Real Estate Qatar wealth fund buys troubled New York hotel A luxury Manhattan hotel, which has been on the market for a number of years after being caught up in the 1MBD Malaysian investment fund scandal, has been sold to Qatar’s sovereign wealth fund. The Qatar Investment Authority has bought the 46-storey Park Lane Hotel for almost $623 million, according to city records, as first […] August 29, 2023
Real Estate Palm Jumeirah’s $52m plot to house high-end residences A new high-end residential project is slated to be built on Dubai’s Palm Jumeirah following the sale of a plot of land on the man-made, palm-shaped island. The plot was sold for AED190 million ($51.73 million), one of the highest land deals recorded in Dubai in 2023, said global property consultancy JLL, who arranged the deal […] August 29, 2023
Construction Work to begin on Reem Hills villas in September Q Properties, a real estate development subsidiary of Abu Dhabi-listed Q Holding, has awarded an AED1.76 billion ($479.17 million) construction contract for the first phase of Reem Hills villas on Abu Dhabi’s Al Reem Island. UAE-based Trojan General Contracting will build the 218 luxury villas and develop the three million sq ft of built-up area. […] August 29, 2023
Analysis Finance Saudi Arabia pushes easy mortgage financing scheme Saudi Arabia has increased funding for home ownership for citizens over the past year in an effort to reach Vision 2030 targets. The kingdom’s sluggish mortgage market has been affected by high US interest rates. The Saudi riyal is pegged to the US dollar, tying the Saudi mortgage market to US interest rate fluctuations. Residential […] August 29, 2023
Logistics Saudi Arabia to build 59 logistics centres by 2030 Saudi Arabia will have 59 logistics centres by 2030, as the kingdom aims to transform itself into a global logistics hub. Crown Prince Mohammed bin Salman unveiled the masterplan for the centres as part of ongoing initiatives under the national transport and logistics strategy. The 59 centres will have a total area of more than […] August 28, 2023
Construction Contract awarded for work on Avenues Khobar project Kuwaiti developer Mabanee has awarded a construction contract worth SAR3.66 billion ($976 million) for the first phase of The Avenues Khobar, a mixed-use project in Saudi Arabia. The contract was won by a joint venture between Saudi’s AlKifah Contracting Company and Kuwait’s Al Ahmadiah Contracting and the work will be completed in three years, Mabanee […] August 28, 2023
Real Estate Meraas appoints main contractor for Jumeirah project China Railway 18th Bureau has been appointed main contractor for the latest residential project to be built in Dubai’s Port De La Mer. Developer Meraas Holding appointed the company for its Le Ciel project, in which three residential buildings will be built, consisting of eight floors with 178 properties, ranging from one to four bedrooms. […] August 25, 2023
Construction Neom appoints manager for superyacht destination Saudi’s $500 billion giga project Neom has appointed a company to head its superyacht destination on the Red Sea. JLS Yachts, a Middle East-based yacht agency and concierge service provider, will manage Sindalah, which will be home to more than 5,000 berths. Set to open in 2024, Sindalah is one of the 41 Neom islands […] August 25, 2023
Construction Court gives Dubai’s Drake & Scull stay of execution Dubai contracting company Drake & Scull International (DSI) has received a reprieve from liquidation following the latest court ruling on its long-running restructuring plan. DSI has been attempting to thrash out a restructuring proposal for more than a year. Its accumulated losses increased to AED5.3 billion ($1.44 billion) in the first half of this year, […] August 23, 2023
Real Estate US builder to manage Riyadh business hub expansion US construction and engineering company Parsons Corporation has won a contract to manage the expansion of the King Abdullah Financial District (KAFD). The Virginia-based business said it has been awarded a five-year contract by the KAFD Development and Management Company for Saudi Arabia’s prime business and lifestyle destination. The contract supports the expansion of the […] August 23, 2023
Real Estate Ajman property deals rise 16% as economy rebounds Real estate transactions in Ajman rose 15.6 percent year on year in the first half of 2023, propelled by the UAE’s thriving economy. The number of property deals reached 5,310 and were valued at AED7.17 billion ($1.95 billion), the UAE state-run Wam news agency reported, citing Omar bin Omair Al Muhairi, director-general of Ajman’s Department […] August 23, 2023
Real Estate Falconcity of Wonders plots to go under hammer in Dubai Hundreds of plots of land at a Dubai development that promised homebuyers views of a replica Eiffel Tower or Taj Mahal have been put up for auction. The Falconcity of Wonders project was launched in 2005, at the height of the Dubai real estate boom, and its masterplan included districts themed around Paris and Venice. […] August 23, 2023
Construction Construction activity up in Turkey due to earthquakes The number of construction workers in Turkey increased by 28,000 in the second quarter of the year compared to Q1, as building activity continues at pace following February’s earthquakes. The latest figures from the Turkish Statistical Institute revealed the number of people employed in the country’s construction sector hit 1.973 million between April and June […] August 21, 2023
Construction Bahrain office rents fall as oversupply issues grow Office rents in Bahrain are expected to experience continued downward pressure with new supply set to hit the market. Rental rates increased by 1.6 percent in the second quarter of the year compared to the first three months of 2023, at an average value of BHD6.5 per sq m. And office vacancy rates hit their […] August 18, 2023
Construction Egypt keeps electricity prices unchanged until January 2024 Egypt will maintain current electricity prices for consumers, as it deferred any changes for an additional six months, the cabinet said in a statement. In its weekly meeting, the cabinet decided to maintain electricity prices until January 2024, citing Egypt’s current economic challenges. The government has delayed the scheduled increase in power prices for the […] August 18, 2023
Construction Dubai real estate market bats off interest rate hits International private credit funds could be ready to tap into the Dubai real estate market with competitive interest rates. The Central Bank of the UAE raised its borrowing rate in July after the US Federal Reserve pushed its interest rate to a 22-year high. Now Asian and European funds are looking at the market as […] August 17, 2023
People & Lifestyle UAE decking out offices to promote worker wellbeing The UAE is increasingly adopting building standards that meet employee demand for office conditions that enhance wellbeing. The Middle East has witnessed a 24-fold increase in Well Building Standard adoption over the last 19 months, with a large majority coming from the UAE. The Well Building Standard is an international system that measures, monitors and […] August 17, 2023
Economy German decline scares off Middle East property investors Middle East investors are increasingly wary of buying German real estate due to the country’s stuttering economy and the allure of more profitable, less risky alternatives. This hesitance is exacerbating a slump in Germany’s property sector. Sales in the first half of 2023 totalled €14.9 billion, down 59 percent year on year and 53 percent […] August 17, 2023
Construction Saudi Arabia signs $1.3bn housing deals with China Saudi Arabia has signed 12 infrastructure development agreements with Chinese companies and banks worth more than SAR5 billion ($1.33 billion). The agreements include five housing-related projects, state-run SPA reported, citing the housing ministry. Speaking at the Saudi-Chinese Business Forum in Beijing, Saudi housing minister Majid Al Hogail said the kingdom offers significant investment opportunities in […] August 17, 2023
Infrastructure Dewa selects Acwa Power to develop $914m water project Dubai Electricity and Water Authority (Dewa) has selected Saudi Arabia’s Public Investment Fund-backed Acwa Power as the preferred bidder for the construction and operation of the AED3.38 billion ($914 million) Hassyan phase one independent water producer (IWP) project. The project is the largest of its kind in the world for water production-based sea water reverse osmosis […] August 17, 2023
Construction Saudi Arabia first choice for China’s BRI investment Saudi Arabia remains one of China’s strongest global trade partners, leading Chinese engagement in the construction sector during the first half of 2023, according to the latest Belt and Road Initiative investment report issued by a leading think tank. Of 45 countries receiving Chinese financing and investment in the first six months of 2023, Saudi […] August 16, 2023
Infrastructure Saudi seeks Chinese funding for infrastructure projects Saudi Arabia is in talks with Chinese banks for potential investment in and development of infrastructure projects. The talks were held between Saudi housing minister Majid Al Hogail and several heads of Chinese banks in Beijing, state-run SPA news agency reported. The minister discussed investment opportunities across a number of Saudi cities with officials from […] August 16, 2023
