Construction First phase of Sitra Mall revamp ‘ready by September’ The first phase of the renovation of Sitra Mall in Bahrain is 50 percent complete and scheduled to be finished by September this year. The $12 million, three-stage redevelopment of the mall, a subsidiary of Bahrain Development Bank, is set for completion in 2024. The mall, located on Sitra island south of Manama, is managed […] April 10, 2023
Sharjah seeks proposals for Hamriyah water project State-owned Sharjah Electricity, Water and Gas Authority (Sewa) has issued a request for proposal for the 90 million imperial gallons per day Hamriyah independent water producer (IWP) project to eight pre-qualified bidders. The utility provider has allowed bidders to submit their proposal by the beginning of August 2023, state-run WAM news agency reported. The IWP […] April 10, 2023
Transport Egyptian electric train project gets IsDB green light The Islamic Development Bank has approved $344.5 million in financing towards the first phase of the planned Egyptian electric train system. The 660 km railway will connect Egypt’s port cities of Alexandria and Marsa Matrouh on the Mediterranean with Ain Sokhna on the Red Sea. The Egyptian electric train project is expected to benefit 25 […] April 3, 2023
Real Estate Ajman real estate is reaching saturation point Every inch of sand in Ajman will be developed in the next five years, according to the CEO of GJ Properties. Ali Jaber told AGBI the UAE’s fifth largest emirate, which measures 42 square kilometres, is close to reaching saturation point in terms of new construction projects. “In five years Ajman will not have a […] April 3, 2023
Exclusive Real Estate Sheikh’s salute puts London’s Mr Super Prime on the map Business is booming for London-based luxury property broker Daniel Daggers, founder of DDRE Global, thanks in part to clients such as the chairman of Dubai airline Emirates. When Sheikh Ahmed Bin Saeed Al Maktoum was looking to purchase in the UK capital, his adviser turned to DDRE’s Daggers for help. And the real estate mogul […] March 31, 2023
Exclusive Real Estate Dubai development awakens after a decade of lying dormant An iconic development in Dubai – which has been on hold for 12 years – is finally set for completion in the first quarter of 2025, according developer GJ Properties. The 40-storey block by the Sheikh Zayed Road in the Al Sufouh area of the emirate has recently been host to large advertising banners from […] March 31, 2023
Construction Abu Dhabi financial free zone set for office space boost Abu Dhabi’s Aldar Properties and Mubadala Investment Company have struck a deal to develop 63,000 square metres of commercial space within Abu Dhabi Global Market (ADGM), and are eyeing plots of land to further increase the free zone’s prime office supply. ADGM is Abu Dhabi’s financial free zone, located on Al Maryah Island in the […] March 30, 2023
Real Estate Branded homes deepen share of Dubai’s property market Luxury branded residences made up almost two-thirds of off-plan apartment sales in Dubai last year, up from 30 percent in 2020, as appetite for this type of real estate grows. Sales of branded residential property – developed in partnership either with upscale hospitality groups such as the Ritz-Carlton and the Four Seasons, or luxury brands […] March 29, 2023
Banking and Finance PPP pioneer has all the right moves – now it needs new partners Jordan is a pioneer of public-private partnerships in the Mena region – and has been since the early 2000s, when the new Queen Alia airport was constructed under a PPP deal. Marquee developments such as Aqaba Container Terminal and a range of water and renewable energy projects have since been financed via PPP, says Hamzeh […] March 23, 2023
Real Estate Italian firm secures acquisition deal to clean Burj Khalifa An Italian firm has bought a controlling stake in the company that cleans the Burj Khalifa, the world’s tallest building in Dubai. EdiliziAcrobatica has acquired 51 percent of the shares in Enigma Capital Investments in a deal initially worth 7.2 million Euros ($7.76 million). As part of the agreement 70 percent (5 million Euros) will […] March 22, 2023
PIF-backed Oman infrastructure fund raises $1 billion Omani infrastructure investor Rakiza, which is backed by Saudi Arabia’s PIF, has closed its first fund, raising more than $1 billion from participants. Rakiza has already spent a quarter of this money in buying three Omani assets – a 30 percent stake in a telecom tower portfolio, 31 percent of a Port Sohar container terminal […] March 21, 2023
Real Estate Saudi families pause plans to buy property as villa prices rocket Rising home prices are forcing Saudi families to pause plans to get on the property ladder, according to real estate consultancy Knight Frank. The agency’s Saudi Report 2023, which is based on a survey of 1,014 Saudi-national households, found that only 40 percent of tenants were keen to buy a home this year, down from […] March 21, 2023
Construction World Bank estimates Syria needs $7.9bn for reconstruction The World Bank on Monday said the February earthquakes are expected to have caused Syria’s real GDP output to contract by 5.5 percent in 2023, with recovery and reconstruction needs estimated at $7.9 billion over three years. The World Bank said its rapid damage and needs assessment report estimates the earthquakes that hit northern and […] March 21, 2023
Real Estate Saudi property investors pursue growth in UK regions Saudi Arabian investors are increasingly active in the UK’s regional property markets. They are looking to take advantage of historical underinvestment by institutions in northern cities, low supply of rentals for young professionals, and higher returns than in London. Among the Saudi property investors with UK growth strategies are Lote Global, which plans to add […] March 17, 2023
Real Estate Turkey home sales down, but Russians still active buyers Turkey recorded an 18 percent year-on-year drop in the number of house sales in February, the same month in which an earthquake killed more than 44,300 people and caused $34.2 billion worth of damage. The latest data from the Turkish Statistical Institute also found that sales to foreign buyers were down 27 percent year-on-year in […] March 15, 2023
Transport GCC metro push could bring a $700bn economic boost Investing an extra $220 billion into GCC metro systems could lead to $700 billion worth of benefits over 20 years, according to experts, as the region seeks transport solutions to meet demand from rising populations. Growing populations, ambitious economic growth goals, new expectations for commute times and plans to improve quality of life are all […] March 14, 2023
UK and UAE firms to develop Africa’s water infrastructure Metito Utilities Limited, a UAE-based investor and operator of water, wastewater, and alternative energy management solutions, and British International Investment, the UK’s development finance institution, have launched a joint venture to promote private investment in climate-smart water projects across Africa. Africa Water Infrastructure Development will promote private investment in Africa’s water, sanitation, and hygiene sectors. It […] March 14, 2023
Real Estate Dubai’s Union Properties returns to profit after restructuring Union Properties, one of Dubai’s oldest developers, announced on Monday a turnaround in fortunes – transforming a AED966 million ($263 million) net loss in 2021 to a AED30 million ($8.1 million) net profit last year. The Dubai Financial Market-listed company also said revenue from customer contracts increased by 5 percent year-on-year to AED419.2 million in […] March 13, 2023
Transport Abu Dhabi sets up new company to develop transport systems Abu Dhabi will set up a new company to develop and operate transport systems in its rural and urban areas. Abu Dhabi Transport Company will develop rail systems and all other related services and operations. It will provide integrated transport services, including the rental of vehicles and buses, the UAE’s state-run WAM news agency reported. […] March 12, 2023
Real Estate Dubai real estate prices haven’t yet peaked, says S&P Dubai’s fast-growing real estate market has not yet hit its peak and is unlikely to do so until at least next year, when supply will begin to catch up with demand, according to a senior industry analyst. The total volume of residential transactions in Dubai hit 90,881 in the full-year 2022, exceeding the historic record […] March 10, 2023
Construction PIF-backed Roshn launches new residential project in Riyadh Saudi property developer Roshn has launched its second residential community – Warefa – in Riyadh’s Al Janadriyyah district, which will be home to 13,000 residents. The residential community will include a district mall, primary healthcare facility, public and private schools, and multiple mosques, state-run SPA news agency reported. The development will cover 1.4 million sq […] March 8, 2023
Construction Damac awards multiple contracts for Lagoons master development Damac Properties has awarded multiple contracts for consultancy services for its Damac Lagoons master development in Dubailand. Energoprojekt Entel Co. Ltd bagged the contract for consultancy services for a 132/11kV sub-station. Global infrastructure consultancy Aecom was awarded a contract for the Venice cluster and the central hub of the master development. A contract for consultancy […] March 8, 2023
