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
Opinion Real Estate Commercial property shortage looms over Dubai More needs to be built – and quickly – if the emirate is not to become a victim of its own success October 3, 2023
Opinion Renewable Energy The Gulf is on track to lead global climate tech We need to focus on mitigating the risks and adapting October 3, 2023
Construction Doubts still swirl around completion of Jeddah Tower No final decision has been taken on construction the Jeddah Tower in Saudi Arabia, despite reports that building work on the controversial project had restarted. The planned skyscraper, which was set to be the tallest building in the world, was announced in 2009 by Kingdom Holding. Work stopped in 2017, however, after only a few […] October 3, 2023
Opinion Oil & Gas Saudi Arabia’s oil output cut is paying dividends Oil economies have to live with the consequences of the swings of global demand October 2, 2023
Opinion Real Estate Could Dubai property meet its nemesis in 2024? Global macro forces suggest an overheated real estate sector, reminiscent of 2008's tipping points October 2, 2023
Construction Damac awards $160m contracts for two projects Damac Properties has awarded two contracts worth AED588 million ($160 million) for Damac Hills, the Dubai developer’s flagship master development. The first contract, valued at AED341 million, is for the main works of the Gems Estates cluster – a luxurious collection of high-end mansions branded by Swiss jeweller de Grisogono, with home interiors branded by […] September 29, 2023
Tourism $1bn tourism school to open in Saudi’s Qiddiya Saudi Arabia plans to build a $1 billion tourism school in the Qiddiya sports, culture and entertainment city giga-project. The Riyadh School for Tourism and Hospitality will train workers from around the world, not only Saudi Arabia, tourism minister Ahmed Al-Khateeb told a UN World Tourism Organization gathering in the capital. The training headquarters at […] September 27, 2023
Opinion Construction UAE construction becoming sustainable and inclusive Builders are creating homes that adapt over time to residents' changing needs September 27, 2023
Tech Property tech makes its mark in Dubai Off-plan property buyers in Dubai can now inspect their potential purchase in real time and lifesize thanks to walkthrough technology. Lifesize Plans, a tech business founded in Australia, has opened its first Middle East franchise in the Al Quoz district. At its facility, plans for residential, commercial and industrial properties are enlarged to 1:1 scale […] September 26, 2023
Giga-projects Saudi developer wins $610m Qiddiya giga-project contract A SAR2.3 billion ($610 million) contract has been awarded to carry out key infrastructure work on Saudi Arabia’s Qiddiya giga-project, described as the country’s capital of entertainment. The Saudi Real Estate Company said in a filing on the Saudi Stock Exchange on Monday that contracts have been agreed between the Qiddiya Investment Company and one […] September 25, 2023
Leisure & Hospitality Marriott to open two luxury hotels in Neom’s Trojena Global hotel chain Marriott International will open two luxury properties in Trojena, a year-round mountain destination in the $500 million Neom development. The deal with the US hotelier includes Saudi Arabia’s first W Hotel and a JW Marriott property. “We are excited to work with Neom to develop these two properties in one of the […] September 25, 2023
Real Estate China’s unsold homes raise concerns over debt defaults Even China’s population of 1.4 billion would not be enough to fill all the empty apartments littered across the country, a former official said on Saturday, in a rare public critique of the country’s crisis-hit property market. China’s property sector, once the pillar of the economy, has slumped since 2021 when real estate giant China […] September 25, 2023
Real Estate Dubai real estate is ‘fairly valued’ says UBS Dubai real estate still offers value for money compared with some of its global peers, a new report by investment bank UBS has claimed. But according to one real estate expert, residents in the emirate could soon be priced out of the market if the ongoing supply and demand imbalance continues. In the year leading […] September 22, 2023
Analysis Economy Saudi economy slips as government pushes oil cuts Analysts see the Saudi economy contracting in 2023 as a result of voluntary oil production cuts. Higher prices, however, will still ensure that state coffers are full enough to meet the kingdom’s number one priority – funding its mammoth Vision 2030 diversification projects. The International Monetary Fund said this month it saw a slowdown in […] September 22, 2023
Finance India-Middle East-Europe corridor to revive spice route Indian spices and spice products are likely to be the first commercial products to find their way through the new India-Middle East-Europe Economic Corridor (Imec), an Indian minister has said. Imec, announced last month at the G20 summit in New Delhi, India, aims to integrate railway routes and link ports along a route from India […] September 21, 2023
Real Estate Bahrain’s Arcapita exits US student housing portfolio Arcapita Group Holdings, the Bahrain-headquartered alternative investment company, has exited from its student housing community investment in the United States. Arcapita sold its student housing community near Clemson University, the second largest university in South Carolina, to Chicago-based Core Spaces, an operator of student housing properties. The transaction is Arcapita’s second student housing exit in […] September 21, 2023
Real Estate Aldar pairs up with Nikki Beach for RAK residences Aldar Properties is partnering with resort group Nikki Beach Global to develop three branded residential buildings in Ras Al Khaimah as part of a larger beachfront community on Al Marjan Island. Sales for the Abu Dhabi developer’s inaugural residential development in Ras Al Khaimah – named Nikki Beach Residences – are expected to launch later […] September 20, 2023
Real Estate Russians snap up plots of land to build ‘Little Moscow’ in Dubai Russian investors in Dubai are working to become real estate developers or acquire clusters of homes to build “Little Moscow” communities in the emirate. Buyers from Russia have become big investors in Dubai property since sanctions imposed on Moscow locked them out of European and North American markets. The UAE has also become a key […] September 20, 2023
