Opinion Giga-projects Saudi budget reveals realism now guides the way The price of oil remains fundamental to the government’s financial health December 20, 2023
EXCLUSIVE Renewable Energy Yellow Door targets South Africa and Saudi Arabia Yellow Door Energy, the Dubai solar electricity provider that has raised nearly $500 million in funding from investors, is targeting South Africa and Saudi Arabia as key growth markets. The company builds bespoke solar power plants for corporate clients, usually at their premises. These include factories, offices, shopping malls and warehouses. Yellow Door also finances, […] December 20, 2023
Economy Saudi mortgage lending rises despite GDP slowdown Saudi banks’ mortgage lending to individuals and businesses rose in the third quarter, up 13 percent on 2022, despite a slowdown caused by lower oil prices and oil output cuts. A bulletin released this week by the central bank reported loans of SAR591.7 billion ($158 billion) to individuals and SAR155.5 billion to companies in Q3. […] December 18, 2023
Video length: 05:22 Construction Norwegian architects to help bring opera to Saudi masses Norwegian architects Snøhetta have unveiled the design for an opera house to be built in Riyadh by 2028 as part of Saudi Arabia’s drive to make a once forbidding capital city a global cultural destination. Video representations of the Royal Diriyah Opera House were shown last week at a ceremony in the historical Diriyah district […] December 18, 2023
Exclusive Construction Aldar ‘confident’ of doubling market cap within five years Abu Dhabi developer Aldar Properties is ramping up an international expansion drive that, alongside plans to grow its UAE portfolio, will help to double its market cap, its group chief executive said. Aldar’s market cap is currently $12 billion, and group CEO Tilal Al Dhiyebi foresees “doubling that in five years,” he told AGBI in […] December 18, 2023
Giga-projects Diriyah giga-project promises Beverly Hills in Riyadh Saudi Arabia plans to make its Diriyah heritage district the “Beverly Hills of Riyadh” by 2028 in time for the World Expo 2030 to be held in the city, the giga-project’s CEO said this week. Jerry Inzerillo, head of the Diriyah Gate Development Authority, said these plans include the construction of a 1.9km road like […] December 18, 2023
Sustainability Mubadala unit banks on decarbonising buildings The UAE has set a target of reducing emissions in its building sector by 56 percent by 2030 compared to 2019 levels. This is part of the country’s broader efforts to slash emissions by 40 percent by the end of the current decade. However, it is going to be difficult for the UAE to reach […] December 15, 2023
Giga-projects Qiddiya to host first gaming district in Saudi Arabia The Qiddiya giga-project, near Saudi Arabia’s capital Riyadh, will host the first multi-use gaming and esports district in Saudi Arabia. The kingdom is striving to become a global gaming and sports centre by 2030. The upcoming gaming and esports district, which is claimed to be the first in the world, is part of the launch […] December 15, 2023
Real Estate ADCB sells 80% stake in property unit for $161m Abu Dhabi Commercial Bank (ADCB) has agreed to sell an 80 percent stake in its wholly-owned property management subsidiary, Abu Dhabi Commercial Properties (ADCP), for AED591 million ($160.92 million). The agreement was signed with Nine Yards Plus Holding, the real estate subsidiary of Abu Dhabi-based EIH Ethmar International Holding (EIH), the bank said in a […] December 15, 2023
Banking and Finance Saudi Arabia seals $11bn syndicated bank loan Saudi Arabia has concluded an $11 billion syndicated loan arranged from a group of lenders to help fund its vast infrastructure developments in what an adviser to the agreement describes as the largest government loan worldwide this year. The 10-year facility is also the biggest loan to any borrower in Europe, the Middle East and […] December 14, 2023
Tourism Golf course emerges from the desert at Diriyah giga-project Saudi Arabia is developing a luxury golf and equestrian resort outside Riyadh as part of the Diriyah giga-project, with three major hotel brands announcing this week that they were taking part. Aman, Oberoi and Six Senses are the first hotels to start construction in the mountainous rocky land on the edge of the desert west […] December 14, 2023
Construction How Saudi tech is addressing the lack of construction sand A patented technology developed in Saudi Arabia is aiming to increase the use of desert sand in concrete manufacturing. ClimateCrete’s technology modifies the surface of the fine local sand particles, making a much more durable and stable concrete. At a time of unprecedented levels of construction in the kingdom, it plans to make concrete production […] December 14, 2023
Real Estate Aldar joins Mubadala and Ares to invest in Europe real estate Abu Dhabi-listed Aldar Properties has partnered with Mubadala Investment Company (Mubadala) and Ares Management Corporation (Ares) to invest $1 billion through a private credit fund in the UK and Europe’s real estate market. Mubadala will hold a 50 percent stake in the new platform, while Aldar will own 30 percent. Ares will hold the remaining […] December 14, 2023
Construction Investcorp buys 50% of Corsair’s $5bn infrastructure business Bahrain-based alternative investment firm Investcorp has acquired a 50 percent stake in the $4.8 billion infrastructure business of New York-based investment firm Corsair Capital. The transaction was completed by establishing Investcorp Corsair Infrastructure Partners (Investcorp Corsair), a new entity jointly owned by the two companies, the Manama-headquartered company said in a statement. The new entity […] December 12, 2023
Construction Zamil wins $153m deal to build Saudi defence complex A Dammam construction company has won a SAR575 million ($153 million) contract to build a defence manufacturing complex in Al Kharj, central Saudi Arabia. Zamil Steel Construction Company agreed the deal with Saudi Arabian Military Industries (Sami), a Public Investment Fund company set up to lead the development of the kingdom’s defence industry. The Al […] December 11, 2023
Analysis Construction Locals bemused by Jeddah’s planned transformation Amid a vast area of empty land in north Jeddah’s Obhur district, a lone unfinished tower stands out on the horizon with motionless yellow cranes around its edges – a stalled sign of the transformation of Saudi Arabia’s second city. Now work on the tower – possibly the tallest in the world upon completion – […] December 11, 2023
Sustainability Turning trash into tokens: blockchain’s answer to waste Trash, garbage, detritus. Whatever you call it, the waste management industry around the world faces a huge challenge as it must handle a substantial and growing volume of rubbish. In 2020, according to the World Bank, the world generated 2.24 billion tonnes of solid waste, amounting to a footprint of 0.79 kg per person per […] December 11, 2023
Construction Contractors upbeat despite Dubai real estate warning The mood was decidedly upbeat at the Big 5 construction conference in Dubai this week, despite recent warnings that the emirate’s real estate sector will slacken next year. Dubai residential property prices rose nearly 17 percent year-on-year in the first half of 2023, the fastest pace in nearly a decade. But a senior S&P Global […] December 8, 2023
Analysis Construction Project overruns remain but payment issues improving Delays in construction project timelines and payments remain a concern in the Gulf. However, things seem to be on the up on the payment side at least, multiple industry professionals said during the Big 5 Global conference in Dubai this week. The larger Middle East region suffers from some of the worst project overruns in […] December 7, 2023
Opinion Real Estate Big squeeze: Dubai’s office market reaches new peak The emirate is witnessing a ‘first come, first served’ leasing mentality December 7, 2023
Logistics Saudi port operator to develop Bangladesh terminal Saudi company Red Sea Gateway Terminal International Limited (RSGTI) has signed a 22-year concession to develop a container terminal at Bangladesh’s primary port in a deal worth $170 million. RSGTI, a subsidiary of the Sustained Infrastructure Holding Company (Sisco), signed the deal with the Chittagong Port Authority to develop Patenga Container Terminal. In a filing […] December 7, 2023
Analysis Giga-projects Big 5 builders seek answers to Saudi’s $1.5trn question Saudi Arabia’s mammoth pipeline of giga-projects was the focus of the Big 5 Global conference in Dubai this week, as the region’s main construction players discussed how to juggle fast-approaching 2030 deadlines with the kingdom’s push for sustainable development. Saudi Arabia has signed off on $78 billion of construction projects so far this year, up […] December 7, 2023
