Real Estate Rising business occupancy boosts profits for Tecom Tecom Group, the Dubai-based operator of business parks and free zones, announced today that third quarter revenue rose by 12.5 percent year-on-year, driven by rising occupancy levels. Revenue reached $133.4 million as demand rose across the Tecom portfolio for office, warehouse and worker accommodation. The company, which is owned by the investment vehicle of Dubai’s […] October 26, 2022
Real Estate Egypt’s SODIC offers to buy Orascom Real Estate for $125m Egyptian property developer SODIC has offered to buy Orascom Real Estate for $125 million, the residential compound builder’s parent company Orascom Development Egypt said on Tuesday. Abu Dhabi’s Aldar Properties and state holding company ADQ bought a controlling stake in SODIC late last year, and the purchase of Orascom Real Estate would further expand their […] October 26, 2022
Exclusive Real Estate Six Senses sells 75% of branded Dubai units ahead of 2024 debut The first Six Senses Residences in Dubai is planned for 2024 as the CEO of the global luxury hospitality brand reports demand from affluent and existing UAE residents. Neil Jacobs said the progressing construction of Six Senses Residences The Palm, alongside a 61-room hotel, represents a “new milestone for the brand”. “The property price growth […] October 23, 2022
Analysis Real Estate Dubai tenants jump on property ladder as rents soar Dubai has seen an increase in end-user homeowners as its property market matures and begins to move away from the speculators and flippers of the boom days before 2008. Surging rental rates and expats opting to live in the UAE longer have also made the jump from tenant to homeowner increasingly more attractive, industry experts […] October 21, 2022
Real Estate Dubai revival sees developer Deyaar’s Q3 profit surge 72% Dubai property developer Deyaar on Thursday reported a surge in third quarter profit while revenues rose 72 percent over the same period on the back of a revival in the emirate’s real estate sector. The company made a profit of AED36.3 million ($9.88 million) in the third quarter from AED8.1m in the same period last […] October 21, 2022
Real Estate Indian billionaire buys $163m mansion on Dubai’s Palm Jumeirah India’s Reliance Industries chairman Mukesh Ambani has purchased a luxurious mansion for $163 million (AED 598.72 million) on Palm Jumeirah, Bloomberg reported, citing people familiar with the matter. Ambani bought the mansion last week from the family of Kuwaiti tycoon Mohammed Alshaya. The latest villa purchase is close to a $80 million mansion which he […] October 20, 2022
Real Estate Arab buyers eye prime New York properties as Russians exit market The wealthiest city in the world has seen a sharp rise in interest from Middle Eastern property buyers, replacing the void left from the exodus of super-rich Russians. A spokesperson for real estate firm Knight Frank told AGBI that the number of enquiries for New York property from Middle Eastern customers had increased by 50 […] October 19, 2022
Real Estate Union Properties finalises $162m deal to restructure its debt The developer of Dubai's MotorCity has repaid $60.7m to lenders after a turbulent year that included fraud allegations and a new board October 18, 2022
Zain KSA seals transfer of its telecom towers to PIF-led group Mobile telecommunications company Zain KSA has transferred ownership of its unit Zain Business to Saudi Arabia’s Public Investment Fund, enabling the sale of its towers infrastructure. PIF has changed the unit’s name to Golden Lattice Investment Company (GLI), the telco said in a statement published on the Saudi exchange, or Tadawul. The sale of 8,069 […] October 17, 2022
EXCLUSIVE Trump-branded properties in Dubai report 100% growth Donald Trump may be the subject of an ongoing criminal investigation in the US, but his name is still big business in Dubai, where properties in the Gulf city bearing his brand name have appreciated by nearly 100 percent and continue to command strong demand. The former US president is under multiple probes, including the […] October 16, 2022
Transport Etihad Rail finishes laying tracks in Sharjah and Ras Al Khaimah Etihad Rail, the developer and operator of the UAE national rail network, has completed the tracklaying works of the main line in Sharjah and Ras Al Khaimah, according to WAM, the UAE state-owned news agency. The work is part of the last package of stage two of the project. The main line extends from Ghuweifat, […] October 13, 2022
Analysis Real Estate Dubai property values ‘fairly priced’ despite 30 months of rises Property prices in Dubai are still fair despite more than two years of increases seen during its “Covid comeback”, according to new research. The UBS Global Real Estate Bubble Index 2022 said that despite a “buoyant year”, the market in Dubai is not overpriced. “Dubai’s housing market has been a rollercoaster ride over the past […] October 12, 2022
Exclusive Real Estate Rents for Qatar tenants soar ahead of World Cup Tenants in Qatar are losing out in the run-up to the FIFA World Cup as rents soar by nearly a third, with landlords able to secure longer-term leases at higher rates due to a lack of supply in the market. “Residential rents have risen around 30 percent year-on-year,” said Adam Stewart, the recently appointed head […] October 11, 2022
Analysis Construction Dubai developers relaunch stalled projects as demand surges The number of new residential real estate project launches in Dubai is soaring and has exceeded pre-pandemic levels in the third quarter of 2022. Developers are relaunching previously on-hold projects to capitalise on favourable market conditions, according to real estate consultancy CORE. It said about 5,700 units were delivered in Dubai in Q3, taking the […] October 10, 2022
Construction Arada awards $124m contracts for 740 homes in Sharjah UAE-based developer Arada has awarded two major contracts worth AED 454 million ($124 million) to build 740 new homes in the 24 million square foot Aljada mega-project in new Sharjah. The two contracts were awarded to Dubai-based Airolink Building Contracting, the developer said in a statement. The first contract worth AED 377 million is to build […] October 5, 2022
Analysis Construction Sponge City Initiative could fix Mena’s growing flood threat A Dubai-based company is in talks with authorities across the Middle East about bringing a revolutionary “sponge city” concept to the region following the UAE’s recent record levels of rainfall which led to loss of life and flood damage. Dake Rechsand, which specialises in sustainability solutions for water conservation, rainwater harvesting and stormwater management, exhibited […] October 4, 2022
Real Estate New PIF firm to build mixed-use destinations in 12 Saudi cities Saudi Crown Prince Mohammed Bin Salman and chairman of the Public Investment Fund (PIF), has launched Saudi Downtown Company (SDC), which seeks to build and develop downtown areas and mixed-use destinations in 12 Saudi cities. The cities include Madinah, Al Khobar, Al Ahsa, Buraidah, Najran, Jazan, Hail, Al Baha, Arar, Taif, Dumat Al Jandal, and Tabuk. […] October 4, 2022
Construction Kuwait tenders for work at new city for 280,000 residents Kuwait’s housing authority has issued a tender to build and maintain the roads and main infrastructure network for South Sabah Al-Ahmad City, which is slated to home 280,000 people. Located 80 kilometres south of the country’s capital, South Sabah Al-Ahmad City will have 10 neighbourhoods clustered around a central business district that architects Foster + […] October 3, 2022
Real Estate Dubai’s latest property craze: luxury underground bunkers A Swiss design firm is tapping into the latest must-have property desire for the UAE’s super rich – luxury underground bunkers. Prices start from $10 million and the developments are used for everything from pools and garages to panic rooms and secure meeting rooms. Oppidum, a design firm established in 2015 in Lucerne by entrepreneur […] October 2, 2022
Exclusive Tech Metaverse will boost online home sales ‘five-fold’, says Damac One of Dubai’s largest real estate developers is already close to $500 million in property sales each year online – and the metaverse is expected to help this grow more than five-fold when it is fully utilised as a selling channel. Many observers may be sceptical about the nascent Web3 sector, but Damac Properties is […] September 30, 2022
Analysis Real Estate Saudi developer to sell utility NFTs on its $1.6bn Oman project Saudi Arabia’s largest listed real estate developer plans to drop a limited number of utility non-fungible tokens (NFTs) for its $1.6 billion project in Oman next month. Unlike the art and collectibles digital asset, utility non-fungible tokens (NFTs) are built to give their holders certain perks, such as exclusive access to events and items or […] September 29, 2022
Construction Nakheel sold 29 homes on stalled Palm Jebel Ali, official data shows Palm Jebel Ali, the Dubai mega project set to be relaunched soon by developer Nakheel, sold a total of 29 homes before work on the project was halted in 2009. State-owned developer Nakheel has confirmed it was set to relaunch the manmade, palm-shaped, island project, which is said to be one-and-a-half times the size of […] September 28, 2022
