Construction New Riyadh downtown could add $48bn to Saudi’s non-oil GDP Plans have been revealed to develop the world’s largest modern downtown in Riyadh. It is forecast to add SAR180 billion ($48 billion) to Saudia Arabia’s non-oil GDP and create 334,000 direct and indirect jobs. Situated in the north west of Riyadh, and spread over 19 sq km, the development will offer more than 25 million […] February 16, 2023
Real Estate Emaar 2022 profit surges 80% to $1.9bn on improved margins Dubai-listed Emaar Properties has revealed an 80 percent increase year-on-year in net profit to AED6.8 billion ($1.9 billion) in 2022, driven by sustained revenue, improved margins and continued control over costs. The developer’s property sales reached AED35.1 billion ($9.5 billion) last year, primarily as a result of new project launches, state-run WAM news agency reported. […] February 16, 2023
Analysis Construction Mega-projects to cushion Mena cement makers from global blows Cement producers in the Middle East are expected to have an “exceptionally good year” thanks to the region’s pipeline of mega-projects. Emir Adiguzel, director of the World Cement Association, said the global industry faced a difficult period but the Middle East would buck the trend. “According to our members located in the Middle East, the […] February 16, 2023
Construction PIF buys stakes in construction firms as Saudi boom continues Saudi Arabia’s Public Investment Fund (PIF) has spent $1.3 billion buying “significant” minority stakes in four local construction companies, the sovereign wealth fund said in a statement on Tuesday. The kingdom is enjoying a building boom, with projects valued at more than $1.1 trillion underway and a further $64 billion of construction contracts forecast to […] February 14, 2023
Real Estate Aldar forecasts $5.4bn by 2028 from Dubai partnership Aldar, which entered into a joint venture with Dubai Holding for the first time this month to build homes in the emirate, is looking for other opportunities in Dubai. The developer’s chief financial and sustainability officer Greg Fewer said it was likely to look at investment opportunities in commercial offices and logistics property “in the […] February 10, 2023
Real Estate Hong Kong’s Lee faces stern test over $3.4bn housing scheme A flagship $3.4 billion plan by Hong Kong to build temporary housing to ease a massive shortage is facing fierce criticism over its high cost and the absence of a longer-term solution in one of the world’s most unaffordable property markets. The global financial hub has long struggled with sky-high house prices, which have rocketed […] February 10, 2023
Analysis Logistics Fujairah’s ship is coming in – and bringing tourists as well as trade Fujairah’s position on the Gulf of Oman coast has become its defining characteristic. The location has helped the emirate build a thriving maritime sector and given the rest of the UAE an alternative to the Strait of Hormuz. The Port of Fujairah opened in the early 1980s and successive development projects have added berths and […] February 8, 2023
Analysis Real Estate In cultural capital Sharjah, selling homes is an art form Sharjah is investing big in culture, building up its education and arts offerings to tempt Emiratis and others to buy into a lifestyle said to be “unmatched” elsewhere in the UAE. The emirate “is referred to as the cultural capital of the Middle East”, said Professor Peter Barlow, executive director of the Sharjah Performing Arts […] February 8, 2023
Analysis Construction Damac awards $241m main works contract for Cavalli Tower Damac Properties has awarded the main construction contract for its 71-storey Cavalli Tower in Dubai Marina to China State Construction Engineering Corporation, the developer said in a statement. The contract, valued at approximately AED886 million ($241.22 million), was awarded to finalise the main works construction of the high-end residential tower. The tower will feature premiere […] February 7, 2023
Construction Saudi is ‘leading light’ as construction sector booms Construction activity in Saudi Arabia was the highest in the world in the final quarter of 2022, with the kingdom described as a “leading light in the Mena region and globally”. A new report by the Construction Activity Index of the Royal Institution of Chartered Surveyors (Rics) revealed that the 12-month projected profit margins of […] February 7, 2023
Construction UAE’s Masdar City breaks ground on new net-zero energy project Abu Dhabi’s Masdar City has started construction on “The Link,” a 30,000 square metre sustainable community that includes the region’s first net-zero energy shared living and working facility. The project will include four low-carbon buildings with event spaces, retail options, recreational facilities, and outdoor plazas. It is expected to create over 2,000 jobs in the […] February 5, 2023
Construction Off-plan sales set to drive future of Emirates property market Off-plan real estate sales are expected to increasingly satisfy demand from investors in the UAE in the future as developers sell out of inventory. Construction efforts are likely to centre on completing existing projects and masterplans for the next two to three years, while major new launches are set to decrease until the middle of […] February 3, 2023
Real Estate UAE master developers partner for 9,000 Dubai homes UAE mast developers Aldar Properties and Dubai Holding have formed a partnership to develop 9,000 residential units across prime locations in Dubai, with the first phase of launches planned to start this year. The joint venture will oversee the development of new communities in three locations along the E311 and E611 corridors – in the […] February 2, 2023
Construction Gulf project contracts to hit $110bn this year A combined $110 billion worth of project contracts are expected to be awarded in the GCC this year, with Saudi Arabia accounting for more than half of the total as it ramps up its Vision 2030 economic diversification plans. Saudi Arabia make up $64 billion of the combined value, followed by the UAE ($23 billion), […] February 1, 2023
Real Estate Arada completes over 1,600 new homes in Sharjah megaproject UAE-based developer Arada has completed 1,621 apartments across 14 buildings in East Village, the third residential phase in its AED24 billion Sharjah megaproject Aljada. Featuring 2,000 units in total, East Village is targeted at the younger generation and comprises 16 apartment blocks. Home inspections will shortly begin at the 968 homes in the Riff 1-3 […] February 1, 2023
Real Estate Sustainable towers ready for lift-off with a little help from Nasa A real estate developer in Dubai is introducing Nasa technology to its latest project as it takes sustainable property to a new dimension. Fakhruddin Properties aims to provide homeowners with the cleanest air in Dubai when it launches the AED700 million ($190.5 million) Maimoon Gardens, a twin-tower development in the Jumeirah Village Circle. Despite completion […] January 30, 2023
Exclusive Manufacturing Cars, property and superjets: Pagani plots future with PIF Horacio Pagani, founder of the supercar that bears his name, is open to further partnerships with Saudi Arabia’s Public Investment Fund as his company expands into luxury real estate and private jet design. PIF acquired a 30 percent stake in the Italian business in 2021. Pagani, who acts as its CEO and chief design officer, […] January 29, 2023
Real Estate UAE fund manager raises $212m to target build-to-rent market Global Partners, a Dubai-based institutional fund manager, has raised $212 million from global investors through its debut property fund, and intends to build two residential projects near Dubai Water Canal. Based in the emirate’s financial free zone Dubai International Financial Centre (DIFC), Global Partners specialises in alternative investments and aims to tap the UAE’s growing […] January 26, 2023
Construction Red Sea Global secures $288m funding for Jumeirah project Red Sea Global (RSG) has secured $288 million in funding as part of a joint venture with Almutlaq Real Estate Investment Co. (AREIC) to develop Jumeirah The Red Sea on the west coast of Saudi Arabia. Gulf International Bank Saudi Arabia (GIB) provided the green financing, the developer said in a statement. “Achieving commercial close […] January 25, 2023
Transport Turkey opens fastest metro line to Europe’s busiest airport Turkey’s President Tayyip Erdogan has opened Istanbul’s new high-speed metro line connecting the city to the mega Istanbul Airport, known as “Europe’s busiest in 2022”, Daily Sabah newspaper reported. The 34-kilometre metro link marks the first railway connection with Turkey’s largest airport from the Kagıthane neighbourhood. Erdogan said that the Kagıthane-Istanbul Airport Metro Line will […] January 23, 2023
Real Estate Aldar garners $272m from sale of phase one of sustainable city Abu Dhabi-listed Aldar Properties (Aldar) and Diamond Developers, the developers of The Sustainable City – Yas Island, sold out the project’s first phase in a day, generating sales of over AED 1 billion ($272.25 million). A total of 512 homes were sold in the first phase, with 76 percent of the units purchased by expatriates, […] January 23, 2023
Analysis Real Estate Tenants hit Dubai’s suburbs as prime property rents soar Rising property rents in prime areas of Dubai are increasingly causing tenants to move to more affordable suburban communities, leading to a growing demand in the mid-market residential segment. Dubai rents increased by an average of 36 percent in 2022, according to a new report by real estate firm Betterhomes. Average apartment rents increased by […] January 19, 2023
