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
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
