Construction Raysut Cement faces court over ‘misrepresentation’ An Omani investigation into a “material misrepresentation” in the accounts of Raysut Cement Company is set to go to court. The probe by financial regulator, the Capital Market Authority, related to the company’s unaudited financial reports for the third quarter of 2022. In a filing to the Muscat Securities Exchange, Hamdan Al Shaqsy, chairman of […] October 18, 2023
Construction Damac to start work on De Grisogono project in Dubai Damac Properties has awarded the main works package for its Safa One de Grisogono project on Dubai’s Sheikh Zayed Road, with completion expected in 2026. The contract, valued at over AED500 million ($136.13 million), was awarded to UAE-based United Engineering Construction Company. Safa One was launched last year, with excavation and enabling works completed earlier […] October 18, 2023
Construction Gulf contractor ALEC’s five-year plan to double business ALEC Engineering and Contracting, the company behind some of the Gulf’s biggest projects, is looking to double its business in the next five years, with Saudi Arabia making up a core part of its plans. Developments already under their management include the UAE’s first casino and Saudi Arabia’s entertainment city. Barry Lewis, ALEC’s recently appointed […] October 18, 2023
Agriculture Dubai’s Expo City to open ‘urban farm’ at Cop28 Expo City Dubai plans to open an urban farm at Cop28, demonstrating agricultural technologies being adopted in the UAE. The farm – more details of which will be unveiled in the coming weeks – is one of several decarbonisation initiatives planned for the climate change summit and beyond, Matt Brown, Expo City’s sustainability chief, told […] October 17, 2023
Transport Red Sea Global installs Saudi Arabia’s largest EV charging network Saudi developer Red Sea Global has installed what it says is the kingdom’s largest off-grid electric vehicle charging network. The network includes more than 150 charging stations spread across phase one of the Red Sea project. The stations are strategically located to keep Red Sea Global’s initial fleet of 80 electric Lucid and Mercedes vehicles […] October 17, 2023
Tourism AlWadi is latest project in Saudi Arabia’s tourism push Saudi Crown Prince Mohammed bin Salman has launched a new company to develop sustainable tourism in the kingdom’s southwest region, which aims to contribute more than SAR19 billion ($5.07 billion) to the non-oil GDP by 2030. Spread across 2.5 million square meters, AlWadi – meaning “the valley”– will be developed by Ardara, a wholly owned subsidiary […] October 17, 2023
Markets Belt and Road green bonds listed in Dubai by Chinese bank Bank of China has issued the first green bonds focused on Belt and Road Initiative projects in the Middle East, listing them on Nasdaq Dubai. The $770 million listing by one of China’s largest state-owned banks raises the total value of debt listed on Nasdaq Dubai to nearly $120 billion. The green notes have simultaneously […] October 16, 2023
Economy RAK outlook upgraded as hotel building steps up Ras Al Khaimah’s tourism and infrastructure projects, including the $3.9 billion Wynn Al Marjan Island resort, could strengthen the emirate’s growth prospects over the next two to three years, S&P Global Ratings said on Monday. S&P now rates RAK’s long-term outlook as “positive”, upgrading it from “stable”. The ratings agency is also forecasting that RAK’s […] October 16, 2023
Economy Saudi inflation eases but real estate buoys the index Saudi inflation eased to 1.7 percent in September, from 2 percent the previous month, but the booming real estate sector continued to push up prices. Housing rents rose 9.8 percent, including a 19.8 percent increase in apartment rents, forming “the main driver of the inflation rate in September 2023”, the General Authority for Statistics said. […] October 16, 2023
Construction Groundwork begins on Riyadh’s Mukaab Work has commenced on the Mukaab, a 400 metre tall cube structure in Riyadh. PIF-backed New Murabba Development Company (NMDC), the developer, has awarded the contract for the first excavation phase to construct the basement structures underneath the Mukaab and surrounding podiums to China Harbour Engineering Company. The work is part of the backfilling and […] October 16, 2023
Construction ‘Unrealistic’ deadlines spark construction disputes in Gulf Developers in the Middle East are setting “unrealistic” timelines for building projects, industry experts have warned, as the region is named among the worst in the world for construction delays. Construction overruns added 82 percent to schedules in the region, well up on the global average of just over 67 percent, according to the 2023 […] October 16, 2023
Tourism Saudi eco-tourism drive continues with Leyja launch Saudi Arabia’s $500 billion giga-project Neom has unveiled plans for a sustainable tourism destination built between 400-metre-high mountains. Leyja will have just 120 rooms and suites, split equally with 40 keys each in three resorts, the company said in a statement. The eco-friendly development will spread from the Gulf of Aqaba coast and move inland […] October 16, 2023
Giga-projects Construction to start on Rua Al Madinah giga-project Rua Al Madinah Holding, the Saudi Public Investment Fund (PIF) subsidiary in charge of the touristic and cultural development of Medina, has invited companies to bid for contracts to build 5,000 hotel rooms. Construction of the mega mixed-use scheme is due to start soon. Rua Al Madinah expects to welcome its first guests in 2026. […] October 16, 2023
Aviation Huge expansion planned for Saudi’s Abha airport Abha International Airport in the south-west of Saudi Arabia is to expand to more than six times its current size. The plans, revealed this week by Crown Prince Mohammed bin Salman, will see the terminal area of the airport increased to 65,000 square metres. It includes the construction of passenger boarding bridges, self-service facilities and […] October 13, 2023
Analysis Tech Investors turn to data centres in Gulf and Mena tech push Investor appetite for data centres in the Middle East is soaring as the region, particularly the Gulf, accelerates its digital transformation. Experts say they are seeing increased levels of investment and interest from international operators, who are looking to capitalise on the region’s growing need for data processing and storage. Earlier this year the Saudi […] October 12, 2023
Real Estate Super-rich choosing Dubai for second homes Dubai has become a second-home paradise for the super-rich as the number of wealthy residents in the emirate continues to soar. The city boasts more than 500 centi-millionaire second-home owners. It features ahead of locations such as Palm Beach and West Palm Beach in the US, Sydney, Nice and Napa, according to the latest wealth […] October 11, 2023
Real Estate UK commercial property bargains lure Gulf buyers Gulf backers have contributed over 80 percent towards a British investment fund targeting distressed commercial property sales in the UK. Greenridge Investment Management Ltd has just closed the first round of its $190 million Greenridge Opportunities fund and has surpassed its first capital raise target by 46 percent. Strong participation from Saudi Arabia and Kuwait […] October 11, 2023
Real Estate Dubai’s unfinished Falconcity plots sell at steep discount Hundreds of plots of land from the long-delayed Dubai real estate master project Falconcity have been auctioned off, at a discount of more than a billion dirhams on the initial asking price. Falconcity of Wonders, an AED5.5 billion ($1.5 billion) master development launched in 2005 during Dubai’s property boom, had promised buyers views of replica […] October 10, 2023
Real Estate Beachfront villa in Abu Dhabi listed for record $27m The most expensive villa in Abu Dhabi has been listed for sale as the off-plan property market in the UAE capital continues to witness strong growth. The AED98 million ($26.7 million) villa, located in the Ohana by the Sea coastal development between Abu Dhabi and Dubai, is scheduled to be handed over in the fourth […] October 9, 2023
Infrastructure PIF launches company to drive Saudi EV charging The Public Investment Fund (PIF) and Saudi Electricity Company (SEC) have launched a new company to deliver electric vehicle (EV) fast-charging infrastructure in Saudi Arabia. The Saudi sovereign fund will own 75 percent of the Electric Vehicle Infrastructure Company, while the kingdom’s utility provider will hold the remaining 25 percent stake. The new company plans to establish […] October 9, 2023
Construction Arada awards $191m contract for its first Dubai project UAE real estate developer Arada has awarded two contracts worth AED700 million ($190 million) to build all 294 upscale houses at its first Dubai project in Jumeirah Golf Estates. Jouri Hills covers an area of more than 40 million square feet of Jumeirah Golf Estates, which houses two international golf courses. Intermass, a UAE-based contractor […] October 6, 2023
Construction New PIF unit to transform Jeddah’s Al Balad district Saudi Arabia’s Public Investment Fund has launched the Al Balad Development Company to develop Jeddah’s historic Al Balad district as the kingdom targets 150 million visitors by 2030. The transformation will lead to the creation of Jeddah as an economic hub and a global cultural and heritage destination. BDC will focus on improving the district’s […] October 4, 2023
