jeddah Central’s CEO Ahmed bin Abdulaziz Al-Saleem signed the contracts to construct a sports stadium, an oceanarium, an opera house and infrastructure work in the Red […] February 6, 2024
Real Estate Dubai real estate ‘hot’ but no bubble fears, say experts Dubai’s real estate market is running “a bit hot”, but it is not heading towards a bubble or another catastrophic crash, experts say. Residential sales prices in the emirate increased 20 percent in 2023, while city-wide rents grew 9 percent higher, according to the latest research from Cushman & Wakefield Core. Although Dubai remains more […] February 6, 2024
Infrastructure Investcorp seeks more global airport and seaport stakes Bahrain’s Investcorp Holdings is looking at investment opportunities in airports and seaports across the world as it seeks to double the infrastructure assets in its portfolio to $10 billion by the end of the decade. Investcorp, the region’s biggest alternative investment firm, completed a 50 percent acquisition of the New York-based Corsair Capital’s infrastructure business, […] February 6, 2024
Trade AD Ports deal to transform Jordan’s Aqaba Abu Dhabi is to play a key role in transforming operations at Aqaba Port, Jordan’s primary trade hub. A joint venture company comprising a subsidiary of Abu Dhabi Ports Group and the Aqaba Development Corporation (ADC) aims to “revolutionise” the port by digitalising operations within a year. The UAE wants to build on bilateral trade […] February 6, 2024
Construction Aldar unveils $1.4bn plan for new real estate assets Aldar Properties will invest AED5 billion ($1.36 billion) to develop a range of commercial, retail, hospitality and logistics assets within its prime real estate projects in Abu Dhabi. The assets, which will be part of the developer’s investment portfolio, will be delivered in a phased manner between 2025 and 2027, the Abu Dhabi-listed developer said […] February 6, 2024
Analysis Infrastructure Turkey quakes still taking a toll on economy one year on A year on, the twin earthquakes that devastated much of Turkey’s south continue to send tremors through the nation’s economy. The quakes on February 6 2023 inflicted a $103.6 billion hit on the Turkish economy, according to the Strategy and Budget Department of the Office of the President. Some $85 billion of this was the […] February 6, 2024
Opinion Real Estate School’s in: UAE education is ripe for investment The listing of more education-based real estate investment trusts will diversify UAE capital markets February 5, 2024
Real Estate Rental platform Silkhaus plans new Saudi home Silkhaus, a property technology platform specialising in short-term rentals, plans to launch in Riyadh after more than doubling its revenues last year and completing a pre-series A financing round this month. The size of the round, with San Francisco-based Partners for Growth, was not disclosed. Silkhaus launched in Dubai in 2021 and entered Abu Dhabi […] February 5, 2024
Real Estate Millennial ‘co-living’ concept gains momentum in Gulf The appetite for “co-living”, a form of communal housing that offers private rooms and shared spaces, is on the rise in the GCC, and more investors are entering the sector. Co-living as a sub-segment of residential property has gained in popularity in markets such as the UK and the US, as developers seek to provide […] February 2, 2024
Construction Egyptian developer to build Iraq’s largest housing project Egypt’s Ora Developers Group will build the largest residential city in Iraq’s capital, Baghdad, which will feature 100,000 residential units. The contract was awarded by the Iraqi government. No details of the project cost were given. Ali Al-Wardi, a smart city project located 25 km southeast of Baghdad, will be built on an area of […] February 2, 2024
Infrastructure Turkey power retailer gets $100m to upgrade network The European Bank for Reconstruction and Development (EBRD) will provide a loan of up to $100 million to a Turkish electricity distribution and retail company to upgrade its power network in the country’s earthquake-hit region. The Turkish company Enerjisa Enerji will use the investments to modernise and reconstruct its distribution network in the Toroslar region. […] February 2, 2024
Analysis Banking and Finance Kuwait banks boosted by likely mortgage law reform Kuwait bank stocks are hitting highs as traders bet that a long-awaited liberation of the country’s mortgage laws will come into force and provide a windfall for lenders. Currently only the government-controlled Kuwait Credit Bank (KCB) provides financing to Kuwaiti citizens and companies for them to buy real estate, and commercial banks are not permitted […] February 2, 2024
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
