Analysis Construction ‘The biggest construction site the world has ever seen’ Saudi Arabia was described on Tuesday as the biggest construction site the world has ever seen as projects valued at over $1.1 trillion are underway in the kingdom. That’s the total value of real estate and infrastructure projects since the launch of Saudi Arabia’s National Transformation Plan in 2016, according to global real estate consultancy […] September 6, 2022
Real Estate PIF launches digital platform for Saudi Arabia’s real estate sector Saudi Arabia’s Public Investment Fund (PIF) has launched the National Real Estate Registration Services Company (RER), a new digital platform which aims to develop the kingdom’s local real estate sector. The platform will be developed in cooperation with the Real Estate General Authority, and other government entities, the sovereign wealth fund said in a statement. […] September 5, 2022
Aldar Properties acquires security services provider for $34m Abu Dhabi-listed Aldar Properties has acquired Spark Security Services, a UAE-based security services provider, for AED 125 million ($34.03 million). The all-cash transaction strengthens the UAE developer’s property and integrated facilities management platform, WAM, the UAE state news agency, reported. These security services will add significant value to Aldar’s AED 23 billion ($6.3 billion) portfolio […] September 4, 2022
Construction Construction complete on $32m Sharjah waterfront project Construction work on the AED119 million ($32.40 million) Kalba Waterfront in the eastern region of Sharjah is 100 percent complete, state news agency WAM reported, citing the Sharjah Investment and Development Authority (Shurooq). Eagle Hills Sharjah Development, a joint venture between Shurooq and Eagle Hills, is a waterfront destination that is part of the Kalba eco-tourism project. […] September 2, 2022
Empower reports 41.3% rise in buildings using district cooling Dubai-based Emirates Central Cooling Systems Corporation (Empower) reported a 41.3 percent growth in the number of buildings using its district cooling services over the last five years. The number of buildings reached 1,413 by the end of 2021, 13 percent higher year-on-year, the company said in a statement. In 2021, Empower’s district cooling market share […] August 30, 2022
Interview Real Estate Empowering more Emirati women to invest in real estate Latifa Bin Haider tells AGBI about her mission to transform investment opportunities for women in Dubai’s booming real estate market With the launch of Baytuki, a new crowdfunding platform, Emirati social entrepreneur Latifa Bin Haider aims to enable Emirati women of all ages and income brackets to secure financial prosperity by making micro investments in […] August 29, 2022
Saudi utility firm to pre-qualify bidders for water pipeline project State-owned utility services provider Saudi Water Partnerships Company (SWPC) has issued a request for proposals (RFPs) to pre-qualified bidders for the development of the Rayis-Rabigh Independent Water Transmission Pipeline (IWTP) project that will have a 500,000 cubic metre per day transmission capacity. The 150-kilometre long pipeline project is expected to be completed in the fourth […] August 28, 2022
Banking & Finance UAE banks’ exposure to real estate sector declines UAE banks have seen a reduction in real estate and construction exposure as cash buyers dominate the market. Exposure to property sectors decreased by 30 basis points quarter-on-quarter to 19.8 percent, according to the latest UAE Banking Pulse Q2 2022 by professional services firm Alvarez & Marsal (A&M). “We have been following this from Q1 […] August 26, 2022
Analysis Retail Mall expansion fills ‘lifestyle’ gap in Bahrain retail market A massive new expansion of one of Bahrain’s biggest malls is a sign of renewed confidence in the Gulf kingdom’s retail sector as it looks to attract more Saudi shoppers from across the border, according to experts. The Avenues Company, a wholly owned subsidiary of Al-Sorouh Management Company, has announced the appointment of Nass Group […] August 26, 2022
Construction Emaar shares rise on plan to scrap limit on foreign ownership Emaar Properties, the developer behind the Dubai Mall and Burj Khalifa, saw its shares soar in early trading on Thursday after its announced plans to consider removing a limit on foreign ownership. The developer’s shares rose 4.7 percent to AED6.25 ($1.70), its highest level since early May. Foreigners invest $4.2bn in UAE stocks since start […] August 25, 2022
Construction Four global firms shortlisted for $2bn Egyptian chemical complex Egyptian industrial developer Anchorage Investments has shortlisted four international contractors in the second phase of the engineering, procurement, and construction (EPC) bid for the $2 billion Anchor Benitoite project, Daily News Egypt reported. The project comprises a chemicals complex that will be built in the industrial zone of the General Authority for the Suez Canal […] August 25, 2022
Real Estate Saudi’s Rua Al Madinah project to add 47,000 hotel rooms by 2030 Saudi Arabia’s Crown Prince Mohammed bin Salman has launched the infrastructure works and master plan for the Rua Al Madinah project, the state-owned Saudi Press Agency (SPA) reported. The project will cover 1.5 million square metres of land east of the Prophet’s Mosque, adding over 47,000 hotel rooms by 2030. Almost 83,000 square metres of […] August 25, 2022
Construction Aldar to start work on $313m new housing project in Q1 2023 Abu Dhabi-listed Aldar Properties has launched Yas Park Gate, its latest gated community, next to Yas Park, Abu Dhabi. The AED 1.15 billion ($313 million) residential development, which is part of the second phase of North Yas, will house 508 new homes over 255,000 square metres. Construction of Yas Park Gate is due to begin […] August 25, 2022
Construction Kuwait net zero city planned for 2034 Construction of the world’s largest sustainable community is scheduled to start in Kuwait in 2024. The new megacity, it is claimed, will provide a net zero carbon lifestyle for 100,000 residents, as the Gulf country aims to tackle rising demand for energy and water. Dubai-based URB, the company behind XZERO City, is planning to build […] August 25, 2022
Real Estate Northacre sees ‘pent-up demand’ for London from GCC investors The Dubai-owned developer behind plans to transform the former Metropolitan Police HQ in London says it is seeing “lots of pent-up demand” from GCC-based investors. Walid El-Hindi, group CEO of Northacre, a subsidiary of Dubai-based Shuaa Capital, told AGBI that London remains a “safe haven” for buyers from the Gulf and wider Middle East region. […] August 24, 2022
Analysis Real Estate ‘Cash is king’ as wealthy real estate investors target Dubai Cash is becoming king again for Dubai’s residential real estate as wealthy overseas investors continue to splash out on luxury homes. By value, mortgaged buyers for villas and apartments now account for just 18 percent of the market. Last year the figure was close to 40 percent while in 2007 just over 50 percent of […] August 24, 2022
Tech Dubai’s Damac to invest $990m in data centres in Germany Dubai-based conglomerate Damac Group is planning to invest $990 million in data centres and technology acquisitions in Germany. The company is currently on a fact-finding expedition in the European country to identify opportunities. “It’s a very interesting time now in Germany, especially for future-oriented industries and the country has a lot of opportunities in sectors […] August 23, 2022
Real Estate Nakheel’s islands plan set to ease ‘severe shortage’ of luxury homes Developer Nakheel unveils masterplan for Dubai Islands, as real estate experts point to 'voracious' demand from super-rich buyers August 23, 2022
Exclusive Construction Dar Al Arkan predicts 20% climb in construction costs Construction costs in Saudi Arabia are expected to soar by nearly 20 percent and drive down industry margins. Gigaproject developments are at the heart of the kingdom’s economic vision to diversify away from its dependence on hydrocarbons. Saudi Arabia is currently the largest driver of construction activity in the Middle East region accounting for around […] August 18, 2022
Real Estate Apollo acquires $400m minority equity stake in Aldar subsidiary NYSE-listed Apollo Global Management’s investment vehicles acquired an 11.1 percent minority stake in Aldar Investment Properties, a subsidiary of Abu Dhabi-listed Aldar Properties, for $400 million (AED1.47 billion). The acquisition is part of Apollo’s previously announced $1.4 billion investment into Aldar’s transformational growth initiatives, UAE state-owned news agency WAM reported. The transaction involved issuing $400 […] August 18, 2022
Real Estate Dubai tenants consider ownership amid record rental surge Dubai tenants are considering a move into home ownership as residential rents surged by nearly 24 percent in the year to July, the highest annual rate of growth for more than eight years. Double-digit price rises for apartments was widespread across the city but were supercharged in Palm Jumeirah, Downtown and Dubai Marina which saw […] August 17, 2022
Construction Ajman construction contracts reach $1.1bn in H1 2022 The value of construction contracts awarded in Ajman in the UAE exceeded AED 2.1 billion ($1.12 billion) in the first half of 2022, higher than during the same period in the two previous years, according to a report by the Department of Municipality and Planning. The contracts were valued at AED 800 million in 2020 […] August 17, 2022
