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
Construction Contractor Drake & Scull files lawsuit claims of $2.8bn Troubled Dubai contracting firm Drake & Scull International said on Tuesday that it has filed lawsuits with claims equivalent to more than AED10.3 billion ($2.8 billion) as it awaits court approval on its restructuring plan. Chairman Shafiq Abdelhamid said in a filing to Dubai Financial Market that the lawsuits include civil cases filed against the […] August 15, 2023
Construction Red Sea project gets world’s first zero-carbon 5G network Mega-developer Red Sea Global and Saudi-listed telco Zain KSA have launched the world’s first zero-carbon 5G network at the Six Senses Southern Dunes resort in The Red Sea project. The 5G network is powered by 100 percent renewable energy from over 760,000 solar panels that Red Sea has built to power the entire 28,000 sq […] August 15, 2023
Construction Court rules against Binladin Group in crane tragedy The Saudi Supreme Court has affirmed a ruling against the Binladin Group, fining the construction company SAR20 million ($5.33 million) for a 2015 accident in which a crane collapsed in Mecca during the hajj pilgrimage season. The court found that safety violations caused the deaths of more than 100 people. The Okaz newspaper reported on […] August 14, 2023
Construction PIF unveils FM subsidiary to target $35bn business Saudi Arabia’s Public Investment Fund (PIF) has established a facilities management business to support the growth of its real estate sector. Saudi Facility Management Company (Fmtech) will offer a range of services, including utilities management, energy management, waste management, maintenance, housekeeping, security and landscaping services, the sovereign wealth fund said in a statement. In addition, […] August 11, 2023
Infrastructure Dewa profits fall 20% as financing costs surge Dubai Electricity and Water Authority (Dewa) reported net profits of AED1.93 billion ($525.46 million) in the second quarter of 2023, down 20 percent from AED2.41 billion a year earlier due to rising financing costs. Revenue rose 4 percent to AED7.29 billion, driven by increased demand for electricity, water and cooling services and higher income from […] August 11, 2023
Construction Emaar share price declines despite first-half profit rise Dubai’s Emaar Properties reported a 15 percent rise in first-half net profit on Thursday as declining costs and surging other income more than offset a double-digit drop in revenue. Yet investors seemed unimpressed, and the company’s share price, and that of its subsidiary Emaar Development, were both down in early trading on Dubai’s bourse. Emaar […] August 10, 2023
Real Estate Abu Dhabi house prices 25% lower than 2014 Average house prices in Abu Dhabi are 25 percent cheaper than they were during the 2014 peak. One area that bucks the trend is Saadiyat Island, one of the most popular locations in the emirate. Known as the cultural island and home to the Louvre Abu Dhabi and Guggenheim Abu Dhabi museums, house hunters will need […] August 10, 2023
Construction Jamal Omar loses petition against zakat claim of $95m Jamal Omar Development, the company which has led construction in the holy city of Mecca, must pay Islamic alms (zakat) of SAR357 million ($95 million) for the years 2012-2018, after losing a complaint against the Saudi government tax authority. The building firm, which is listed on the Saudi stock exchange, made the petition after it […] August 10, 2023
Infrastructure UAE invests in battle against severe flooding UAE government bodies and residents are working proactively to combat the impact of severe flooding, as climate change leads to increased levels of rainfall. Dubai Municipality said it received more than 100 emergency calls at the weekend as a result of severe weather conditions, and the National Centre of Meteorology (NCM) has warned that heavy […] August 10, 2023
Construction Parsons wins $52m road design contract in Qatar The Qatar government’s Public Works Authority (Ashghal) has awarded a contract to US firm Parsons Corporation to deliver engineering consultancy services for a new road and infrastructure framework. The $52 million, six-year contract includes design for roads and infrastructure projects within Doha city. More than half of Qatar’s three million-strong population lives in the capital […] August 9, 2023
Construction Saudi Electricity profit falls 27% as funding costs rise Saudi Electricity Company (SEC) reported a net profit after zakat and tax of SAR4.02 billion ($1.07 billion) in the second quarter of 2023, a decline of 27 percent year on year. Revenue stood at SAR19.72 billion in the three months to June 2023, up 1.63 percent from SAR19.40 billion in Q2 2022, the utility provider […] August 9, 2023
Video length: 02:36 VIDEO Real Estate Dubai office rents spike as employers vie for talent Office rents in Dubai rose sharply in the first half of this year as demand continues to grow, according to new research. Demand reached 580,000 sq ft in H1 2023, a 23 percent increase on the same period last year. Businesses are gravitating towards Grade A space, using the high-quality offices as a “showroom” to […] August 8, 2023
Construction UAE’s construction activity rises despite cost hikes Construction activity in the UAE rose by almost 50 percent in the second quarter of 2023, despite higher raw material costs. The increase in workload was driven by the country’s residential sector (up 55 percent). Commercial and infrastructure were also buoyant, with activity up 35 percent and 44 percent respectively, according to the Royal Institution […] August 8, 2023
Construction Danube’s new $218m housing project to be ready by 2026 Danube Properties has launched an AED800 million ($217.8 million) twin-tower housing project in Dubai’s Jumeirah Village Circle, which is expected to be completed in the fourth quarter of 2026. The 40- and 46-storey tower project, Elitz 3, will have 750 units, the Dubai-based developer said in a statement. The new development is the ninth project […] August 8, 2023
