Construction Work begins in Saudi on $293m Yanbu entertainment centre Saudi Entertainment Ventures (Seven) has started work on its new SAR1.1 billion ($293.27 million) entertainment centre in Yanbu. The Yanbu project is part of Seven’s SAR50 billion plan to build 21 entertainment destinations in the kingdom. The company, a wholly-owned subsidiary of the Public Investment Fund (PIF), has awarded the contract to a joint venture […] September 13, 2023
Construction US 3D home printer to set up factories in UAE and Saudi The UAE and Saudi are set to have 3D-printed prefabricated homes in the coming years, after a US company announced plans to set up factories in the Gulf states. The move comes after Mighty Buildings, a California-headquartered 3D home construction company, raised $52 million in funding, led by Wa’ed Ventures, the $500 million venture capital […] September 13, 2023
Opinion Giga-projects Paradise found: Conserving and leveraging Saudi’s natural bounty How the world’s most ambitious sustainable hospitality project is being brought to life September 11, 2023
Opinion Trade Meanwhile, on the G20 sidelines, history in the making The proposed India-Middle East-Europe Economic Corridor could become a 'green and digital bridge across continents and civilisations' September 11, 2023
Health Leejam seeks payoff for forced closure of Riyadh gyms Leejam Sports Company is seeking compensation after being forced to close two of its gyms in Riyadh. The shuttered Fitness Time centres are on land in the city’s Al Khuzama district, which has been earmarked for the $50 billion Diriyah Gate project. In a filing to the Saudi Stock Exchange, Leejam said the two centres […] September 11, 2023
Giga-projects Egypt’s Talaat Moustafa to help build Saudi ‘smart city’ Egyptian real estate developer Talaat Moustafa Group said on Sunday it had signed an agreement with the Saudi National Housing Company to build a residential and commercial suburb northeast of Riyadh. The value of the deal is estimated at SAR40 billion ($10.7 billion). The community, described as a “smart city”, will include 27,750 residential units […] September 11, 2023
Real Estate Aldar subsidiary buys FAB’s property management unit Aldar Estates, the property and facilities management arm of Aldar Properties, has acquired FAB Properties, the property management services unit of First Abu Dhabi Bank (FAB). The deal will see the Abu Dhabi-listed developer’s subsidiary manage 22,000 residential units across 600 properties in the UAE. The acquisition of FAB Properties follows the merger of Eltizam […] September 11, 2023
Transport India-Middle East-Europe transport link announced World leaders have announced a shipping and rail transportation corridor linking countries across the Middle East, South Asia and Europe at the G20 summit in New Dehli, India, on Saturday. The India-Middle East-Europe Economic Corridor (Imec) aims to integrate railway routes and link ports along a route spanning from India to Europe, through the UAE, […] September 11, 2023
Construction Roshn awards $2.4bn contracts for Saudi projects Roshn, a real estate developer backed by Saudi Arabia’s Public Investment Fund, has finalised four major commercial agreements with local and global companies valued at over SAR9 billion ($2.4 billion). The agreements cover construction, infrastructure and fittings for Roshn’s developments across the kingdom. The largest was a SAR 7.7 billion construction contract with engineering contractor […] September 11, 2023
Construction Kuwait awards $764m airport contract to Turkish company Kuwait has awarded a 236 million dinar ($765 million) contract to Turkey’s Limak to build part of a new terminal at Kuwait airport. The Turkish company will build aircraft parking aprons, taxiways and service buildings, Reuters reported, citing the country’s official gazette. The $4.34 billion new airport terminal is likely to triple the capacity of […] September 11, 2023
Infrastructure Saudi water agency seeking global partnerships A Saudi government body set up this week to address global water challenges hopes to collaborate with other organisations across the world to meet its goals, the kingdom’s environment minister said on Friday. “The vision for this initiative is not just about creating a research and policy platform,” said Abdul Rahman Al Fadhli, Saudi Arabia’s […] September 8, 2023
Infrastructure Gulf and India to discuss possible rail and port links The US, Saudi Arabia, India and other nations are discussing a possible infrastructure deal that could reconfigure trade between the Gulf and South Asia, linking Middle Eastern countries by railways and connecting to India by port, according to US officials aware of the conversations. The talks, which have also included the UAE and Europe, may […] September 8, 2023
Banking and Finance Saudi banks face slowdown as giga-projects take toll Saudi banks are witnessing a slowdown, impacting liquidity, net profits and share price across the sector, as the pressure of funding the kingdom’s giga-projects takes its toll, analysts say. Growth in net profit at the top ten banks slowed to 0.3 percent in the second quarter and the Saudi index of bank stocks fell 18.8 […] September 8, 2023
Construction UAE’s Tabreed to invest $200m in Indian pharma city The UAE’s National Central Cooling Company (Tabreed) will invest $200 million to develop 125,000 refrigeration tonnes (RT) of district cooling plants for Hyderabad Pharma City, according to media reports. Tabreed has partnered with India’s Telangana state government to develop cooling infrastructure for industrial and commercial parks, Business Standard, an Indian financial news daily, reported. Tabreed […] September 7, 2023
Opinion Banking and Finance Female investors and the power of the ‘invisible market’ Women are diversifying and growing their investments in the region September 6, 2023
Infrastructure Contract awarded to modernise Egyptian railway A consortium of Egypt’s Orascom Construction and Paris-based Thales Group has signed a new $323.50 million contract with Egyptian National Railways to modernise the double-track railway. The track, located on the east bank of the river Nile, 115 km from the country’s capital, will link Cairo with Giza and Beni Suef. The project will be […] September 4, 2023
Real Estate Aldar-owned Sodic to launch Nobu brand in Egypt The Egyptian real estate subsidiary of Abu Dhabi’s Aldar Properties is set to launch two hotel projects that will include branded Nobu residences and restaurants. Sodic and the US-based luxury lifestyle brand have agreed to develop the projects in West Cairo and North Coast. “The expansion of Sodic’s luxury property development portfolio underscores the demand […] September 3, 2023
Real Estate Bahrain bank exits investment on Dubai’s The World A Bahrain bank has sold its investment in a manmade island on The World development off the coast of Dubai. Venture Capital Bank (VCBank), an Islamic wholesale bank licensed by the Central Bank of Bahrain, announced this week that it has sold a 900,000 square foot island plot on The World, which it owned along […] August 31, 2023
Real Estate Damac expands Dubai Lagoons development Damac Properties has launched the second phase of the Morocco cluster at Lagoons, its third master development in Dubai, as part of a portfolio of 11 Mediterranean-themed clusters. The developer said in a statement that the second phase of the Morocco cluster will house townhouses and villas. The development cost of the new phase and […] August 31, 2023
Real Estate Aldar to begin work on new Yas Island project next year Aldar Properties is expected to start construction on the first phase of Gardenia Bay on Yas Island at the start of 2024. The waterfront community is opposite Yas Park and close to attractions such as SeaWorld, Ferrari World and Yas Mall, the developer said in a statement on Abu Dhabi Securities Exchange. The project value […] August 30, 2023
Tourism Builder picked for luxury resort as Egypt tourism rebounds A construction contract has been awarded to build the first phase of the $1.7 billion Soul Luxury Beach Resort on Egypt’s north coast. Eagle Hills Properties, based in Abu Dhabi, has signed a $62 million contract with Egyptian company Orascom Construction. It described the deal as a “significant milestone” in the development of the resort, […] August 29, 2023
Giga-projects Saudi Arabia reveals latest giga-project with 11km canal Saudi Arabia has announced its latest giga-project with plans to develop an 11-kilometre-long canal north of Jeddah. The mixed-use waterfront destination, which will be home to over 130,000 residents, will be developed by Roshn Group in partnership with the kingdom’s Public Investment Fund. To be known as Marafy, the project includes the first manmade canal […] August 29, 2023
