Construction Saudis to build carbon-negative concrete factory The Saudi real estate company Roshn Group and the Bahamas-based startup Partanna have agreed to build a factory to produce carbon-negative concrete in the kingdom. The specifics of the agreement, including the facility’s size and location, are still being finalised, a Partanna spokesperson told AGBI. The factory could have the capacity to produce enough concrete […] January 12, 2024
Infrastructure ADIA unit invests in Indonesian toll roads system A wholly owned subsidiary of Abu Dhabi Investment Authority (ADIA) has invested in Indonesia’s Trans Java Toll Roads, partnering with Dutch pension fund APG Asset Management and Indonesia’s sovereign wealth fund Indonesia Investment Authority (INA). APG said the deal is part of Indonesia’s bid to raise up to $2.75 billion in investment in its toll […] January 11, 2024
Giga-projects Neom launches ‘futuristic’ project on Aqaba coast Saudi Arabia’s $500 billion Neom giga-project has launched Aquellum, a “futuristic” mixed-use development on the Gulf of Aqaba coast. The project will be concealed from the outside along the coastline, hidden within a 450-metre-high mountain range. Visitors will access Aquellum through “the world’s first floating marina” in a specially designed vessel, entering through a concealed […] January 11, 2024
Infrastructure DP World to invest $3bn to develop new ports in India Dubai’s DP World plans to invest $3 billion to develop new ports, terminals and economic zones in India’s western state of Gujarat over the next three years. The memorandums of understanding (MoUs) include the development of multi-purpose deep-draft ports in south and western coasts of Gujarat; special economic zones in Jamnagar and Kutch; and cargo […] January 11, 2024
Real Estate Khalaf Al Habtoor escalates dispute with Lebanon Emirati businessman Khalaf Al Habtoor has escalated his feud with the Lebanese authorities by launching an investment treaty dispute against the country. The legal notice of the dispute alleges that Beirut’s treatment of his conglomerate, Al Habtoor Group, breaches the investment treaty between the UAE and Lebanon. Under the 1999 agreement, Lebanon committed to protect […] January 10, 2024
Real Estate Egypt to offer residency to foreign property buyers Egypt is looking to attract investments into its residential property market by offering a five-year residency to international buyers. This initiative is highlighted in a cabinet document providing the economic roadmap for 2024-2030, Egypt Today newspaper reported. The government intends to establish a specialised company to manage real estate export and leasing activities, with expected […] January 10, 2024
Infrastructure Turkey secures $1.3bn for high-speed railway Financing worth more than $1.3 billion has been secured to build a high-speed electric railway in Turkey. The deal, which was structured by Mitsubishi UFJ Financial Group, was enabled by support from UK Export Finance (UKEF) and three other export credit agencies: Austria’s OeKB, Italy’s Sace and Poland’s Kuke. The agreement allows Turkey’s Ministry of […] January 9, 2024
Logistics Aldar invests $272m to expand logistics business Aldar Properties, Abu Dhabi’s largest developer, will invest AED 1 billion ($272.27 million) to expand its logistics real estate business in Abu Dhabi and Dubai. The investment includes acquiring operational assets and the development of ready-to-lease and build-to-suit options due to strong demand for Grade A logistics facilities. The move will increase Aldar’s gross leasable […] January 9, 2024
Construction New Dammam project to house 50,000 residents Saudi developer Adel Real Estate has completed the blueprint for Adel District, which will accommodate 50,000 people in Dammam. Plots will be put for sale in the project, spanning 5.6 million sq m, in the first quarter of 2024, the developer said in a statement. The urban development will comprise five neighbourhoods, which include residential buildings, office […] January 9, 2024
Video length: 07:13 Real Estate Landlords keep upper hand in Dubai rental market Landlords have the upper hand in Dubai’s rental market, real estate experts say, as single-cheque payments for annual leases continue to dominate in the emirate. “With a limited number of properties available and an influx of new tenants, landlords find themselves in a stronger negotiating position,” Lewis Allsopp, chairman of the Dubai estate agent Allsopp […] January 8, 2024
Sustainability Gulf’s recycling industry grows with mega-projects The volume of Gulf construction projects will increase the use of recycled materials, the head of the Bureau of Middle East Recycling has told AGBI. Ibrahim Aboura, who is also managing director of Aboura Metals in Dubai and a committee chairman of the Bureau of International Recycling (BIR), added that it will also raise the […] January 8, 2024
Infrastructure Turkish minister hints UAE and Qatar joining mega project The United Arab Emirates (UAE) and Qatar are considering joining the mega Development Road project, which will link southern Iraq to Turkey, a senior Turkish minister has said. “We will implement the project hopefully, in collaboration with Iraq. The UAE and Qatar also seem to be interested in this process,” transport and infrastructure minister Abdulkadir Uraloglu […] January 8, 2024
Video length: 07:13 Analysis Real Estate Dubai mortgage surge as tenants flee rent rises There was a 40 percent increase in the value of home mortgage approvals in Dubai last year despite climbing interest rates, with tenants seeking to get on the property ladder to dodge rising rents, according to new data. Not since the 1980s, when the US Federal Reserve tried to curb inflation, have interest rates shot […] January 8, 2024
Video length: 07:13 Opinion Real Estate Something has gone wrong in Dubai residential real estate Policymakers must remember what makes the emirate attractive: value for money and quality of life January 5, 2024
Analysis Construction Bahrain’s consumer spend to rise as destination malls open Consumer spending in Bahrain is forecast to rise this year as its economy grows – with retail confidence reflected by construction starting on a $530 million development. Bahrain Marina will have nearly 200 shops, including international brands, restaurants and cafes, as well as 274 residential units, 182 berths for yachts and boats, and more than […] January 5, 2024
Infrastructure Sharjah begins work on $338m airport terminal expansion Work has commenced on Sharjah International Airport’s AED1.24 billion ($337.62 million) terminal expansion project, which is expected to be completed by 2027. Sharjah Crown Prince and deputy ruler Sheikh Sultan bin Mohammed bin Sultan Al Qasimi laid the foundation stone for the project, the UAE state-run Wam news agency reported. Spanning an area of 190,000 […] January 4, 2024
Infrastructure Dubai launches new entity to oversee parking operations Dubai has set up a new company to oversee operations related to parking spaces in the emirate. Parkin, a public joint stock company set up following the issuance of a law by Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum, will have financial, administrative and legal autonomy to fulfil its responsibilities. The company’s duration stands at […] January 4, 2024
Real Estate Aldar’s green retrofits lead to ‘phenomenal payback’, says CEO Aldar Properties has increased the value of buildings in its portfolio by up to 10 percent through green retrofits, its group chief executive said. The Abu Dhabi developer has seen “phenomenal” payback, Talal Al Dhiyebi told AGBI, after investing around $40 million to improve the energy efficiency of residential and other real estate. “We’ve done […] January 3, 2024
Real Estate Arada’s $163m land plot to house 50-floor residential tower UAE-based real estate developer Arada will build a 50-storey luxury residential tower adjacent to Dubai International Financial Centre (DIFC). The company purchased a land plot in Zabeel 2 for AED600 million ($163.36 million) from Rital Properties, the real estate subsidiary of Emirates NBD. The 138,466 sq ft land plot is close to Index Tower and […] January 3, 2024
Industry Second industrial city planned for Saudi’s Aseer region Work has started on a second industrial city in the Aseer region of Saudi Arabia after the first attracted investments of more than SR2 billion ($533 million). The development is being implemented by the Saudi Authority for Industrial Cities and Technology Zones (Modon) and the Aseer Region Development Authority. The Second Aseer Industrial City covers […] January 3, 2024
Banking and Finance Giga-projects squeeze liquidity for Saudi banks Banks in Saudi Arabia are being pushed to finance the kingdom’s colossal Vision 2030 projects, triggering a liquidity squeeze in the mid-market sector and creating demand for private credit, a senior executive at Rothschild & Co told a conference in Abu Dhabi Private credit refers to non-bank lending, where investors provide debt financing directly to […] January 3, 2024
Infrastructure Taqa-led consortium to build $408m Saudi water project A consortium led by the Abu Dhabi National Energy Company (Taqa) has won a contract from state-run Saudi Water Partnership Company (SWPC) to develop the AED 1.5 billion ($408.44 million) Juranah independent strategic water reservoir project in Makkah. The consortium includes Vision International Investment Company (Vision Invest) and Gulf Investment Corporation (GIC), Taqa said in […] January 2, 2024
