Analysis Real Estate Ski chalets are hot property for Middle East buyers Demand for high-end ski chalets from affluent Middle East buyers has surged, even though the price of a home on the slopes is rising at its fastest rate for almost a decade. Despite the pandemic’s impact on international travel, the specialist property market has benefitted from an influx of remote workers looking for semi-permanent bases […] December 25, 2022
Real Estate Cypriot property developer sees strong Middle East demand Middle East investors make up almost a third of the €100 million ($106 million) total sales so far in a new high-end property development in Cyprus. The €300 million Limassol Blu Marine project is the latest to be undertaken by Leptos Estates, the largest property developer in Cyprus, behind the government and the church. “Cyprus […] December 23, 2022
Exclusive Construction Caribbean carbon-negative concrete set for Saudi projects Bahamas-based startup Partanna is finalising the terms of its first commercial partnership in the Middle East – a tie-up with the developer responsible for two of Saudi Arabia’s flagship giga-projects, Red Sea and Amaala. A joint venture is expected to be signed with Red Sea Global (RSG) early next year, according to Rick Fox, co-founder […] December 22, 2022
Analysis Real Estate China the ‘wild card’ for Dubai property sales, says Damac The reopening of China following their strict Covid lockdown will be the “wild card” that propels the Dubai real estate surge for at least another 18 to 24 months, says a senior executive at Damac Properties. “It’s no secret that there is a large influx of Russian buyers. European buyers have [also] increased drastically,” Ali […] December 21, 2022
Analysis Construction Dubai investors scramble for prime development plots Dubai’s dwindling number of prime development sites is keeping prices high and competition fierce in this segment of the emirate’s property market. Waterside plots connected to existing infrastructure are in especially short supply, experts have said. Earlier this month an undisclosed Dubai-based developer bought three adjoining plots spanning 1.7 million sq ft in Dubai Marina […] December 20, 2022
Infrastructure French consortium given Abu Dhabi road lighting LED project A French consortium has been selected to deliver a public private partnership project in Abu Dhabi as the region continues to mature as a hub for PPPs. The Abu Dhabi Investment Office (Adio), in collaboration with the Department of Municipalities and Transport, has selected EDF (Eléctricité de France) and Engie to deliver phase 2 of […] December 19, 2022
Construction Arada awards $256m contracts to build 986 new homes in Masaar Sharjah-based real estate developer Arada has awarded two contracts worth AED 939 million ($255.66 million) to build 986 new homes across two residential districts in AED 8 billion Masaar mega project. The first contract, valued at AED 401 million, was awarded to Abu Dhabi-based Pivot Engineering & General Contracting to build 421 villas and townhouses […] December 19, 2022
Real Estate Tecom Group invests $120m to expand Dubai innovation hub Tecom Group, the Dubai-based operator of business parks and free zones, has broken ground on the AED 442 million ($120.34 million) Innovation Hub Phase 2 in Dubai Internet City. Phase 2 expands the group’s assets with two high-end office buildings, four boutique offices, retail spaces and more than 800 parking spaces. It will provide more […] December 19, 2022
Real Estate Dubai co-working startup eyes new funding as it goes global Hotdesk, an on-demand workspace booking platform based in Dubai, is preparing to launch a Series A round of funding as the startup continues to enjoy exponential growth throughout the region and globally. The company, which provides access to co-working spaces at the click of a button, was launched in 2021. It has since expanded into […] December 16, 2022
Analysis Labour challenge as Saudi’s mega projects gather pace The transformation of Saudi Arabia shows no signs of slowing down, with the world’s first 2km tall tower reportedly the next mega project in the works. Neom, the Red Sea Project, Amaala and Diriyah Gate are under way and the kingdom’s construction market is heating up, with $31 billion worth of contract awards in the […] December 16, 2022
Construction Tenders open to private partners for Saudi’s Makkah courthouse Saudi Arabia has opened up tenders for the Ministry of Justice Courthouse Complex, a public private partnership project in Makkah. The kingdom’s National Centre for Privatisation and PPP and State Properties General Authority jointly announced the launch of expressions of interest for the 115,000 square metre project to be built in the Al-Nassem district of […] December 16, 2022
Exclusive Construction Dubai brokers compete to sell Palm Jebel Ali homes Dubai real estate agents are signing up to sell homes when developer Nakheel relaunches the Palm Jebel Ali manmade island development in the first quarter of next year. Industry sources told AGBI the project, which was launched in 2002 but has been on hold since 2008, is set to start construction soon after the official […] December 16, 2022
Real Estate Turkey sees 17% drop in foreign property buyers in November Turkish home sales fell 34.1 percent year-on-year in November to 117,806 houses, with sales to foreigners dropping 17.4 percent, data from the Turkish Statistical Institute showed on Thursday. Russians topped the list of foreigners with 2,575 houses purchased, reflecting how many have sought a financial haven in the wake of Moscow’s invasion of Ukraine and […] December 16, 2022
Real Estate Dubai’s mid-market property sales next to flourish, says Damac This has been a record year for Damac Properties, with sales up 100 percent, and a senior executive predicts the current Dubai boom will continue for at least another 18-24 months. The company’s most recent launch was Cavalli Couture, described as an ultra-luxury branded project along the Dubai Canal, with interiors designed by the Italian […] December 15, 2022
Real Estate Aldar and Mubadala jointly buy Al Maryah Tower for $123m Aldar Properties and Mubadala Investment Company, an Abu Dhabi sovereign investor, have partnered to acquire Al Maryah Tower, a prime Grade A commercial office property on Al Maryah Island, for AED 450 million ($122.51 million), state-owned WAM news agency reported. The transaction gives Aldar control of all Grade A office space at Abu Dhabi Global […] December 15, 2022
Analysis Construction Australian titan grows public-private partnerships in Gulf Plenary Group, the Australia-based investor, developer and manager of public infrastructure with assets under management worth more than $45 billion, is expanding its Middle East operations and has projects in the UAE and Bahrain in its sights. The company has opened its second office in the UAE, in Dubai, just months after launching in Abu […] December 13, 2022
Real Estate Israeli lawmaker tables bill to limit banks raising mortgage rates The head of Israel’s powerful parliamentary finance committee submitted a bill on Monday that would limit banks’ ability to raise mortgage rates after central bank interest rate increases. The Bank of Israel has raised its benchmark interest rate by 3.15 percentage points to 3.25 percent since April, with more hikes likely. Monthly mortgage repayments have […] December 13, 2022
Construction Sheikh Mohammed reveals phase 2 of Dubai 2040 plan Agricultural industry, heritage preservation and the “20-minute city” concept are key planks of the second phase of the Dubai 2040 Urban Master Plan, the government said on Monday. The plan – whose first phase was published in March 2021 – sets out a strategy for Dubai’s urban development over the next two decades. It is […] December 13, 2022
Transport Saudi Arabia issues tender to build low carbon tram Saudi Arabia has issued a tender to build a low carbon tram project to serve the kingdom’s tourism hotspot of AlUla. According to Saudi Tenders, a projects and tenders intelligence platform, the tender went live on Friday and is seeking a company to construct a 46km track as part of plans to develop its eco-tourism […] December 12, 2022
Construction Dubai utility provider gets 29 bids for Hassyan reverse osmosis plant State-owned Dubai Electricity and Water Authority (Dewa) has received 29 expressions of interest to implement the first phase of its 120 million gallons per day Hassyan seawater reverse osmosis plant project using the independent water producer (IWP) model. This is the first project implemented by Dewa using the IWP model, which will run in phases […] December 11, 2022
Construction DP World signs contract to upgrade Somalia’s Bosaso port Dubai-owned DP World and Somalia’s Puntland government have signed a construction agreement for expansion and upgrade work at the Port of Bosaso. The 12-month project, which is expected to start in early 2023, will include the development of a 150-metre quay and repairs to the current 215-metre quay, DP World said in a statement. Other […] December 9, 2022
Construction Damac expands to the Maldives with resort deal Damac Properties is expanding further into South Asia with the signing of an agreement to operate a new Mandarin Oriental resort in the Maldives. The 34-hectare luxury resort, which is currently under development and will stretch across three private islands on the Bolidhuffaru Reef, is due to open in 2025 and will be the Dubai […] December 6, 2022
