Real Estate Riyadh adds 10 times as much office space as Dubai Riyadh added the most office space of any Middle Eastern city last year, nearly 10 times as much as its regional rival Dubai. However, the additional supply is unlikely to ease a chronic shortage of prime commercial property in the Saudi capital in the short term. Riyadh, which has a population of seven million, added […] March 18, 2025
Giga-projects Neom-backed Volocopter bought by Chinese company Chinese automotive and aerospace group Zhejiang Wanfeng Auto Wheel has acquired failed German air taxi developer Volocopter, a partner in Saudi Arabia’s Neom giga-project, for $11 million. The sale follows Volocopter’s collapse into insolvency in December, raising questions over Neom’s urban air mobility ambitions in its futuristic city development on Saudi Arabia’s north-western Red Sea […] March 18, 2025
Real Estate Dar Global targets Saudi expansion after land deals Dar Global, the international development arm of Saudi-listed Dar Al Arkan, has purchased two land plots in Jeddah and Riyadh for $390 million, advancing expansion plans in the kingdom, according to a statement to the London stock exchange. The acquisitions follow the launch of Trump Tower Jeddah and Neptune villa project in Riyadh, the London-listed developer […] March 18, 2025
Infrastructure Iraq’s long delayed Faw port nears completion Iraq’s long-delayed redevelopment and construction of its Faw port near the Arabian Gulf will be completed this year, the Iraq state news agency reported, paving the way for improved access for goods to Iraq and beyond. South Korea’s Daewoo won a $2.6 billion contract to build five main piers at the port in 2010 and […] March 17, 2025
Infrastructure Dubai’s Tabreed explores acquisitions for expansion Dubai-listed district cooling company Tabreed is aiming to expand through acquisitions and organic growth in the UAE and global markets. “We aim to grow our connected capacity by 3 percent to 5 percent annually over 2025 to 2027,” chief financial officer Adel Salem Al Wahedi wrote in the company’s 2024 annual integrated board report. The […] March 17, 2025
Real Estate High demand drives gains in Abu Dhabi real estate Rental and sale prices in Abu Dhabi grew strongly in 2024, driven by tight supply and intense competition in the property market, according to a market survey. Residential rents grew 20 percent in 2024, while sales prices climbed by 11 percent, according to real estate consultancy Cushman & Wakefield Core. Prices for homes in Khalifa […] March 17, 2025
Giga-projects Saudi Arabia still needs consultants despite PwC ban Saudi Arabia’s Public Investment Fund may have banned the global professional services giant PwC from any new advisory work for the next year, but the kingdom still needs all the help it can get, according to analysts. The country is spending billions of dollars on infrastructure and other projects as it attempts to diversify its […] March 13, 2025
Real Estate Dar Global expands Trump-branded project in Oman Saudi Arabia’s Dar Al Arkan Real Estate Development is upgrading a Trump Organisation golf course in Oman to championship level and expanding an adjacent $4 billion luxury gated community project. Dar Global, the London-listed international arm of Dar Al Arkan, said it added nearly one million square metres of beachfront land to its Aida Muscat […] March 13, 2025
Construction Iraq plans to build one million houses in two years The Iraqi government has set an ambitious target to construct 1 million houses within the next two years to tackle a festering post-war housing crisis, according to an adviser to the prime minister quoted in local media. The government is facing elections in October. The new units would be built within 11 projects and involve […] March 13, 2025
Giga-projects Diriyah secures $1.6bn loan to back cultural destination Diriyah Company has secured a SAR6 billion ($1.6 billion) loan from Banque Saudi Fransi (BSF) to develop Wadi Safar, a 62 sq km cultural and tourism destination west of Riyadh. Wadi Safar is intended as an “exclusive residential development”, a statement read, “that will feature a selection of ultra-luxury hospitality, sports and leisure, and retail assets”. It […] March 13, 2025
Infrastructure Project finance central to funding Gulf infrastructure Financing a project and project finance are not necessarily the same thing. Irrespective, project finance is as important as ever in the Gulf in funding billions of dollars of infrastructure projects, from energy and water schemes to data centres and battery storage facilities, according to experts. Abbas Hussein, global head of infrastructure and development finance […] March 13, 2025
Real Estate Egyptians show sudden interest in Dubai property Egyptians are leading the way in the Dubai property market in terms of the rate of increase of buyers by nationality. In the first two months of this year, the number of Egyptians buying in the Dubai property market more than doubled – up 150 percent – over the same two-month period in 2024, according […] March 11, 2025
Infrastructure Dubai seeks consultant for new metro Gold Line Dubai’s Roads & Transport Authority (RTA) is seeking a lead consultant for its Dubai Metro Gold Line project, according to a news report. The RTA has issued a request for proposals for the consultancy role, Dubai-based Middle East Economic Digest (Meed) reported. Potential bidders are US-based Aecom, Jacobs and Parsons, Canada’s AtkinsRealis, UK-based Mott MacDonald […] March 10, 2025
Analysis Construction Saudi construction surge draws interest from around the world Brazil’s ProMarmo, a small family-owned supplier of marble, onyx and granite, has just two branches, both in the southern Brazilian state of Rio Grande do Sol. After more than 20 years in business, the company is considering opening its third branch in none other than distant Saudi Arabia. Growing numbers of small construction companies, contractors […] March 6, 2025
Construction Middle East is top recipient of Chinese Belt and Road deals The Middle East was the top recipient of construction and investment deals under China’s Belt and Road Initiative (BRI) in 2024, with the total value reaching $39 billion. That may not go down well in Washington. Saudi Arabia and construction topped the list, according to a report by Griffith Asia Institute, based in Queensland, Australia. […] March 5, 2025
Infrastructure Dubai communities to undergo $1.6bn road upgrade Dubai’s Road and Transport Authority (RTA) and Dubai Holding, a global investment conglomerate owned by Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum, will undertake major road works in five major developments to try and cut travel times by more than half. The AED6 billion ($1.6 billion) road upgrades will be carried out in Palm […] March 3, 2025
Real Estate Saudi city rental yields top the Gulf as demand surges One-bedroom apartments in Saudi Arabia’s West Riyadh and North Jeddah now command the highest rental yields across the Gulf as demand for housing in the largest Arab economy surges. Although rents in Saudi Arabia are still relatively low compared with other countries in the region, they nonetheless grew by more than 10 percent last year. […] February 28, 2025
Construction Barloworld rejects Zahid’s $1.25bn takeover bid Shareholders at South African construction equipment company Barloworld have voted against a takeover offer by Saudi company Zahid Group. The Jeddah-based conglomerate offered to buy shares of the South African listed company at 120 rand ($6.50) apiece, valuing it at around $1.25 billion. The deal failed to secure the majority required, Barloworld said in a […] February 27, 2025
Transport Morocco to get double-decker trains ahead of World Cup Hyundai Rotem, South Korea’s railway rolling-stock maker, will supply double-decker trains to Morocco’s state-backed National Railway Office (ONCF), as the country prepares to co-host the football World Cup in 2030. The contract, valued at MAD15 billion ($1.5 billion), will support the modernisation of the country’s rail network. The new trains are designed to reach speeds of […] February 27, 2025
Giga-projects Billionaire calls for review of Egyptian mega-projects Egyptian billionaire Naguib Sawiris said his country’s mega-projects should be reconsidered to save money as they require a lot of foreign currency. “I will be polite and I would say we have an overambitious president who is doing mega projects that are requiring a lot of foreign currency and we should have a second look […] February 27, 2025
Infrastructure Water projects take priority in Jordan’s PPP pipeline Jordan is planning to launch public-private partnerships (PPP) valued at more than $1 billion this year – and that figure may soon rise to $2 billion, according to an official. Hamza Alhajaya, head of Jordan’s PPP unit, told AGBI that Jordan is already expecting to publish tenders for seven projects in 2025 worth a total […] February 26, 2025
Construction Sidara renews talks to take over John Wood Group Engineering and construction consultancy Sidara has returned to the negotiating table for talks to take over the troubled British engineer John Wood Group. Sidara, which is based in Dubai, was in discussions last year over a potential $1.6 billion acquisition, but walked away in August, citing “geopolitical risks and market uncertainty”. Problems at the Scottish […] February 25, 2025
