Construction UK architect designs new HQ for Kuwait bank UK architecture studio Foster + Partners has created a landmark 300-meter-high skyscraper for the National Bank of Kuwait (NBK) headquarters in Kuwait City. The second tallest building in the country “incorporates a sustainable, functional, and iconic design that signifies NBK’s unique presence and identity in the city,” said Foster + Partners head of studio Stefan Behling. […] July 19, 2022
Real Estate Dubai rents soar by over 20% as inflation bites Dubai residential rents rocketed by 21.7 percent on average in the 12 months to June 2022, more than double the mean growth in sales prices. The total volume of transactions in Dubai’s residential market reached 7,941 in June 2022, up 33.3 percent year-on-year, said research from real estate consultancy firm CBRE released today. In the […] July 15, 2022
Opinion Real Estate UAE real estate is a good inflation bet While interest rates rise and house prices fall globally, the Emirates is bucking the trend July 15, 2022
Opinion Real Estate Russia’s rich are driving ups and downs of Dubai property prices The apparent resurgence in the housing market looks like good news, but take a closer look at the numbers July 12, 2022
Analysis Real Estate Gulf home buyers eye Battersea Power Station in London Gulf investors are snapping up London properties beyond the traditional smart neighbourhoods such as Chelsea and Kensington, north of the river Thames. With a weak pound offering great purchasing power for Gulf currencies and an upcoming visa liberalisation for GCC countries with Britain, MENA-based property investors are flocking to England’s capital. And Arab buyers have […] July 11, 2022
Analysis Real Estate Sanctions won’t dampen Dubai property allure for Russians The popularity of Dubai among Russian property buyers is unlikely to be dented by a US threat to impose sanctions on UAE banks who process their financial transactions, as most payments are made using cash or cryptocurrency. Dubai-based Mira Estate said its property sales to customers from Russia and the 11 other Commonwealth of Independent […] July 8, 2022
Exclusive Biden Middle East Diriyah’s CEO: the American at the heart of Saudi’s transformation There has never been a better time for US companies to invest in Saudi Arabia, according to the American businessman in charge of one of the kingdom’s biggest giga-projects. As group CEO of Diriyah Gate Development Authority (DGDA), Jerry Inzerillo has been at the helm of shaping the $50.6 billion transformation of the 14km2 district […] July 8, 2022
Real Estate Judge in Trump case fines real estate firm $10,000 a day A New York judge on Tuesday held real estate firm Cushman & Wakefield PLC in contempt of court for not producing documents subpoenaed in a probe of former US President Donald Trump’s business practices. The judge ordered the company to be fined $10,000 a day until it complied. Attorney General Letitia James has been investigating […] July 6, 2022
Analysis Construction Gulf construction may face imminent sand shortage A little-known fact: the sand used in the concrete to build Dubai’s 829-metre tall Burj Khalifa was imported from Australia. While water scarcity generates much concern, sand shortages are only beginning to receive attention – especially in the desert metropolises of the Gulf. A report in April by the United Nations Environment Programme (UNEP) highlighted […] July 5, 2022
Transport Saudi reveals tram project to drive AlUla tourism ambitions Saudi Arabia has unveiled plans to build a new tram system as they aim to develop AlUla as a major international tourism destination. The Royal Commission for AlUla (RCU) said the tram will connect all of AlUla’s most important landmarks, archaeological sites, tourist destinations, urban areas and transport infrastructure. The first phase of the system […] July 5, 2022
Analysis Real Estate Prime London property one third cheaper for Arab investors Wealthy buyers of prime London property have already seen prices fall since the start of this year, but Gulf buyers have been enjoying an additional dollar discount bonus thanks to their home currencies being pegged to the US currency. “The dollar has strengthened against all major currencies including the pound since January,” said Liam Bailey, […] July 1, 2022
Real Estate Zero-carbon smart city in Riyadh to house 44,000 A Dubai-based architecture firm is working on designs for a 10km2, zero-carbon smart city in Saudi Arabia which will provide homes for 44,000 people. URB, which is headquartered in Dubai Design District, said it has completed the concept stage for ALNAMA Smart City and will soon begin the detailed design stage. Set to be located […] July 1, 2022
How I got to the top Real Estate Mamad Kashani Akhavan, CEO, Powerhouse Real Estate What does your company do? We’re aiming to reinvent real estate by educating brokers and expanding their knowledge in the field. We’ve implemented a simple training programme for each new joiner to ensure their quality of performance in the market. Once they’re released into what we call “the sales floor”, they’re ready to enter the […] July 1, 2022
Real Estate Freeze on Russians selling boosts luxury London house prices The war in Ukraine is making it hard for even unsanctioned Russians to sell exclusive residential property in Britain, adding to a shortage of supply that has helped drive up house prices in prime locations, real estate sources say. Russian oligarchs, Middle Eastern oil barons and billionaire Chinese entrepreneurs have been on a spending spree […] June 29, 2022
DP World port deal set to boost UAE’s trade with Romania Dubai’s DP World has signed a deal to develop infrastructure at the Black Sea port of Constanta, in a move designed to boost bilateral trade relations between Romania and the UAE. The agreement between the Romanian government, Dubai’s Ports, Customs and Free Zone Corporation (PCFC) and port operator DP World will also expand cooperation in […] June 29, 2022
Exclusive Real Estate Damac set to splurge on jewellers and real estate across Europe Dubai developer Damac is looking at projects in Germany and Copenhagen, as well as more partnerships with fashion brands, says senior VP June 29, 2022
Construction Dubai’s Emaar says it’s aware of report CEO detained in India Dubai’s Emaar Properties is aware of a media report that its Group Chief Executive Amit Jain has been detained in India, a spokesperson for the company said on Saturday. “Emaar is aware of reports regarding the Group CEO Amit Jain, over an issue relating to the company’s work in India. The issue has now been […] June 25, 2022
Real Estate Dubai ‘repivots’ city centre as Business Bay prices soar Dubai is witnessing a “repivoting” of its city centre, with residential prices soaring in Business Bay, according to analysts. Values in Business Bay have risen by nearly 17 percent in the last two years, pointing to the redefining of Dubai’s centre, said global property consultant, Knight Frank, in a new research note. The wider Central […] June 21, 2022
Exclusive Tourism Dubai unveils plan to transform Expo 2020 site into free zone The Expo 2020 Dubai site is to be transformed into the emirate’s newest business free zone – and is being lined up as a possible venue for more of the world’s biggest events, executives have told AGBI. Sheikh Mohammed bin Rashid Al Maktoum, the vice president and prime minister of the UAE and the ruler […] June 21, 2022
IPO expected for Dubai road toll operator Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum on Wednesday issued a new law establishing road toll operator Salik as a public joint stock company (PJSC), paving the way for a potential initial public offering (IPO). According to the law, Salik Company PJSC will have a term of 99 years, starting from the date of […] June 15, 2022
Real Estate Russian buyers help Turkish house sales double in May Turkish home sales surged 107.5 percent in May over last year to 122,768 houses, data from the Turkish Statistical Institute showed on Wednesday, with Russians topping foreign buyers for a second consecutive month. Sales to foreigners jumped 235.7 percent year-on-year to 5,962 units, the institute said. Russian citizens topped the list again in May with […] June 15, 2022
Real Estate 358% rise in licences turbocharges Riyadh office rents Office buildings in Riyadh have seen a surge in rental rates and occupancy levels, as the Saudi capital begins to see the benefits from a new policy to encourage international companies to set up their regional headquarters in the city. In February last year, Crown Prince Mohammed bin Salman announced plans to transform Riyadh into […] June 9, 2022
