Real Estate Dubai Mall owner Emaar mulls sale of e-commerce business The board of Dubai’s Emaar Properties, which owns the Dubai Mall, will meet on Thursday to discuss the sale of its e-commerce fashion business, the company said today. The meeting, disclosed in a statement, will be held a week after Emaar announced a $2 billion cash and stock buyout of a joint venture partner in […] August 15, 2022
Exclusive Construction Saudi allows worldwide Muslims to buy properties in holy cities A new ruling allowing Muslims from around the world to buy property in Islam’s holiest cities could be a “game changer” for Saudi Arabia’s real estate market, according to insiders. Ziad El Chaar, vice chairman of Dar Al Arkan Real Estate Development, Saudi Arabia’s largest listed developer, told AGBI: “One of the main developments we’re […] August 15, 2022
Real Estate Dubai developer Emaar’s Q2 profit doubles on higher revenue Emaar Properties, Dubai’s largest developer, reported a net profit of AED 2.06 billion ($560 million) for the second quarter of 2022, up 128 percent year-on-year, as revenues rose amid new visa regulations and a growing economy. Earnings before interest, taxes, depreciation, and amortisation (Ebitda) jumped 53 percent year-on-year to AED 2.93 billion in the three-month […] August 14, 2022
Real Estate Dubai’s Nakheel plans to raise $4.6bn loan to refinance debt Dubai state developer Nakheel plans to raise a loan of about AED 17 billion ($4.6 billion) to refinance existing debt, Bloomberg reported, citing people familiar with the matter. The company is seeking financing from a group of lenders, including Dubai Islamic Bank, Emirates NBD and Mashreqbank. The banks arranging the loan are also asking global […] August 14, 2022
Real Estate Qatar residential rents surge on higher World Cup demand Residential rents in Qatar accelerated in April and May 2022 as landlords took advantage of a spike in demand ahead of the FIFA World Cup, Cushman and Wakefield said in its Q2 property market report. Apartment rents increased on average 30 percent year-on-year in June 2022. “The surge in rent is based on a short-term […] August 12, 2022
Real Estate Dubai ruler becomes second-largest investor in Emaar Emaar Properties said on Thursday it was buying out its joint venture partner in a Dubai real estate development, in a AED 7.5 billion ($2 billion) deal that will see Dubai’s ruler become the developer’s second-largest shareholder. Dubai’s Emaar, the emirate’s top developer, said in a statement it had reached a deal with Dubai Holding, […] August 12, 2022
Real Estate Dubai villa prices pass 2014 peak amid influx of overseas money Villa prices in many parts of Dubai have surpassed the previous peak of 2014, fuelled in large part by a “relentless” influx of capital from wealthy overseas investors. Real estate consultants ValuStrat reported that although villa price rises are slowing, average values are now at levels last seen in early 2014. Faisal Durrani, partner – […] August 11, 2022
Real Estate UAE’s property rules target money laundering via virtual assets The UAE has introduced new real estate reporting requirements as part of its fight against money laundering. The clampdown is primarily aimed at transactions involving virtual assets, and is a partnership between the Ministry of Economy (MoE), the Ministry of Justice (MoJ) and the UAE Financial Intelligence Unit (FIU). The new rules will cover the […] August 9, 2022
Analysis Real Estate Dubai property market ranked among top 5 globally Prime residential property prices in Dubai rose by nearly five percent in the first half of the year, placing the emirate at number four in a new list of the world’s best performing markets. US cities including Miami, Los Angeles, San Francisco and New York dominated the leaderboard, with Dubai the only non-US city to […] August 8, 2022
Construction Saudi Arabia completes work on longest water bridge on Red Sea The Red Sea Development Company (TRSDC), the developer behind the mega Red Sea project, has completed the construction of Shurayrah Bridge, the longest water bridge in Saudi Arabia, according to a local media report. The company celebrated the installation of the last concrete block, weighing 400 tonnes, in the construction of the bridge that is […] August 8, 2022
Saudi PIF-owned firm plans $29bn worth of water projects Saudi Arabia’s National Water Company (NWC) intends to tender 1,429 projects worth more than SAR108 billion ($28.80 billion), the state-owned utility services provider said in a statement. The announcement by NWC, which is owned by the Saudi sovereign wealth fund, Public Investment Fund (PIF), continued the company’s plans to develop water and environmental infrastructure projects […] August 7, 2022
Real Estate Egyptian developer launches $26m mixed-use project Egypt’s Golden Town Real Estate Development has launched the first phase of its EGP500 million ($26.14 million) mixed-used project, Cascada, in the New Administrative Capital. The expected total sales value is more than EGP750 million, the company said in a statement. The developer intends to invest within and outside the administrative capital, chairman Raafat Maher […] August 5, 2022
Exclusive Select Group eyes more UK and UAE real estate projects Dubai developer Select Group has had a ‘record-breaking’ year of sales, on a par with the pre-2008 boom era that many may associate it with, as it pushes ahead with ambitious plans both in the UAE and the UK. The firm, which was founded in 2004, is one of many riding the wave of the […] August 4, 2022
Transport Etihad Rail on track to deliver UAE property price rises The UAE-wide Etihad Rail network is set to drive significant price hikes for properties located near its stations, according to industry experts. The 1,200km rail track, which is expected to carry over 60 million tonnes of freight and 36.5 million passengers by 2030, aims to make commuting easier for UAE residents. Ata Shobeiry, CEO at […] August 3, 2022
Real Estate GCC investors unfazed by UK real estate crackdown A crackdown on anonymous foreign investments in UK real estate will not put off GCC buyers and may even increase deals in the long term, experts say. The Register of Overseas Entities will require anonymous foreign companies owning or seeking to buy UK land to reveal their true owners, ensuring criminals cannot hide behind secretive […] August 2, 2022
Real Estate UK and Russian buyers help Dubai real estate sales surge Dubai’s red-hot property market surged in the first half of the year as investors piled in, while Russians were among the top five buyers as the emirate benefits from an influx of wealth in the wake of Western sanctions. The first half saw residential real estate transaction volumes up 60 percent with an 85 percent […] July 29, 2022
Real Estate Abu Dhabi’s Aldar Properties posts 54% jump in Q2 profit Aldar Properties, the builder of Abu Dhabi’s Formula One motor racing circuit, reported a 54 percent rise in second-quarter profit on Thursday, helped by record sales on strong local and international demand. Profit attributable to shareholders came in at 803.99 million dirhams ($218.91 million) for the three months to June 30, compared with 520.83 million […] July 28, 2022
Analysis Real Estate Gulf investors head outside London to fill up on UK property The Midlands and Northern England are looking ever more appealing to commercial real estate investors from the GCC, according to a new report GCC investors’ appetite for UK property continues to grow, new research has found, driven in part by the surging appeal of regions outside of London. A report from Bank of London and […] July 27, 2022
Construction Saudi Arabia’s Neom to launch IPO by 2024 NEOM's listing is part of a strategy to make Saudi one of the world's top three bourses, MbS said as he unveiled designs for The Line July 26, 2022
Construction China plans to set up real estate fund worth up to $44bn China is planning to set up a real estate fund that could be worth up to 300 billion yuan ($44.39 billion) to support more than a dozen property developers, including embattled China Evergrande Group, financial information provider REDD reported on Monday, citing sources. The fund has secured 50 billion yuan from China Construction Bank and […] July 25, 2022
How I got to the top Construction Nisreen Kayyali, founder and lead architect What does your company do? Nisreen Kayyali Consulting Engineers is a group of architects, engineers, and interior designers that specialises in the design and supervision of residential projects in the UAE. What inspired you to develop your idea? Ever since I graduated from university as an architect in 1997, I’ve dreamed about establishing a firm […] July 22, 2022
Real Estate Turkey sees 81.8% surge in foreign homebuyers The number of foreigners buying property in Turkey rose by 81.8 percent year-on-year in June, helping the number of sales to rise by 11.7 percent to 150,509 homes. New data from the Turkish Statistical Institute, issued on Tuesday, found that a total of 8,630 foreign nationals bought homes in Turkey in June, with Russian buyers […] July 19, 2022
