Construction US Green Building Council to launch new ratings system The US Green Building Council is launching a new ratings system to measure structures against tough sustainability targets. It is the first time in 10 years that the organisation has updated its policy, with the industry largely relying on the Leadership in Energy and Environmental Design (Leed) green building system. According to the US Green […] December 6, 2023
Video length: 06:23 EXCLUSIVE Banking and Finance Mashreq will ‘follow science’ for fossil fuel fund phase-out The UAE’s Mashreq Bank will “follow the science” when it comes to phasing out funding for fossil fuel companies, according to a senior executive. Mashreq is one of the top contributors to the UAE Banks Federation’s AED1 trillion ($272 billion) pledge to boost their green financing. The bank has committed to facilitating AED110 billion in […] December 6, 2023
Analysis Markets Real estate trusts struggle despite strong Dubai market Dubai’s resurgent property market has delivered riches to property owners and shareholders of leading developers like Emaar Properties, but investors in two listed Dubai real estate investment trusts – Emirates REIT and ENBD REIT – are nursing sustained losses. Both trusts are listed on Nasdaq Dubai. The emirate’s international bourse launched in 2005 with the […] December 6, 2023
Construction Concrete institute launching low carbon building code The American Concrete Institute is unveiling what it claims is the first-ever low carbon building code at the Cop28 climate conference. Building codes are a set of rules that standardise the construction process. They have historically focused on safety and serviceability, but must now address sustainability needs, Antonio Nanni, a professor at the University of […] December 5, 2023
Infrastructure Gulf telcos sign deal to create $2bn tower company Telecom operators Ooredoo and Zain Group on Tuesday said agreements have been signed to create the largest tower company in the Middle East and North Africa. The cash and share deal, which also involves Dubai-based Tasc Towers Holding, will establish a company comprising 30,000 telecom towers in Qatar, Kuwait, Jordan, Iraq, Algeria and Tunisia, with […] December 5, 2023
SPECIAL REPORT Construction Qatar and Saudi Arabia poles apart on construction growth Qatar and Saudi Arabia may share an 87km border, but the performances of their construction markets are poles apart. While activity in Saudi Arabia reaches record levels, buoyed by work on giga-projects such as Neom and Diriyah, work in Qatar has dried up after the completion of contracts signed before the 2022 Fifa World Cup. […] December 5, 2023
SPECIAL REPORT Real Estate Turkish housing crisis persists despite construction surge Activity in the Turkish construction industry is picking up pace, fuelled by the need to rebuild after the February earthquakes — but economic woes mean the road could be long, experts tell AGBI. Even before the February earthquakes, which killed 50,000 people, injured 100,000 more, and made 3 million homeless overnight, the country of 83 […] December 5, 2023
SPECIAL REPORT Giga-projects Giga-projects gobble up building supplies and talent Saudi Arabia’s enormous building programme is luring workers from other GCC countries and placing a strain on the supply of raw materials, construction executives have warned. Builders in the UAE in particular are concerned about the resources demanded by the Saudi market, which posted record growth in construction activity during the third quarter. The latest […] December 5, 2023
SPECIAL REPORT Construction How Mena is moving to sustainable construction The year is 2065 and humans are living in space, in villas of celestial materials mined from asteroids and equipped with infinity pools. Far-fetched? Perhaps, but this model was one of dozens featured last month in an exhibition on the past, present and future of sustainable design in the Middle East and North Africa (Mena). […] December 5, 2023
SPECIAL REPORT Infrastructure After stops and starts, GCC rail is back on 2030 timetable In the same week that Dubai announced a 30km extension of its metro network, Kuwait revealed that its $20 billion four-line metro project is to be cancelled. If anything sums up the difficulties associated with connecting the GCC countries by rail, then it is this. Kuwait’s metro hit the buffers as a result of “significant […] December 5, 2023
Construction Saudi cement maker Al Jouf plans to sue over $36m loss A Saudi cement producer is planning to sue three of its former board members for their role in an investment that resulted in a SAR136 million ($36.3 million) loss. Al Jouf Cement Company said in a filing to the Saudi Stock Exchange it was seeking authorisation from its general assembly for the liability lawsuit, which […] December 5, 2023
Construction UAE’s Aldar buys British developer for $291m Abu Dhabi-listed Aldar Properties has acquired London-based developer London Square in a deal worth AED1.07 billion ($291.4 million). The transaction marks Aldar’s first acquisition outside the Mena region. The Abu Dhabi developer plans to leverage its expertise and balance sheet to support London Square’s land acquisition strategy to develop larger prime central London sites. Additionally, […] December 1, 2023
Tourism Neom’s Siranna promotes Saudi eco-friendly tourism Saudi Arabia’s giga-project Neom has unveiled its latest eco-friendly tourism destination on the coast of the Gulf of Aqaba. Siranna, located in northwest Saudi Arabia, will be home to a 65-key hotel and 35 “exclusive” residences. The architecture of the “ultra-luxurious” destination comprises hexagonal pillars that will “blend into the adjoining mountain and wadi”, Neom […] November 30, 2023
Construction Atlantis may expand further in Palm Jumeirah Resort group Atlantis Global is “looking at different options” to expand its Dubai footprint further, despite president Tim Kelly predicting a drop in room rates across the emirate. The company operates the Atlantis The Palm resort at the tip of Palm Jumeirah, and opened the neighbouring Atlantis The Royal property in February this year, at […] November 30, 2023
Giga-projects Riyadh Expo 2030 to spur giga-project construction Saudi Arabia will host the World Expo 2030 in Riyadh, surpassing bids from Italy and South Korea in what analysts and officials said would be a boon for tourism and a spur to finish ambitious development projects on time. A total of 119 countries endorsed Riyadh’s candidacy during the 173rd general assembly of the Bureau […] November 30, 2023
Real Estate Saudi property prices hold up despite drop in sales The Saudi residential property market is beginning to take a hit from the economic slowdown caused by the kingdom’s oil production cuts. Yet according to figures published by real estate consultancy CBRE, prices remain resilient in the face of a fall-off in third quarter sales. A total 61,473 transactions took place in the third quarter, […] November 28, 2023
Real Estate London’s suburban real estate moves Middle East investors While central London property retains its allure for ultra-high-net-worth individuals from the Gulf Cooperation Council (GCC) countries, cash buyers are flocking to the outskirts of the UK capital to snap up investment properties. A survey of GCC high-net-worth individuals by London-based shariah-compliant lender Al Rayan Bank found that a third of respondents said they had […] November 28, 2023
Real Estate PIF expects $1trn real estate spending over next decade Saudi Arabia’s Public Investment Fund (PIF) says it intends to invest SAR4 trillion ($1.1 trillion) in the real estate sector over the next 10 years, mainly developing 12 cities as part of the Saudi Downtown project. The Saudi Downtown Company was established in 2022 as a fully owned subsidiary of the PIF to develop city […] November 27, 2023
Real Estate Abu Dhabi real estate deals soar to new high of $18.5bn Real estate transactions in Abu Dhabi hit a new high of AED 67.76 billion ($18.45 billion) in the first nine months of 2023, propelled by rising demand from local and international investors. Buying, selling and mortgage activities across the real estate sector rose 56 percent year on year, Abu Dhabi Media Office reported, citing data […] November 27, 2023
Construction PIF unit launches $354m entertainment centre in Aseer Seven, a wholly owned subsidiary of the Public Investment Fund (PIF), has launched its fifth entertainment destination in Saudi Arabia. The SAR1.3 billion ($353.96 million) project near Abha International Airport will cover a land area of 64,000 sq m with a built-up area of more than 79,000 sq m. The architecture, designed by California-based firm Gensler, […] November 27, 2023
INTERVIEW Real Estate UAE buyers help ex-England footballer hit property goals The former Manchester United and England footballer Gary Neville has revealed that one in five properties in his luxury residential development have been snapped up by UAE investors. Neville, a Champions League-winning defender turned entrepreneur, visited the Emirates this week to gauge Middle Eastern interest in his £400 million ($501 million) hotel and apartment project […] November 26, 2023
Analysis Construction Neom registers 33 new patents for projects Saudi Arabia’s futuristic city Neom has ramped up its applications for patents on names and logos, registering a total of 33 this year, including 27 within the last two months, indicating that at least two new major projects are still to come. Neom Company has made a total of 45 applications to the US patent […] November 24, 2023
