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
Infrastructure Saudi airports operator issues tender for Abha expansion Saudi Arabia’s state-owned airport operator has issued a tender for a new terminal at Abha International Airport in the Aseer region. The Civil Aviation Holding Company, also known as Matarat, has called for expressions of interest by the end of this month. On offer is a 30-year build-operate-transfer deal to develop and run the terminal. […] January 17, 2024
Banking and Finance Class action lawsuit against Saudi builder approved A class action lawsuit against a Saudi construction company has been given the green light to proceed by authorities. The Capital Market Authority said the Committee for the Resolution of Securities Disputes (CRSD) has accepted the lawsuit filed by an investor against some members of the board and employees of Mohammad Al Mojil Group. The […] January 16, 2024
Opinion People & Lifestyle The world is moving to Saudi Arabia The kingdom could supplant the UAE as the GCC destination of choice for both tourists and migrants January 16, 2024
Construction Private credit lenders expect surge in ‘last mile’ finance Private credit firms are preparing for a surge in demand for “last mile” financing from construction companies across the Middle East. This form of financing plays a critical role in the delivery of projects that are on the brink of completion but have been hit by budget overruns or unforeseen costs. William Watson, a partner […] January 15, 2024
Giga-projects Saudi Arabia plans stadium for holographic concerts Saudi Arabia has announced plans to build a new stadium featuring holographic technology that will be able to stage virtual interactions with celebrities and artists. The Prince Mohammed bin Salman Stadium will be built in Qiddiya City, located 40 minutes from Riyadh and part of the kingdom’s new entertainment city, the state-run Saudi Press Agency […] January 15, 2024
Real Estate Dubai launches housing projects worth $1.5bn A series of projects including 2,300 ready-to-move-in houses and 3,500 plots of land for housing being allocated among citizens of Dubai have been approved by the emirate’s ruler, Sheikh Mohammed bin Rashid Al Maktoum. The housing projects, part of the Dubai Social Agenda 33, are valued at AED 5.5 billion ($1.49 billion), the UAE state-run […] January 15, 2024
Giga-projects Saudi developer Roshn prioritises local sourcing Saudi developer Roshn says it is increasing its local sourcing of building materials to manage global supply chain problems. “We’re working on a target at the moment of trying to locally source around 60 percent of our construction activities within the kingdom,” CEO David Grover told Al Arabiya TV on January 14. “For us it’s […] January 15, 2024
Economy Larger deficits unlikely to trouble Saudi debt access Saudi Arabia faces several years of budget deficits as it pushes ahead with massive development projects. Construction is fuelling the regional economy despite a slide in oil prices, raising questions about the kingdom’s continued access to debt markets. Saudi Arabia launched its Vision 2030 plan in 2016 to diversify the economy away from oil, but […] January 15, 2024
