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
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
