Logistics New $2bn port to serve Saudi’s Neom More than SAR7.5 billion ($2 billion) has so far been invested in a new port at Saudi Arabia’s planned $500 billion smart city Neom, with plans to open a new terminal in 2025. Located on the Red Sea at the crossroads of global trading routes, the port will be a critical enabler for Neom and […] May 18, 2023
Real Estate Kuwait to let expats buy property to boost market Real estate activity in Kuwait has fallen over the past year, but the government is hoping to turn that around by allowing expats to buy property for the first time. A ministerial committee has lodged a proposal to the cabinet to allow non-Kuwaitis to own investment residential properties, according to a local media report this […] May 17, 2023
Construction Al Habtoor forced to look overseas for contractor Billionaire Khalaf Al Habtoor had to look to China and India for a contractor for his latest Dubai development as experts say Saudi Arabia’s construction boom is impacting UAE projects. The founding chairman of the Al Habtoor Group (AHG) broke ground on the Habtoor Tower building earlier this month. AHG was previously involved in building […] May 16, 2023
Construction Baghdad gets makeover as repairs kindle optimism Living in Baghdad’s sprawling Sadr City suburb for the past 15 years, Khodr Abbas, 73, had to walk along a mud and dirt track to get to his home, where he would struggle to get fresh water to flow and waste-water to flush through rickety pipes. That finally changed last month. Diggers, bulldozers and other […] May 16, 2023
Opinion Banking and Finance Abu Dhabi opens its doors to ‘masters of the universe’ The UAE capital has big plans to be the region's top financial centre May 12, 2023
Real Estate Demand grows for a life of luxury in Dubai Dubai’s prime residential real estate sector enjoyed a 55 percent year-on-year increase in demand in the first quarter, as a lack of supply has spurred the market for luxury homes. The emirate recorded 88 sales of units valued over $10 million in Q1, while average transactions stood at AED3,360 ($915) per square foot, according to […] May 12, 2023
Real Estate Emaar’s profit rises 43% as property sales hit $2.5bn Emaar Properties reported a net profit of AED3.2 billion ($873 million) for the first quarter, surging 43 percent year on year on higher tourism, sales and demand for real estate in Dubai. Revenue for the period rose to AED6.3 billion, as Ebitda increased 26 percent year-on-year to AED4 billion. The group’s property sales reached AED9.2 […] May 12, 2023
Exclusive Construction Al Habtoor steers away from recession-hit Europe The founding chairman of property empire Al Habtoor Group has dismissed plans to invest in Western Europe, focusing instead on launching its latest multi-billion-dirham project in his Dubai home market. Khalaf Ahmad Al Habtoor’s company owns hotels in Budapest, Vienna, Beirut and London. He told Bloomberg in January he was looking to invest $3 billion […] May 12, 2023
Analysis Construction GCC construction dilemma as Saudi ‘sucking up’ skilled talent Saudi Arabia’s huge construction projects are luring workers out of neighbouring countries in the GCC and resulting in skills shortages, say experts and builders. Construction executives in the UAE and Oman in particular have voiced concerns about the overall resource demands of the region as Saudi Arabia’s market continued to show strong growth during the […] May 10, 2023
Real Estate Abu Dhabi to spend $23bn on new neighbourhoods Up to 76,000 new homes are planned over the next five years in Abu Dhabi to meet rising demand for residential property. The emirate’s executive council has signed off a budget of AED85.4 billion ($23.2 billion) for a string of residential neighbourhoods with new homes and development sites. The projects will also feature services, amenities […] May 10, 2023
Firms vie for $3bn Egyptian desalination deals International companies are vying for lucrative contracts in Egypt as the country embarks on a multi-billion dollar plan to develop desalination plants to help offset a looming water crisis. The Sovereign Fund of Egypt has pre-qualified 17 consortia – comprising a mix of local and global firms – to be invited to tender for developing […] May 9, 2023
Video length: 02:49 Video Red Sea Global considering public listing Red Sea Global, the developer behind one of Saudi Arabia’s biggest gigaprojects, is studying the possibility of a public market offering, a senior executive said. “There will be some kind of public market event, whether it’s an initial public offering, whether it’s an establishment of a REIT [real estate investment trust], those are things that […] May 8, 2023
Construction Dubai’s DSI launches court case against PwC Dubai construction contractor Drake & Scull International has registered a lawsuit against global consultancy giants PwC in Dubai Courts over a AED5.5 billion ($1.49 billion) black hole in the company’s accounts. The case revolves around the six-year period between 2011 and 2017 when PwC were auditors for DSI and were also in charge of preparing […] May 5, 2023
Real Estate Saudi next on radar as Aldar builds on Mena expansion Real estate developer Aldar Properties is scouting for development and joint venture opportunities in Saudi Arabia to help it expand in the region. Based in the UAE, Aldar has projects in Egypt in addition to its core operations in Abu Dhabi and, more recently, Dubai and Ras Al Khaimah, following announcements in the past six […] May 3, 2023
Exclusive Real Estate ‘Pivotal’ year for Ras Al Khaimah, says property chief RAK Properties, the Abu Dhabi-listed company developing much of the emirate of Ras Al Khaimah, is seeking to capitalise on rising demand for local real estate. It is in talks with several UAE developers and landowners to form joint ventures, according to chief executive Sameh Al Muhtadi. He declined to reveal names of prospective partners, […] May 2, 2023
Construction Construction titan to cement its place in the GCC Construction company Besix Group has revealed plans to further expand across the GCC as the region embraces public-private partnerships for key projects. The Belgian-French group, which is based in Brussels, is one of the world’s leading international contractors and announced on Wednesday a 20-year high in turnover of over $3.7 billion in 2022. Bexis said […] April 27, 2023
Video length: 02:35 Video Real Estate Millennial investors hiking property prices for Dubai expats Dubai is seeing a “big rise” in millennial investors looking for luxury properties. “A lot of rich people are investing in Dubai, which is why we see villas being sold for $50 million to $100 million,” said Rizwan Sajan, founder and chairman of Danube Group in an exclusive video interview with AGBI. “There are a […] April 27, 2023
Analysis Construction Kuwait’s building towards its $100bn ambition Work has started on the first phase of Kuwait Port Authority’s $160 million redevelopment of Shuwaikh Port as the country steps up its multi-billion-dollar infrastructure strategy. The port expansion has been awarded to a joint venture of South Korea’s Hyundai and Kuwaiti Gulf Dredging & General Contracting, as the government increasingly turns to private investors […] April 25, 2023
Real Estate UK house prices show weak rise in April Asking prices for property being put on sale in the UK over the past month rose less than normal for the time of year, figures from property website Rightmove showed, adding to signs of more subdued momentum in the property market. Rightmove said that average asking prices were up by 0.2 percent over the month, […] April 24, 2023
Real Estate Luxury comes at a price for Dubai’s real estate brokers The cameras have all but stopped rolling on the third series of Dubai Hustle, a BBC docudrama that tracks the lives of real estate brokers in one of the world’s ritziest cities. Glamour junkies await their fix of tears and laughter, clothes and interiors – and firings and hirings – which feature in the lives […] April 21, 2023
Construction Saudi giga-projects may tap into debt market funding Saudi Arabia’s vast pipeline of giga-projects will require funding assistance due to the tightened liquidity in the country’s banking sector, say analysts at credit rating firm S&P Global. This, they add, opens opportunities for the Gulf’s debt markets. “We think that the Public Investment Fund and Saudi’s banking sector alone won’t be able to fund […] April 17, 2023
Construction Bahrain’s new beachfront mall to open in Q4 2023 Marassi Galleria, a shopping and entertainment destination in Marassi Al Bahrain, is slated to open in the fourth quarter of 2023. Located in Diyar Al Muharraq, the three-story beachfront luxury shopping mall occupies a gross leasable area of 114,000 sq m, including over 450 stores. The mall is connected to two 5-star hotels: the Vida […] April 12, 2023
